New Lloyds Vantage current account

Steve_xx

Richchad wrote: »

I thought £1 was the minimum amount for a direct debit?

Why did you think that?

Richchad

Steve_xx wrote: »

Why did you think that?

Well, suppose I hadn't thought about it at all really, just thought it had to be in pounds rather than pence, but I can see now it could be a penny, I might change them to 1p now.
Thanks for that.

Steve_xx

Richchad wrote: »

Well, suppose I hadn't thought about it at all really, just thought it had to be in pounds rather than pence, but I can see now it could be a penny, I might change them to 1p now.
Thanks for that.

Yes try it and let us know if it works!

boobbby

Richchad wrote: »

Well, suppose I hadn't thought about it at all really, just thought it had to be in pounds rather than pence, but I can see now it could be a penny, I might change them to 1p now.
Thanks for that.

This is all getting very silly...even if you left your £1 in your account for 12 months this only equates to 3p per year. Most likely you will move the £1 and the interest into other accounts on a regular basis.

Richchad

boobbby wrote: »

This is all getting very silly...even if you left your £1 in your account for 12 months this only equates to 3p per year. Most likely you will move the £1 and the interest into other accounts on a regular basis.

Yes you are right, it is all a bit silly when you look at it like that..... :laugh:

I will leave it at £1 and as I said before just adjust when taking the interest..

Gromitt

Richchad wrote: »

Yes you are right, it is all a bit silly when you look at it like that..... :laugh:

I will leave it at £1 and as I said before just adjust when taking the interest..

I thought about 10p, but then I thought about Tesco ringing me up and asking if I was taking the pee or suspending my account, so I made it £1. I know when the DDs are due, so I just leave that amount in the account after I taken the interest. So the accounts at the moment are all £6002. I don't think I'm going to worry about losing 3% on £6 for 2 weeks of the month. Thats like 9p/year, or about 7p after tax.

missile

Richchad wrote: »

Yes, the same as you, just £1 which is £6 per month into our Tesco accounts, hmm suppose I could leave it as it will only be £72 in a year, or maybe transfer in 6 months.

I just like to keep exactly 6k in our 6 LTSB accounts for maximum interest and easy monitoring that it is correct, suppose I could just transfer out the monthly interest less £1 to keep it level

Please be advised, you only need to set up the DD, you do not need to set up a monthly transfer or make any transfer if you do not want to.

missile

blindman wrote: »

So with the requirement to deposit £1000 per month into each account.

My wife and I have 5 accounts between us with £6k in each

So reading the T&C's and this thread all I have to do to comply with the T&C's

Is at one session sitting at my PC, transfer £1k from account 1 ->2 then repeat 2->3 until 5-> 1 ??

Do any of you do this or do you leave 1 day between transfers?

You can do it at one session or set up SOs to do it automatically.

PS: I assume you have not already applied for the 4% deal and set up 2 DD for each vantage account? If not, you are too late.

Richchad

missile wrote: »

Please be advised, you only need to set up the DD, you do not need to set up a monthly transfer or make any transfer if you do not want to.

Yes, I am sure you are right but no one has from LTSB has actually confirmed this and we no how difficult it is to get the same answer from any of their staff and how they interpret their T&Cs regarding active direct debits is open to question.

So just to be sure to and avoid any possible arguments later on, it isn't difficult to set up transfers whether needed or not.

missile

Richchad wrote: »

Yes, I am sure you are right but no one has from LTSB has actually confirmed this....

I can confirm it worked for me, but I can understand your caution.