Lloyds Current Accounts?

L123

A while ago I opened two Lloyds current bank accounts on a good interest rate of 4% when a certain amount of money was in the two accounts, the catch being as long as £1000 was put into the account each month the rate remained high. I was unable to put £1000 into the account each month through my salary so following advice given on here transfered £1000 between the accounts each month to retain the high percentage. This has never been an issue untill this evening on the telephone when trying to perform the transfer and the administrator advised me that this is not what the accounts are for. I explained that the bank had advised me I could do this (they had as I wouldn't have set up the accounts otherwise.) They are now informing my bank of what I am doing. Can anyone advise me of where I stand on this?

Thank you

longforgotten

Just got this off their website about the 'vantage ' account. It doesn't say the £1000 needs to be your salary ?
Perhaps they're being awkward as you have two accounts.

Features & Benefits

The bigger your balance the higher the interest you’ll earn. With tiered interest, Vantage gives you higher rates for having more money in your current account. There’s no additional cost – to earn Vantage interest rates all you have to do is pay in at least £1,000 a month into your account and stay in credit.

scottishblondie

You aren't breaking any of the T&Cs, so I wouldn't worry. Loads of people (myself included) do this for the better-than-average interest rate. The last one I opened I was even totally honest with the person in the branch and told her I was going to use it as a savings account and she said that was fine. I'm going to open my 3rd one in a few weeks.

As an aside I do it all online, I don't like talking to people in call centres and you can do it yourself in about 30 seconds. It also avoids any awkward questions if you don't feel confident about the situation.

Mikeyorks

L123 wrote: »

Can anyone advise me of where I stand on this?

It's a bit too much in their face to do it via telephone banking! You're always going to get a T&C policeperson once in a while, if you do that.

You set up both accounts for online access - then DIY. No hassle that way.

pmduk

sounds like a jobsworth to me. Online banking is the way forward.

L123

Thanks all!