Club Lloyd Account

Homeboy_1

Hi, I have just opened a Club Lloyd account and transferred a deposit from my usual current account. I have set up two direct debits for this account. I know I have to pay at least £1500 a month to get the 4% interest. What I want to know is can I just do an online transfer from my main current account and then transfer the money straight back from Club Lloyds into my main account. I am registered for on-line banking. Thanks in advance for any help

LXdaddy

The £1500 doesn't have to stay in the account for long. As long as the account you are transferring from meets the T&C then you will be eligible for the interest.

baz8790

I have a standing order set up to pay £1500 from my Santander account on payday and a standing order to pay back £1100 the same day (£400 for regular saver)

Been like that for over a year and I haven't had any issues

YorkshireBoy

Of course you can. Did you think they somehow wouldn't allow it? If so, why would you think that?

You say you've "set up" 2 direct debits, but remember they have to pay out each month for interest purposes.

Doctor_Duke

Yes you can and Lloyds even seem to accept transfers from other Lloyds accounts not the normal external only.

Homeboy_1

Thanks for that LXdaddy and baz8790. Didn't notice the regular saver account though. Going to check it out

Homeboy_1

Thank you YorkshireBoy and Doctor Duke. I was pretty much sure it would be ok to do it that way. Just wanted confirmation from someone more savvy than me. Yes Yorkshire Boy my two direct debits do pay out monthly. Thanks for your help

Doctor_Duke

No problem Homeboy! I have always a funny issue with Lloyds, they never issue me with a contactless card with my Club Lloyds. Every other single bank account I've had (many) always do! I'd be interested what you get issued.