New Lloyds Club current account

colsten

bluefish wrote: »

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 doesn't say anywhere on the Santander website or in the 123 T&Cs that only utility bills DDs pay cashback.

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

The 2 DDs required for receiving interest do not have to pay monthly (if they did have to, it would say so). DDs that don't pay for more than 13 months might get cancelled, so you should make sure they pay at least once in 13 months. Most people would try to make full use of their cashback-eligible DDs though so cancellation due to 13+ months dormancy should not be an issue.

Steve_xx

bluefish wrote: »

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.

Re Santander. I think several people have confirmed to you that Santander has to have two active direct debits, but there is no specification as to how often they have to pay. However, you should note that a direct debit will often lapse if one payment is not made for a period of 13 months.

The Tesco Savings accounts are normal online savings accounts with one particular attraction. That attraction is that you can log in to your Tesco accounts and you can set up direct debits within the Tesco accounts to any other bank accounts that you hold in order to pull money from them. Being able to do this will satisfy the requirements of any bank accounts that you may hold that require you to have two direct debits set up on them, ie Lloyds and Santander and Halifax's Reward current account. Once you have the two Tesco accounts you can set up as many direct debits as you like to each of them. You are effectively setting up direct debits to pay yourself. Highly unusual I know, but it satisfies the two direct debits requirement issue at a stroke.

bluefish

Thanks all. I too thought an active DD meant one not lapsed in the last year but I just copied and pasted the following from the Lloyds Club TCs:

"Club Lloyds interest rates are variable and apply to your whole balance.

For example, if you have £4,000 in your account for one year, you'll receive an interest rate of!4% AER/3.93% Gross!variable on your entire balance,!provided you pay two different Direct Debits from your Club Lloyds current account each calendar month.

Interest is calculated daily, and paid monthly but will not be paid in any month you do not have two different direct debits paid from your account, or on amounts over £5,000."

It seems from what you knowledgeable money savers say, that only active is required for Santander but definitely Lloyds DD's have to be paid each month.

Also, Santander TCs definitely DO state clearly that only utility bills DD's are eligible for cashback.

I will look at Tesco savings again, had a brief look and it looked like standing orders are required, but maybe one has to open up the Tesco accounts first, to see DD set-up. I really appreciate all of your help. Keep it going!

eskbanker

bluefish wrote: »

It seems from what you knowledgeable money savers say, that only active is required for Santander but definitely Lloyds DD's have to be paid each month.

As above, don't just take posters' words for it (or bank call centre staff), the info is all there in the account Ts & Cs, which are after all the definitive source of factual information!

bluefish wrote: »

Also, Santander TCs definitely DO state clearly that only utility bills DD's are eligible for cashback.

Nobody disputed this, their criteria for cashback and interest are completely different, as per my earlier post, so you can have DDs that contribute to qualifying for interest but don't give cashback....

bluefish wrote: »

I will look at Tesco savings again, had a brief look and it looked like standing orders are required, but maybe one has to open up the Tesco accounts first, to see DD set-up.

Take the time to have a proper look and read through some of the threads on here too, each Tesco savings account can be linked to one or more current accounts, and this linking is enabled by a direct debit being set up....

Steve_xx

Bluefish - try to forget about Standing Orders in relation to the two Tesco savings accounts that I mentioned.

colsten

bluefish wrote: »

It seems from what you knowledgeable money savers say, that only active is required for Santander but definitely Lloyds DD's have to be paid each month.

You are right, that's what us knowledgeable money savers say. But much more importantly, it is essentially what the respective T&Cs say.

You may also choose to take note of the DD dormancy rule that has been mentioned in several posts.

bluefish wrote: »

Also, Santander TCs definitely DO state clearly that only utility bills DD's are eligible for cashback.

I don't know what you have been reading, but I can assure you that the Santander T&Cs do not state that only utility bills DDs are eligible for cashback. In fact, the word 'utility' isn't even mentioned in the T&Cs.

bluefish wrote: »

I will look at Tesco savings again, had a brief look and it looked like standing orders are required, but maybe one has to open up the Tesco accounts first, to see DD set-up. I really appreciate all of your help. Keep it going!

Put it this way, why would several of the regular posters tell you you can use Tesco savings accounts for DDs if that wouldn't be true?

colsten

eskbanker wrote: »

Nobody disputed this

errrm yes, I did, twice already, and I shall dispute it once more now, for the simple reason that it is not true that "the Santander TCs definitely DO state clearly that only utility bills DDs are eligible for cashback".

eskbanker

colsten wrote: »

errrm yes, I did, twice already, and I shall dispute it once more now, for the simple reason that it is not true that "the Santander TCs definitely DO state clearly that only utility bills DDs are eligible for cashback".

Sorry, yes, you're right, it's not specifically utility bills, but the point I was making is that there is a finite group of organisations to whom DDs will earn cashback from a 123 account (which as you rightly say includes not just utilities but council tax, etc) and bluefish seemed to be under the impression that there have to be DDs to these organisations in order to earn interest, which is clearly not the case.

andrewthomas2008

I've got a Club Lloyds montly saver about to mature, I was wonder if I'll be able to open another one once this is mature.

Thanks in advance!

savetilibleed

andrewthomas2008 wrote: »

I've got a Club Lloyds montly saver about to mature, I was wonder if I'll be able to open another one once this is mature.

Thanks in advance!

I'll be interested to know this too as mine matures in June.