Quick question about minimum pay in to current account

Westie983

When I ask a question it's normally ended with a ?, this still stands, and there is nothing to say funding LBG accounts means account are closed, if you abuse the T&C's then this is a reason to close down LBG accounts, so my point still stands, funding LBG accounts with one funding, is not breaching the T&C's of the accounts but according to you 'they' whomever they are done like it, that said its not prohibited...

I dont need to check the forum, as I know its not an issue to fund the LBG accounts with the same 1k or 750 or whatever, and to bounce the same amount around all of your accounts, not just LBG.

But that said if you can afford to send 1k in various directions, you are not in need of the interest the account pay, but some people struggle to do this and will use the same funds from wages, for example to fund numerous accounts.

colsten

Kme213 wrote: »

yes I guess it just seems too good to be true, right? Well anyway I've managed to open an account with Lloyds and switch my existing current account over without even leaving my seat, amazing! :j thanks guys

That was a bit hasty. You could have earned at least £150, probably £250 and more, for switching your current account rather than nothing.

As someone said earlier, stick around - all's not lost. Read up on the forum and ask before your next move unless you are certain it's the best move you could make.

Superscrooge

Kme213 wrote: »

Hi, I hate to be the guy who sets up an account on a forum just to ask a question but if you could help that would be so great!

I'm looking to maximise the interest paid on my savings and I was thinking of opening a current account with Club Lloyds but as I'm working part-time I don't earn $1500 post tax & national insurance.

So my question is if I were to have it so that my income went directly into the account (e.g. £750) and then transferred through my other account(s) and back again (so that it would total as 2 x £750 paid into the Lloyds account per month) would that count as the required £1,500?

Thank you to anybody who decides to help me out with this

An alternative method that negates the need to find extra cash to shuffle around the accounts is that once you have sufficient funds in your Club Lloyds account, just transfer £1500 out of the account each month and then immediately transfer it back in again.

bigadaj

Lbg really should move into the twenty first century, there's transsexual, transgender etc now, might be worth a formal co,plaint!

EarthBoy

I circulate money regularly between Lloyds and Halifax, which is part of the Lloyds group, and I've never had any problems. Unless it's specified in the terms and conditions that you can't do that, then Lloyds can't object to you doing it.

Lloyds do close accounts, as do all banks, but unless they tell you that it's because you're circulating money from other banks in the same group, you can only guess what the reason is.

Katiehound

Well my money circulates between Halifax & BOS (both LBG) and then to Lloyds Club and there has never been a problem.

Strangely 'though according to the FSA compensation scheme Lloyds does not seem to be a component part of the LBG!!! The only Lloyds mentioned there is somewhere abroad. (and yes, I was read that over the phone yesterday when I opened another BOS a/c)
Not that it is relevant......I certainly don't have £70K there!!

Lloyds does not seem to (ever?) have an incentive. Opened a/cs there a few years ago- nada!

enthusiasticsaver

I circulate £1500 between Lloyds, Santander, nationwide and TSB. Not a problem and never had an issue so far.

colsten

Katiehound wrote: »

Strangely 'though according to the FSA compensation scheme Lloyds does not seem to be a component part of the LBG!!! The only Lloyds mentioned there is somewhere abroad. (and yes, I was read that over the phone yesterday when I opened another BOS a/c)

Where are you looking? The FSA (as in Financial Services Authority, not Food Standards Agency) ceased to exist a couple of years ago, and it never provided a compensation scheme. You need to check the FSCS, e.g. here http://www.fscs.org.uk/what-we-cover/products/banks-building-societies/lloyds/

Katiehound

Oops- yes -it's the FSCS. Apologies... since I don't have £70K there I'm not concentrating

But the point I was making that everyone keeps harping on about the LBG.
For BOS- which is part of the LBG only Lloyds Bank (in the Netherlands only) seems to be covered in that group - but it includes Halifax and IF.
So actually circulating money between Club Lloyds & Halifax isn't the same bank!

Looks like Lloyds PLC & LBG are two seperate entities.

bigadaj

Katiehound wrote: »

Oops- yes -it's the FSCS. Apologies... since I don't have £70K there I'm not concentrating

But the point I was making that everyone keeps harping on about the LBG.
For BOS- which is part of the LBG only Lloyds Bank (in the Netherlands only) seems to be covered in that group - but it includes Halifax and IF.
So actually circulating money between Club Lloyds & Halifax isn't the same bank!

Looks like Lloyds PLC & LBG are two seperate entities.

There are two licences, hbos is one with most of the subsidiaries and the old lloyds TSB was the other, though TSB are obviously now totally separate.