Club Lloyds

tiggit

I have recently seen the new Club Lloyds account, I already have a current account with a saver at 1% with £14.5k in, I am obviously looking to get better rates on this money.

I know with the Club Lloyds you have to put in £1500 to waive the £5 fee, my wages will average on £1200 a month, this is what I am thinking of doing:

1. Put £14,000 into the account
2. Transfer all my DD to this account
3. Have wages paid in of £1200
4. Then transfer another £300 from my remainder savings into the account (to make up the £1500)
5. Then halfway through the month transfer that £300 back out

Will this work and stop me from paying the £5?

Archi_Bald

You don't get any interest above £5K in the Club Lloyds.

You could try this: http://www.moneysavingexpert.com/savings/savings-loophole

Gromitt

Apart from what's been said already, why not just transfer £300 to a savings account and then immediately move it back again? There's no time limit for the amount of times the funds how to remain in the account.