Question about going overdrawn and minimum amount of money in account

Siwelnitram

Hi,

I need to make an online purchase that costs £5 but I've only got £5.85 in my account. I'm under the impression that I need to keep a minimum of £1 in the account at all times. Is this correct? Would I go overdrawn if I spent the fiver and only had 85p left in the account?

My account is a Classic account with LloydsTSB btw.

YorkshireBoy

Siwelnitram wrote: »

I'm under the impression that I need to keep a minimum of £1 in the account at all times. Is this correct?

No. The £1 is for interest earning purposes.

Would I go overdrawn if I spent the fiver and only had 85p left in the account?

If you had 85p how would you be overdrawn?

My account is a Classic account with LloydsTSB btw.

Then your account has a £10 'buffer' anyway.

Suggest you read your account details and T&Cs...

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

Siwelnitram

Thanks.

eyeinthesky

Hi, I also have a classic account with Lloyds. As I understand it, they will ignore the first £10 you overdraw, and there is no minimum amount for this account.

Siwelnitram

Thanks.