Received interest (net) on Club Lloyds account - no direct debits set up

book12

I have received interest (net) of less than £1 despite not having at least two direct debits on the account. I have no direct debits set up on the account. I've funded the account £1500 a month though.

I have always thought that interest is paid only when there are two direct debits on the account.

jonesMUFCforever

Have you been charged the £5 fee?

book12

No. Can't see that on my online banking statement yet.

colsten

How long have you had the account for? As a fully loaded Club Lloyds pays a lot more interest than the £1 you got, I guess you might still be in the initial 'grace' period (before your first full statement month) where they don't apply the "2 paying DD" rule.

If you want to receive interest from now on, you should put your skates on and set up the 2 DDs to start paying during your current statement month.

book12

colsten wrote: »

How long have you had the account for? As a fully loaded Club Lloyds pays a lot more interest than the £1 you got, I guess you might still be in the initial 'grace' period (before your first full statement month) where they don't apply the "2 paying DD" rule.

If you want to receive interest from now on, you should put your skates on and set up the 2 DDs to start paying during your current statement month.

I had the account for a month.

YorkshireBoy

book12 wrote: »

I had the account for a month.

See the Club T&Cs, specifically the section entitled "Club Lloyds Fee". The fee waiver mentioned there also applies, albeit unofficially, to credit interest when you've no DDs yet set up in the first part month billing period, ie from the date you opened the account in January to the first working day in February.