New Club Lloyds direct debits question

eastofeden

I have just opened a new club Lloyds account giving 4% interest on balances between four and £5000. Don't shoot me down in flames because I know I should've read the terms and conditions, but I have only just noticed that in order to get the interest you need two direct debits. Does anyone have any advice for this? Could I pay by direct debit to my Santander ISA for example, or would that not count?

I opened two TSB accounts at the weekend and was feeling rather smug until I noticed about the Lloyds account and the direct debits!

What I want is the most easy and effective way to meet this requirement. I have read through other posts to see if I can get the answer for myself, and I have noticed people talking about bespoke direct debits , but I'm afraid I don't really know what this means.

Please help a would be interest reaper!

badger09

Yup you should really have read the T&C first

You can't generally setup DDs to pay money to other accounts in your name. The way that is done is by Standing Order.

However, you can pay into Tesco savings accounts in your name by DD

You need to open 2 accounts and the DD takes about 10 days to be operational. Or you could consider a DD to a charity

jonesMUFCforever

..........how about paying 2 bills by d/d? House insurance, life insurance,car insurance, monthly payments for tv licence, minimum payment to any credit card etc etc

Zola.

eastofeden wrote: »

I have just opened a new club Lloyds account giving 4% interest on balances between four and £5000. Don't shoot me down in flames because I know I should've read the terms and conditions, but I have only just noticed that in order to get the interest you need two direct debits. Does anyone have any advice for this? Could I pay by direct debit to my Santander ISA for example, or would that not count?

I opened two TSB accounts at the weekend and was feeling rather smug until I noticed about the Lloyds account and the direct debits!

What I want is the most easy and effective way to meet this requirement. I have read through other posts to see if I can get the answer for myself, and I have noticed people talking about bespoke direct debits , but I'm afraid I don't really know what this means.

Please help a would be interest reaper!

Open up Tesco Instant Access Saver & Tesco Internet Saver accounts. can be done in ten mins each.

As mentioned, you can set them both up to pay £1 a month from Lloyds into Tesco as a DD from Tesco.