What would you do?

badger09

maton91 wrote: »

Would you apply now or beging to look again in April?

NOW

There is no guarantee that these accounts will be available to new customers next week, let alone in April:cool:

Archi_Bald

maton91 wrote: »

Would you apply now or beging to look again in April?

Why would you wait until April? Explain your thinking.

maton91

Archi_Bald wrote: »

Why would you wait until April? Explain your thinking.

Thought it would apply to new accounts only or something. Illogical I know.

I guess this may depend on bank but do you have to keep an account open for so long or can you close them whenever you want?

Archi_Bald

If you are thinking of current accounts: you can close them whenever you like (after settling any overdraft you might have).

Other accounts may have a fixed term, and if you can close them at all before the end of the term, it will be at a cost.

Read the T&Cs.

Eco_Miser

maton91 wrote: »

So what you are saying is if on the 1st of every month Lloyds will ask for £1500 as an example I can then withdraw it back from where it was originally transferred from on the 2nd and Lloyds won't have any suspicions?

Lloyds won't ask for £1500 on the first or any other day.
They do want you to pay in £1500 over the course of a calendar month.

As has been noted, you don't need to leave the deposit in overnight, or even a second.

If you use SOs, avoid the 1st and dates after the 25th, since weekends and bank holidays alter transaction dates.

Lloyds won't have any suspicions, they'll know exactly what you are doing. As long as they're getting sufficient new customers using the accounts as intended, they'll accept that some are just using them for saving - and still target them for credit cards and insurance etc.

maton91 wrote: »

Is it worth waiting until April then or get started now?

Why wait? Even after tax, the interest beats an ISA.