Advice - shuffling money round accounts

Fruit_and_Nut_Case

Zola. wrote: »

From a quick calculation that will pay about 8 quid a month?

That's gross. About 6.50 after tax.

coolpix

Just opened Lloyds account and it does indeed state have to pay 2 DDs per month. I'm going to cancel as its starts to get to complicated. Going for TSB and possibly BoScotland.

Zola.

Fruit_and_Nut_Case wrote: »

That's gross. About 6.50 after tax.

Indeed, meant to edit that after hah.

Cheers.

Can you recommend any other accounts that pay a good rate like that but don't require Direct debits ? Dont see any on the main website, or even this TSB one advertised. Am i looking on the wrong place?

ricz_1

Nationwide Flexi Direct offers 5% gross interest on balances up to £2500 without any DD requirements (although you do need to pay in £1000 per month) but only for the first 12 months, then it's time for a switch.

ricz_1

...also, you shouldn't let the DD requirements put you off applying for accounts with decent rates. You can open a couple of Tesco savings account and set the DDs up from there in about 30 mins. I do this with £1 DDs and then just skim the money back into one of my higher interest paying current accounts (every little helps).

Steve_xx

colsten wrote: »

If you wish to earn any interest from the Club Loyds, it must have two monthly paying Direct Debits. Of course, you can choose not to have any DDs and not to receive any interest.
http://www.lloydsbank.com/current-accounts/club-lloyds.asp

Oh Blimey you're right of course. I was right in the first place!

Steve_xx

bouicca21 wrote: »

http://www.lloydsbank.com/current-accounts/club-lloyds2.asp

It refers to the 'new' club lloyds account and I'm sure it wasn't there when I applied. Will be slightly peed off if I really do need to find 2 DDs.

It refers to any account that's called "Club Lloyds" old or new. You wont get interest in the account without the paying dd's set up as Colsten rightly states.

Steve_xx

Zola. wrote: »

Indeed, meant to edit that after hah.

Cheers.

Can you recommend any other accounts that pay a good rate like that but don't require Direct debits ? Dont see any on the main website, or even this TSB one advertised. Am i looking on the wrong place?

Yes the Club LLoyds Account pays 4% on balances between 4 and 5k, and as we have finally established, you need to have two monthly dd's set up on it and deposit £1500 into it each month in order to get the 4%.

Steve_xx

coolpix wrote: »

Just opened Lloyds account and it does indeed state have to pay 2 DDs per month. I'm going to cancel as its starts to get to complicated. Going for TSB and possibly BoScotland.

Yes you can go for Bank of Scotland but the rate on a 5k balance there is 3%, whereas with Club Lloyds it's 4% plus the lifestyle freebies. You can also use the Lloyds Regular Saver that pays 4% on deposits of upto £400 per month if you also have the Club Lloyds account.


I know it's a dogs dinner but to get anything like decent interest this is what has to be done.

Zola.

For the Nationwide account it says

"*How it works: Pay in at least £1,000 per month (excluding internal transfers) and we'll pay you 5.00% AER (4.89% gross p.a.)on the first £2,500 of your balance each month. At the end of the first year the rate will revert to 1.00% gross p.a./ AER (variable). If you pay in less than £1,000 per month then no interest is paid for the relevant monthly period."


Does that mean you cant shuffle money between your accounts to qualify? i.e. the money has to come from an external source?