Upgrade to Club Lloyds, open other CA's elsewhere?

derelyth

Hi all,

Looking to do what most seem to be doing and open multiple Current Accounts to siphon interest. I presently have a Classic Vantage which has now dropped to 1.19% net. I have had all the gumpf from Lloyds saying about Club. However, I have at least £14k (I say at least, as I owe my Dad some money but £14k will be the minimum I am left with) so I have split it between:

Club: £5k
TSB #1: £2k
BOS: £5k
TSB #2: £2k

1) I would intend to bounce £1k between the above in that order each month to satisfy the funding requirements on all. I sense that all 3 are loosely related in that they are all part of Lloyds Banking Group (LBG). Would the transfer between either be taken as an Internal (and thereby, not deposit-satisfying) transfer?

2) For opening a second TSB account in future, does this have to be done in branch? Can it be done any other way?

3) If funds allowed later on, as the BOS account seems to follow that of the old LTSB Classic Vantage accounts which allowed 3 Sole accounts, do BOS allow 3; and as with Question 2, do they have to be opened in branch (nigh-on stopping that idea as I'm on the south coast of England)?

They're the only questions I have for now, though more may crop up.

Thanks

Karl

ColdIron

Club Lloyds requires £1,500 and TSB only £500, no idea about BoS
Between Club Lloyds and TSB these would be external transfers although I believe even internal transfers are allowed, again no idea about BoS but probably fine

With Club Lloyds don't forget you need 2 direct debits
With TSB, don't forget to turn on paperless statements and correspondence

Ed-1

derelyth wrote: »

1) I would intend to bounce £1k between the above in that order each month to satisfy the funding requirements on all. I sense that all 3 are loosely related in that they are all part of Lloyds Banking Group (LBG). Would the transfer between either be taken as an Internal (and thereby, not deposit-satisfying) transfer?

Club Lloyds needs £1500. Lloyds to BOS and vice-versa is an internal transfer but all of these allow internal transfers to count for the funding requirement.

derelyth wrote: »

2) For opening a second TSB account in future, does this have to be done in branch? Can it be done any other way?

No, it can be done online (but you need to be logged out of internet banking) or by phone.

derelyth wrote: »

3) If funds allowed later on, as the BOS account seems to follow that of the old LTSB Classic Vantage accounts which allowed 3 Sole accounts, do BOS allow 3; and as with Question 2, do they have to be opened in branch (nigh-on stopping that idea as I'm on the south coast of England)?

As above, and yes they allow 3.

derelyth

Apologies, forgot to mention Club would be my main account, upgraded from my existing Current Vantage; so my salary, other small payments and 3 DDs all traverse that account. The £1k was taking this in to account, meaning the minimum required would be £1k for the BOS account.

Good to hear second/third accounts can be opened online or by phone. I did ask Lloyds about the transfer between them and BOS but couldn't get a straight answer.

Thanks

Karl

colsten

I would suggest you open the second TSB and BOS no 2 and 3 before long, as it may not be possible to open multiples of these in future. For the TSB Plus, we already know that they will limit the number of accounts to 1 sole and 1 joint in the very near future. We have not had any news about BOS Vantage but I would not be in the least surprised if they were to announce changes for it soon, too.

derelyth

I did see something like that on here the other day - I'll open the TSB accounts tonight in that case!

Do I need to leave some time between opening accounts for credit file reasons etc?

derelyth

Didn't get the chance to open both accounts, so unfortunately I missed their change of Ts&Cs and am now stuck with one TSB account

For opening further accounts (elsewhere) is there an amount of time I should leave between doing so, for credit search reasons?

Not sure whether to plumb for a Tesco or a Nationwide now. Any recommendations?

Thanks!

YorkshireBoy

derelyth wrote: »

For opening further accounts (elsewhere) is there an amount of time I should leave between doing so, for credit search reasons?

No-one here can answer that with any degree of certainty. Personally, it's never affected me. Then again, I have no need for credit/mortgage/re-mortgage.

Not sure whether to plumb for a Tesco or a Nationwide now. Any recommendations?

Open them all (2 x Tesco and 1 x Nationwide). Start to fill Nationwide first...obviously!

The reason for getting 2 x Tesco now, even though you can't fill them yet, should be obvious...based on what's happened to you with TSB.

derelyth

Just applied for the Nationwide account, accepted!

I'm now in two minds as to whether I go for the 2x Tesco accounts or 3x BOS accounts. I don't have the funding to completely fill either as yet, but eventually I would, I have ~£5,000 left to distribute at the moment.

The only thing that puts me off the Tesco accounts is the Statement month as opposed to using Calendar month for qualifying Inbound funding, the fact they apparently process SO's on weekends and the £5 fee which may arise for a mistake.

colsten

£5,000 is a bit too much for a single BOS account (need to be able to put the interest somewhere), and not enough for 2 or 3 BOS accounts (as you only get 3% if your balance is between £3K and £5K). Having said this, these multiple good accounts could be on the way out, so opening now what you can might be a good strategy, particularly for those accounts that don't cost a monthly fee and that you could keep dormant with just a couple of £ in them until you have more funds (bird in hand and so on....)

£5,000 is a nice sum to spread across 2 Tescos for now. I wouldn't worry about the statement month, it is easy enough to make it foolproof. For example, if you get accepted for the two accounts today, your statement month will be 15th to 14th. Put £2,500 into each of the accounts today, and set up two SOs to send £750 between the two accounts on the 5th of each month. That way, you will have paid in a total of £3,250 into each of the accounts in the first statement month, the SOs will take care of the £750 in subsequent statement months, and you don't need to be concerned with weekend or weekday processing of the SOs.

jennifernil

derelyth wrote: »

Didn't get the chance to open both accounts, so unfortunately I missed their change of Ts&Cs and am now stuck with one TSB account

For opening further accounts (elsewhere) is there an amount of time I should leave between doing so, for credit search reasons?

Not sure whether to plumb for a Tesco or a Nationwide now. Any recommendations?

Thanks!

I thought as long as you had opened 1 account by the 13th, you could still open a second one?