Club Lloyds

hufc2002

Hi

Both my wife and I bank with Lloyds, both have a current account and a joint platinum account.

The Club Lloyds account is of interest to me however I don't quite earn £1500 per month due to salary sacrifice however my wife does.

Could we just have one joint account and if so how would we set this up?

Cheers

xylophone

You don't need to earn £1500 a month but to pay in £1500 a month - for example, you could pay in your salary and your wife could transfer whatever else was required from her account...

Don't forget you also need two monthly paying direct debits.

hufc2002

So should we both open accounts as Mrs will qualify straight away as she earns over £1500 per month and she could then 'top up' my account i.e. £250 so that I have had £1500 credit?

We could then have all direct debits come out from 1 apart from 2 to come out of the other?

polymaff

hufc2002 wrote: »

So should we both open accounts as Mrs will qualify straight away as she earns over £1500 per month and she could then 'top up' my account i.e. £250 so that I have had £1500 credit?

We could then have all direct debits come out from 1 apart from 2 to come out of the other?

How you each hold these accounts is up to you but you haven't got Xylophone's point. Meeting the funding requirement could be just a matter of transferring £1,500 into the account and then moving it out five minutes later - every calendar month. Try to separate that from whatever you can afford to deposit in the accounts - and on which you'll earn interest. My wife and I have three of these accounts, two sole and one joint. We cycle £1,500 through the accounts each month to satisfy the account requirement and have steadily funded them up to £5,000 each to generate interest.

PeacefulWaters

Or you could have a £1,300 wage hit the account.

Move £200 to a Lloyds savings account and then send it back to the current account.

Two direct debits.

4% interest on £5k.

jennifernil

polymaff wrote: »

How you each hold these accounts is up to you but you haven't got Xylophone's point. Meeting the funding requirement could be just a matter of transferring £1,500 into the account and then moving it out five minutes later - every calendar month. Try to separate that from whatever you can afford to deposit in the accounts - and on which you'll earn interest. My wife and I have three of these accounts, two sole and one joint. We cycle £1,500 through the accounts each month to satisfy the account requirement and have steadily funded them up to £5,000 each to generate interest.

We do similar, but other than the DDs nothing goes out of the accounts on a regular basis, they are used as savings accounts.

The DDs use up most of the interest and any surplus over the £5k is moved out.

badger09

jennifernil wrote: »

We do similar, but other than the DDs nothing goes out of the accounts on a regular basis, they are used as savings accounts.

The DDs use up most of the interest and any surplus over the £5k is moved out.

Not even to the Club Lloyds Monthly Savers? Or do you fund those externally?

polymaff

jennifernil wrote: »

We do similar, but other than the DDs nothing goes out of the accounts on a regular basis, they are used as savings accounts.

The DDs use up most of the interest and any surplus over the £5k is moved out.

Same here - but I didn't want to go into too much detail - just drive home the salient points of how to operate the account. Ours have been at £5,000 from the start and for each account, the two DDs total £13.10, which is the average nett monthly interest - simplifying account mantenance even more.

(Plus, we each have Club Lloyds monthly savers SO'd out of the sole accounts, which are FPS'd back up to £5k on the relevant date from external sources)

joe134

badger09 wrote: »

Not even to the Club Lloyds Monthly Savers? Or do you fund those externally?

Thanks for that badger, missed that one, just done 2 Tsb @ 5%.
still can use lloyds monthly now.
Must be getting old.:(
I looked at Lloyds before the Tsb, coudn't find it, have now.:beer: