New Lloyds Club current account

bsms1147

Archi_Bald wrote: »

What was the question?

To be, or not to be.

That's usually the question.

xyz123

can you open more than one of these accounts?

YorkshireBoy

xyz123 wrote: »

can you open more than one of these accounts?

Yes you can, according to the information on their website.

But probably best you read this information before wasting your time.

bluefish

Hi

Can anyone help? Please?

Do two DD's for Santander 123 and Lloyds vantage have to be:

- Paid in each month, or just active?

- Be for the payment of utility bills only? ! (Santander tell me today, 22/01/15, that they do, to receive interest.)

- Does anyone know of a way of sensibly setting up more DD's to ensure I meet the criteria as some DD's are not paid monthly? We have few accounts but don't have many DD's. Thanks to all.

Steve_xx

bluefish wrote: »

Hi

Can anyone help? Please?

Do two DD's for Santander 123 and Lloyds vantage have to be:

- Paid in each month, or just active?

- Be for the payment of utility bills only? ! (Santander tell me today, 22/01/15, that they do, to receive interest.)

- Does anyone know of a way of sensibly setting up more DD's to ensure I meet the criteria as some DD's are not paid monthly? We have few accounts but don't have many DD's. Thanks to all.

I think that with Santander they can simply be active. With Lloyds they must be paid.

Open two Tesco savings accounts if you want more direct debits as you can set up as many of those as you like. Effectively the dds are setbup on the Tesco accounts to pull cash from your other accounts. You are paying yourself!

eskbanker

bluefish wrote: »

Can anyone help? Please?

Yes, many people have asked these questions on here and had the answers in other threads (as well as the relevant account Ts & Cs)!

bluefish wrote: »

Do two DD's for Santander 123 and Lloyds vantage have to be:

- Paid in each month, or just active?

Active for Santander 123, paying out monthly for the Lloyds

bluefish wrote: »

Be for the payment of utility bills only? ! (Santander tell me today, 22/01/15, that they do, to receive interest.)

No, the mandatory requirement to have two DDs in order to earn interest in a 123 is unrelated to the optional benefit of having utility DDs that earn cashback. The Santander person you spoke to was wrong if they said this, but refer to the published account terms to validate this.

bluefish wrote: »

Does anyone know of a way of sensibly setting up more DD's to ensure I meet the criteria as some DD's are not paid monthly? We have few accounts but don't have many DD's.

The normal recommendation is to use DDs that pay to other accounts that you control yourself, so you're just shunting your own money around. Tesco savings accounts are popular for this....

YorkshireBoy

bluefish wrote: »

Do two DD's for Santander 123 and Lloyds vantage have to be:

- Paid in each month, or just active?

Santander...

Set up at least 2 Direct Debits.


http://www.santander.co.uk/uk/current-accounts/123-current-account

Lloyds Vantage...

to continue to earn interest with Vantage, you must now pay two different direct debits from your account each calendar month.


http://www.lloydsbank.com/current-accounts/changes-to-vantage.asp

You must have missed this information when checking on their respective websites?

badger09

bluefish wrote: »

Hi

Can anyone help? Please?

Do two DD's for Santander 123 and Lloyds vantage have to be:

Do you really mean Lloyds Vantage? This is no longer available to new customers.

Or do you mean Lloyds Club?

bluefish

Thanks all.

Sorry, yes I did mean Lloyds Club account.

I opened both over the phone and I must admit I didn't hear anything other than 'active' DD's. However, have looked at this since and scrutinised T&Cs tonight and it seems that:-

Lloyds club - 2 DD's have to be PAID monthly for interest to be given.

Santander 123 - not as clear, says 2 active DD's are required for interest to be paid and only utility bills DD's pay cashback. It still only states active and not what they have to be.

I will have to ring Santander tomorrow and clarify. It's really difficult when different staff say different things, but T&Cs definitely says "at least 2 active DD's".

I will look into Tesco saving accounts, thanks. Many saving accounts require money paid in has to be a standing order but would be great if bt DD. Any other DD suggestions would be good. Thanks all.

YorkshireBoy

bluefish wrote: »

T&Cs definitely says "at least 2 active DD's".

Active, in this sense, means not lapsed under the dormancy rules, ie if DDs are not collected for 13 months they're cancelled.


With Santander, they only have to be set up. The ONLY banks requiring DDs to pay out (for various benefits, usually interest) are Halifax Reward and Club Lloyds. They actually state in their T&Cs that the DDs must be paid each month...Santander doesn't.


The danger with ringing them to confirm is that you'll get duff information (as has been reported on here before).


The best way to get confirmation (due to the sheer number of people on here with this account) is to wait a short while and if what I've posted here is incorrect, many posters will correct me...trust me!

Any other DD suggestions would be good.

Charity donations (please...no 25p DDs!), magazine subscriptions, political donations, etc.