Bank account Turnover?

GMac91

I have a club Lloyds account which charges £5 a month if turnover is less than £1500 a month. I have enough going in to waive the cost. But I'm curious as I do a lot of transferring money between my bank accounts. Would transferring money between my accounts also qualify as turnover or is it just pay coming in from work etc?

Thanks.

YorkshireBoy

Do the T&Cs say the credit must come from "work etc", or do they simply say "credit the account with £1,500"?

colsten

Club Lloyds has no requirement for turnover (neither has any other account afaik). The only requirement for the monthly fee to be waved is that £1,500 gets deposited monthly. You could even deposit nothing and choose to pay the £5, albeit this wouldn't be a winning strategy.

xylophone

turnover

??

The fee waiving requirement is just to pay in at least £1500 a month.
To earn interest you must also have two monthly paying direct debits.

Nothing here about turnover

http://www.lloydsbank.com/current-accounts/club-lloyds.asp?WT.mc_id=43700007218342715&WT.srch=1&gclid=CMmup-Ph4csCFbYV0wodG_oKYg

Westie983

Fund £1500 from any account and transfer straight back out.

diamonds

Do Lloyds do a basic bank account or is it just under £1500 you get charged £5 a month thats on offer ?

GMac91

colsten wrote: »

Club Lloyds has no requirement for turnover (neither has any other account afaik). The only requirement for the monthly fee to be waved is that £1,500 gets deposited monthly. You could even deposit nothing and choose to pay the £5, albeit this wouldn't be a winning strategy.

Sorry I should have said "Turnover" was the term used by the rep when I was upgrading my acc to club Lloyds, and not in the terms and cons. What Im asking is will it count as my account has been credited if I transferred money in then back out? Lets say I get a bad pay for example £500 which is still 1000 away from getting the fee waived. So I then transfer 500 from my other account and back twice. Would that count as being credited with 1500 within that calendar month or not as it was transferred to myself and not from anyone else? Thanks

GMac91

Westie983 wrote: »

Fund £1500 from external account and transfer straight back out.

Yeah thats what I have done but was unsure if it would count lol

diamonds

GMac91 wrote: »

Sorry I should have said "Turnover" was the term used by the rep when I was upgrading my acc to club Lloyds, and not in the terms and cons. What Im asking is will it count as my account has been credited if I transferred money in then back out? Lets say I get a bad pay for example £500 which is still 1000 away from getting the fee waived. So I then transfer 500 from my other account and back twice. Would that count as being credited with 1500 within that calendar month or not as it was transferred to myself and not from anyone else? Thanks

Depends if internal transfer and Lloyds policy on such, always best to do external FP to Lloyds or any other bank and not get caught out, or learn each banks terms.


I'm not a Lloyds customer so someone will confirm if internal LBG or Lloyds internal are allowed or otherwise.

GMac91

My partner upgraded her classic account to club lloyds and added me to it. If under 1500 gets paid within a calendar month we get charged £5. If its over 1500 we get charged nothing, we also get interest each month on our balance. Plus 6 free cinema tickets a year.

Eco_Miser

Internal transfers are allowed; all funding for my Club account comes from an otherwise defunct Vantage account (because I've never got round to changing the money-go-round).