Club Lloyds Account Direct Debit Question

Mishomeister

Thinking of upgrading my current dormant Classic Lloyds Account to Club Lloyds. I am however confused about something.

As the account is not currently in use there are no Direct Debits on it, so my question is:

a) If I upgrade the account now, will it start earning credit interest straight away and allow me say 30 days or so to set up Direct Debits?

b) Or is it goin to be the case that if I was to upgrade now and stick £4000 in there it will not be earning any interest until Direct Debits are set up(and possibly even have had at least one payment each)?

In this scenario I would rather sort out Direct Debits on my Classic account an only upgrade once those have been set up(and paid at least ones?).

c) It is not saying if Direct Debits need to be monthly. Can those be annual?

masonic

You will only get interest if 2 different direct debits pay out during the calendar month, so if you can get them set up in and active the next few weeks you should be ok.

anna42hmr

if you are worried about timings for moving existing dd's from other accounts for payments (as i always try to move just after they have been taken) you may want to look at this thread, as you could always set up dd's from certain savings accounts.

https://forums.moneysavingexpert.com/discussion/4168667

Mishomeister

anna42hmr wrote: »

if you are worried about timings for moving existing dd's from other accounts for payments (as i always try to move just after they have been taken) you may want to look at this thread, as you could always set up dd's from certain savings accounts.

https://forums.moneysavingexpert.com/discussion/4168667

I know this. I need to find out the info from OP

Wheres_My_Cashback

Did it really need a another Club thread to ask the question :huh::think:

YorkshireBoy

Mishomeister wrote: »

I need to find out the info from OP

Your questions are answered in the account T&Cs...

Credit Interest: [FONT=Arial,Arial][FONT=Arial,Arial]We will pay interest on a credit balance in your account for that billing period as long as you have a minimum of two different direct debit mandates paid from your account during the calendar month.[/FONT][/FONT]
[FONT=Arial,Arial][FONT=Arial,Arial]
[/FONT][/FONT]
http://www.lloydsbank.com/assets/media/pdfs/current-accounts/clublloyds_terms%20and%20conditions.pdf

YorkshireBoy

Mishomeister wrote: »

c) It is not saying if Direct Debits need to be monthly. Can those be annual?

It *is* saying...in bold print!...

Earn variable tiered credit interest on balances between £1 and £5,000 when you pay at least 2 different direct debits from your Club Lloyds current account each calendar month.


http://www.lloydsbank.com/current-accounts/club-lloyds.asp

Milarky

I've just done this: upgraded a dormant 'classic' (sans vantage) account. I've then gone to amend the direct debits of two credit cards currently collecting every month from one of the remaining vantage accounts (put on for the previous 4% promotion requirement)

My present concern: will the direct debits transfer to the new account soon enough for the collection dates in April?

Capital One: Statement produced 7th April, Collection due 19th
Halifax: Statement already produced (20th March), Collection due 17th

aye.. there's the rub..

YorkshireBoy

Milarky wrote: »

My present concern: will the direct debits transfer to the new account soon enough for the collection dates in April?

Capital One: Statement produced 7th April, Collection due 19th
Halifax: Statement already produced (20th March), Collection due 17th

Halifax is easy...no chance!
Capital One would be borderline in my opinion.


I'm surprised you don't have a Tesco Internet Saver (or Instant Access Savings Account) and an old Egg Savings (now YBS) account lying around somewhere? They'd be your best bet.

Hominu

I'd leave opening the Lloyds account until the middle of next week, considering everything is based on renewing "the first working day of each month", you don't want to be stung with a £5 for not putting £1500 in there this month.

Then you can setup 2xDDs and make sure they are active before depositing the 5K

Milarky

YorkshireBoy wrote: »

Halifax is easy...no chance!
Capital One would be borderline in my opinion.


I'm surprised you don't have a Tesco Internet Saver (or Instant Access Savings Account) and an old Egg Savings (now YBS) account lying around somewhere? They'd be your best bet.

I do have accounts with Tesco (5 of them) so that is still an option for me, but for once I was trying get by using 'legit' payments.