Club Lloyds Direct Debits

satlad

Hi
Club Lloyds requires 2 direct debit for you to qualify for interest.


I opened a Tesco internet savings account and a Tesco instant access account


I have set up direct debits of £1 each month into each of the Tesco accounts from my Club Lloyds.


Will this type of Direct Debit qualify me to earn interest in lloyds or do they have to be direct debit to pay bills like water/gas etc????

xylophone

I assume you mean that you have set up a monthly DD on each of the Tesco savings accounts to pull money from your Lloyds Club account.

They qualify you to earn interest on the Lloyds account provided that you meet the other terms and conditions.

Norscbu

satlad wrote: »

Will this type of Direct Debit qualify me to earn interest in lloyds

Yes.

I have two Tesco DD's to my Club Lloyds account from a single Tesco Internet Saver.

talexuser

I have 2 Tesco DDs each pulling £1 FROM Lloyds each month and they are sufficient to get the interest provided £1500 is churned through the account each month to avoid the fee.

talexuser

Norscbu wrote: »

Yes.

I have two Tesco DD's to my Club Lloyds account from a single Tesco Internet Saver.

So they allow two DDs from the same account? I assumed they wanted two different accounts like the other banks. It doesn't really matter since I needed two accounts for the two Santanders and three BoS's anyway.

darkidoe

talexuser wrote: »

So they allow two DDs from the same account? I assumed they wanted two different accounts like the other banks. It doesn't really matter since I needed two accounts for the two Santanders and three BoS's anyway.

They want 2 separate DD mandates, regardless of which accounts it goes to.

Norscbu

talexuser wrote: »

So they allow two DDs from the same account? I assumed they wanted two different accounts like the other banks.

I have the bulk of the mainstream current accounts that pay interest; all of my direct debit requirements are met with a single Tesco internet saver and payments between £1.01 and £1.49 on the same day of the month. I have 4 Tesco DD's for co-op for their every day rewards for example.

talexuser

Interesting. I believe my Halifax reward 3 x BoSs and 2 x Santanders need 2 different account nos for the DDs.

ceredigion

talexuser wrote: »

Interesting. I believe my Halifax reward 3 x BoSs and 2 x Santanders need 2 different account nos for the DDs.

They need different mandate numbers, you can achieve this from one Tesco account. But why complicate things.
Co-op has a different requirement in that all for can be the same mandate.