Using A current account as a savings account

Vortigern

jenfa wrote: »

I speak from actual experience this happened several times with my Lloyds bank vantage accounts when if I had over £5000 by even a penny I did not receive interest that month, my bank manager confirmed this was the case, if this hasn't happened to others I would be very interested to know and then I can complain to Lloyds yet again.

I think you should complain again.

I've had Lloyds Vantage accounts since February 2011 and received interest every month. The balances have always been maintained at just above the limit for interest.

It's more likely that you've failed to meet one of the other conditions like monthly funding or direct debit requirements.

Lloyds_Bank

jenfa wrote: »

I speak from actual experience this happened several times with my Lloyds bank vantage accounts when if I had over £5000 by even a penny I did not receive interest that month, my bank manager confirmed this was the case, if this hasn't happened to others I would be very interested to know and then I can complain to Lloyds yet again.

Hi Jenfa.

If you check which months you didn't receive any interest payments and contact our PhoneBank team with those dates, they'll be able to look into why this didn't happen. You can contact them on 0845 3000 000 / 01733 347 007 (24 hrs).

Thanks

James

frugalfran

A quick note - I got no interest on my Lloyds Vantage accounts for July because the DDs I had set up with Tesco didn't count. I believed 'different' could be interpreted as meaning two different amounts debited on different days, but, according to Lloyds 'different' means the DD mandate number (getting banking technical above my grade here!) must be different. So you need two Tesco accounts i.e. an internet saver and a current account, in order to have two direct debits from Tesco to be valid on your Vantage accounts.
PS The same is true, I would think, for Club Lloyds

if anyone has any different experience please let me know....

YorkshireBoy

frugalfran wrote: »

A quick note - I got no interest on my Lloyds Vantage accounts for July because the DDs I had set up with Tesco didn't count.

You only set up one DDI (direct debit instruction), not two. And then you pulled money in twice in July using the same DDI.


A tip for the future...if you'd checked your DDIs on your online banking area you'd have found there was only one listed, which should have set alarm bells ringing.

So you need two Tesco accounts i.e. an internet saver and a current account...

You can't pull cash by DD into a Tesco current account. What you need is two Tesco savings accounts. I'm not sure if two of the same, ie 2 x Internet Saver (perhaps others can confirm?), will do but if I didn't have other DDs I could use I'd set up an Internet Saver and an Instant Access Savings Account. I can't confirm from personal experience that it works, but others on here have claimed success with that approach.


You may not have £4K, but if you have why not upgrade to Club Lloyds and make 4% AER instead of (up to) 1.5% AER?

moneysavinggirl40

becareful not to get overdrawn on halifax reward by mistake could be quite a sting. £1 a day up to £1999 if you have planned overdraft.

bsms1147

YorkshireBoy wrote: »

I'm not sure if two of the same, ie 2 x Internet Saver (perhaps others can confirm?), will do

Two of the same will work.

claire07

I can also confirm 2 Internet Savers will work. I kept the old Tesco account open with some in and then opened a new one when they increased the internet rate and they have come in really handy recently for Lloyds Club, Santander, etc.


I think the Tesco accounts are also useful as when you set up a payee on one they ask if you want to set them up on all your accounts.