New Lloyds Vantage current account

skitskut

Very helpful thread thanks. If I were to open an additional account mid-October would I not earn any interest at all during October due to it not having been in credit for the whole of 'October's' monthly billing period? i.e. would it only start earning interest from the second working day in November?

Steve_xx

skitskut wrote: »

Very helpful thread thanks. If I were to open an additional account mid-October would I not earn any interest at all during October due to it not having been in credit for the whole of 'October's' monthly billing period? i.e. would it only start earning interest from the second working day in November?

It would earn interest from the day after you deposited I reckon.

YorkshireBoy

Steve_xx wrote: »

It would earn interest from the day after you deposited I reckon.

If it didn't pay interest from the day of deposit I'd be raising a complaint!

Steve_xx

YorkshireBoy wrote: »

If it didn't pay interest from the day of deposit I'd be raising a complaint!

I'll bow to your superior knowledge Sir!

Gromitt

YorkshireBoy wrote: »

If it didn't pay interest from the day of deposit I'd be raising a complaint!

Despite the fact the T&Cs say "Keep your account in credit during the monthly billing period." and the poster agreed this wasn't the case?

Steve_xx

Gromitt wrote: »

Despite the fact the T&Cs say "Keep your account in credit during the monthly billing period." and the poster agreed this wasn't the case?

Yes the word used being "during", rather than "for the whole of".

Rollinghome

Steve_xx wrote: »

Yes the word used being "during", rather than "for the whole of".

I believe "during", "duration", and "enduring" all come from the same Middle English word with broadly similar meanings.

Provided you are in credit for the duration of the month you'll get interest for that month based on the daily balance. Whether they'd modify the rule for the month of opening I don't know but I'd assume not unless there was something to that effect in the terms. I waited for the beginning of the month following opening before I moved large amounts into my accounts.

Gromitt

Steve_xx wrote: »

Yes the word used being "during", rather than "for the whole of".

I assumed from their T&Cs that the phrase meant along the lines of "If you go overdrawn during a month, you will not receive any interest for that month".

If your in debit, you will obviously not receive credit interest, so why else put that statement in there?

Its just another confusing statement by LTSB!

Wheres_My_Cashback

Gromitt wrote: »

I assumed from their T&Cs that the phrase meant along the lines of "If you go overdrawn during a month, you will not receive any interest for that month".

No need to assume, that's exactly how it's worked for the past 2 years I've had the accounts. It's been confirmed by other posters in this thread too many times.

Steve_xx

Gromitt wrote: »

I assumed from their T&Cs that the phrase meant along the lines of "If you go overdrawn during a month, you will not receive any interest for that month".

If your in debit, you will obviously not receive credit interest, so why else put that statement in there?

Its just another confusing statement by LTSB!

I think they probably will pay interest. For example, someone upgrading one of their accounts to Vantage (not specifically the version with the 4% rate) on the 15th of the month, would I believe, have interest added for those remaining days of the month in which they upgraded.