What counts as 'Paying In'?

jam_rs

Might seem a simple answer but just want to make sure its worth my effort!

I have a Lloyds gold account, (club lloyds) and get 4% interest on the balance as i meet the requirements for it. Of course they only pay interest on the first 5K.

I'm thinking of opening a Santander123 account, can set up 2 monthly DD no problem and pay in £500 a month to qualify for there 3% interest.

If send a payment from my Lloyds account to the Santander account, i presume this counts as 'paying in'?

YorkshireBoy

jam_rs wrote: »

If send a payment from my Lloyds account to the Santander account, i presume this counts as 'paying in'?

Yes it does. Indeed, I'd wager that there are more account holders doing this than crediting a salary!


Are you aware that Santander do not operate calendar months, but billing period months, with regard to the monthly credit?

jam_rs

Excellent, thats good.

Wasn't aware of that, what exactly does that mean for me?

YorkshireBoy

jam_rs wrote: »

Wasn't aware of that

You probably haven't read the Key Facts Document yet.

It's detailed on page 1 (of 6), condition 4.

http://www.santander.co.uk/csdlvlr/ContentServer?c=SANDocument_C&pagename=WCSUKPublicaLte%2FSANDocument_C%2FSANDocumentPreview&cid=1324575553949

If you credit on the same date each month, well away from your statement date, you'll be fine.