Lloyds club open at last (hooray)

robotrobo

Hi.
Straight to the first question please.
We have 2 solo club accounts now open and online!, there's no money in the accounts yet , now then I have 4 Tesco accounts set up also online ,2 current accounts, and 2 internet savers , one being in joint names.
Do I now set up 2 d/debit from one of these accounts (tescos) to the new lloyds account , I know that I have to , so which one ?, also do I have to fund the accounts (tescos) or from the club accounts ?, or any other account that I have , or does it not matter at the moment as I will be able to add other accounts as I move along.
Does the d/debits have to come from the name on the account, or say can I send d/d from me to my wife's solo account ?.
Might sound like easy questions to you guys , but I would love to get it right first time.
Would say £10 d/d do the job , &say have £100 funding in each account just to get me up and running.

Thankyou (for now)
Mr bean

InsideInsurance

To not pay a fee on the Club account(s) you need to move £1,500 into each one (though you can instantly move it out again if you want to) every month

To get their generous interest rates, which is presumably why you've opened them, then you additionally need 2 direct debits against each account taking money out.

If you dont have savings that you want to get interest on then there is no need to set up the DDs until you do remembering you may need to give 28 days notice and therefore also no need to add funds beyond the £1,500 in and out to avoid fees.

grumbler

robotrobo wrote: »

... do I have to fund the accounts (tescos) or from the club accounts ?

:huh:
Generally you don't have to 'fund' Tesco accounts. You need them to have two DDs paid from the Lloyds account (to Tesco).

Would say £10 d/d do the job

It would

, &say have £100 funding in each account just to get me up and running.

What £100 'funding'?

LplateSaver

robotrobo wrote: »

Hi.
Does the d/debits have to come from the name on the account, or say can I send d/d from me to my wife's solo account ?.
Might sound like easy questions to you guys , but I would love to get it right first time.
Would say £10 d/d do the job , &say have £100 funding in each account just to get me up and running.

I tried to have the money pulled from OHs club account to my tesco but it was rejected as names didn't match. So i set up the tesco accounts to pull £1 each from his club to his tesco, that satisfies the direct debit requirement. Also Lloyds only start paying 4% interest when you have 4k in it.

robotrobo

grumbler wrote: »

:huh:
Generally you don't have to 'fund' Tesco accounts. You need them to have two DDs paid from the Lloyds account (to Tesco).

It wouldWhat £100 'funding'?

i need to put money in the new club, so that i can set up the d debits i think!.

badger09

robotrobo wrote: »

Hi.
Straight to the first question please.
We have 2 solo club accounts now open and online!, there's no money in the accounts yet , now then I have 4 Tesco accounts set up also online ,2 current accounts, and 2 internet savers , one being in joint names.
Do I now set up 2 d/debit from one of these accounts (tescos) to the new lloyds account , I know that I have to , so which one ?, also do I have to fund the accounts (tescos) or from the club accounts ?, or any other account that I have , or does it not matter at the moment as I will be able to add other accounts as I move along.
Does the d/debits have to come from the name on the account, or say can I send d/d from me to my wife's solo account ?.
Might sound like easy questions to you guys , but I would love to get it right first time.
Would say £10 d/d do the job , &say have £100 funding in each account just to get me up and running.

Thankyou (for now)
Mr bean

robotrobo

I answered part of this question (at least once!) yesterday - see post 11

https://forums.moneysavingexpert.com/discussion/5197543

You are getting yourself (and me :cool:) confused. If you could list the accounts you have set up so far, showing full bank and account name, and in whose name, maybe I can help with a step by step guide.

EG
LLoyds Club self
Lloyds Club wife
Tesco Current self
Tesco Current joint
etc etc

Also, a rough idea of how much cash you are now trying to find a home for, and where it is at the moment.

I think Colsten did this for you a short time ago

grumbler

robotrobo wrote: »

i need to put money in the new club, so that i can set up the d debits i think!.

I thought that people open Club accounts to earn 4% on £4-£5K in the first place.
As you opened two, I assumed that you have much more than £100 to put to the accounts.

Just to set a DD up you don't need any balance until close to the DD date.

For small amounts a regular saving account is much better, isn't it?

robotrobo

InsideInsurance wrote: »

To not pay a fee on the Club account(s) you need to move £1,500 into each one (though you can instantly move it out again if you want to) every month

To get their generous interest rates, which is presumably why you've opened them, then you additionally need 2 direct debits against each account taking money out.

If you dont have savings that you want to get interest on then there is no need to set up the DDs until you do remembering you may need to give 28 days notice and therefore also no need to add funds beyond the £1,500 in and out to avoid fees.

i have set up the £1500 funding the accounts, that is up & running now, the bank manager set it up for me.

the priority now is the d d in to the accounts.

thankyou

robotrobo

LplateSaver wrote: »

I tried to have the money pulled from OHs club account to my tesco but it was rejected as names didn't match. So i set up the tesco accounts to pull £1 each from his club to his tesco, that satisfies the direct debit requirement. Also Lloyds only start paying 4% interest when you have 4k in it.

thanks.
i will max fund when i have the d debits set up.

robotrobo

It wouldWhat £100 'funding'?[/QUOTE]

i think i know what you are saying!, is it right that the d debits will fund the account tescos . so there is no need for £100 in the first place , is that right?.

thankyou.
mr bean

grumbler

At last... No need to put £100 to Tesco accounts.