5% Savings Loophole

hushpuppy

Hi can someone help out if I am able to transfer the minimum monthly deposit from a sole account to a joint account to satisfy the criteria on the accounts please?

The accounts I mean are Club Lloyds, Nationwide FD and TSB classic, I've tried to find it through the T&C's but I'm struggling, thanks in advance.

saver861

hushpuppy wrote: »

Hi can someone help out if I am able to transfer the minimum monthly deposit from a sole account to a joint account to satisfy the criteria on the accounts please?

You can transfer from any account to any other to satisfy the minimum monthly payment - however, it must be from an external source e.g. transferring from a sole Club Lloyds to a joint Club Lloyds won't do what you intend.

However, it is easy enough to round robin the payments from the accounts.

YorkshireBoy

saver861 wrote: »

You can transfer from any account to any other to satisfy the minimum monthly payment - however, it must be from an external source e.g. transferring from a sole Club Lloyds to a joint Club Lloyds won't do what you intend.

That's not correct.

Of the 3 accounts listed, only Nationwide requires external funding. Both TSB & Lloyds can be internally funded.

saver861

YorkshireBoy wrote: »

That's not correct.

Of the 3 accounts listed, only Nationwide requires external funding. Both TSB & Lloyds can be internally funded.

Right. That makes it easier.

As far as I was aware most accounts required external funding.

caveman38

Seeing that my Bank of Scotland accounts appear on my Halifax On-Line service. Can I operate these accounts from that platform and ignore the activation code for BoS online services.

KTF

Yes. I do.

KTF

Does anyone know if there is a limit on the number of BoS accounts you can have as I have 3x Reward already and was wondering if it was worth seeing if I could open a BoS Vantage account as well?

Failing that I could just upgrade the reward accounts to Vantage.

10_66

I have 3 Halifax Rewards accounts (before they tightened up on how many you could have) and 3 BoS Vantage accounts.

fun4everyone

KTF wrote: »

Does anyone know if there is a limit on the number of BoS accounts you can have as I have 3x Reward already and was wondering if it was worth seeing if I could open a BoS Vantage account as well?

Failing that I could just upgrade the reward accounts to Vantage.

I have asked them and you are only allowed 3 current accounts total, so you would have to upgrade to get vantage.


Upgrading is easy done over the phone and you keep the same account number and sort code, but there will be a new debit card issued etc.

KTF

Ok, I thought that may be the case. No point trying to open another one then as I could do without them looking too closely at the existing 3x BoS and 3x Halifax rewards accounts I already have