New Lloyds Vantage current account

Gaaraz

Random question, does anyone know if interest is paid on the balance, or just the funds available?

plunt

that is an interesting question and would love to know too

innovate

Gaaraz wrote: »

Random question, does anyone know if interest is paid on the balance, or just the funds available?

You can safely assume that you only ever (at any bank/BS, for any account) get any interest on cleared/available funds. But you can verify with the relevant T&Cs if you want to be certain.

innovate

Actually, I think I need to correct myself there- - with cheque payments, you sometimes get interest half way through the clearing process. Each bank/BS will have their policies on this published somewhere.

But with 'modern' deposits, there wouldn't be much, if any, time difference between the deposit and clearance.

anamenottaken

innovate wrote: »

You can safely assume that you only ever (at any bank/BS, for any account) get any interest on cleared/available funds. But you can verify with the relevant T&Cs if you want to be certain.

LTSB do pay interest on up to £1000 of uncleared cheques. Check the website for details.

Gaaraz

Thank you, in this case it's not uncleared cheques but card payments that haven't been adjusted on my balance correctly yet

nearlyretired2004

saw somewhere back in the thread someone asking whether a poster 'had two dd's set up on the account'.........

I have only just started using my vantage a/c's again after more than a year, now that my Santander esaver rate has dropped....

I can only see in the Vantage t's and c's a requirement to fund with £1000 each month.... do you need dd's as well?

eskbanker

nearlyretired2004 wrote: »

saw somewhere back in the thread someone asking whether a poster 'had two dd's set up on the account'.........

I have only just started using my vantage a/c's again after more than a year, now that my Santander esaver rate has dropped....

I can only see in the Vantage t's and c's a requirement to fund with £1000 each month.... do you need dd's as well?

No, the requirement for DDs on Vantage only applied to their limited 4% offer available last year, the normal 3% Vantage that's currently available doesn't require DDs.

LittleVoice

Gaaraz wrote: »

Thank you, in this case it's not uncleared cheques but card payments that haven't been adjusted on my balance correctly yet

The card payment may eventually appear with the correct date which would be taken into account when establishing the daily balance for interest purposes.

castle96

no need for dd's. just roll £1k p/mth through the accounts