Top Bank Accounts Discussion Area

ernie-money

I was going to upgrade my Lloyds current account to get the 4% in credit interest, and thought I'd also open the TSB Plus account which gets 5% interest, but I wondered if the funding requirement has to come from a source outside Lloyds TSB, or if it will be ok for the money to be transferred between the accounts, as previously possible with the Vantage accounts?

LuSiVe

I think a lot of people are just planning to move the £500 from one TSB Plus account to another and back.

badger09

ernie-money wrote: »

I was going to upgrade my Lloyds current account to get the 4% in credit interest, and thought I'd also open the TSB Plus account which gets 5% interest, but I wondered if the funding requirement has to come from a source outside Lloyds TSB, or if it will be ok for the money to be transferred between the accounts, as previously possible with the Vantage accounts?

There is nothing in the T&C which say monthly funding has to come from an external account

cmotd

ernie-money wrote: »

I was going to upgrade my Lloyds current account to get the 4% in credit interest, and thought I'd also open the TSB Plus account which gets 5% interest, but I wondered if the funding requirement has to come from a source outside Lloyds TSB, or if it will be ok for the money to be transferred between the accounts, as previously possible with the Vantage accounts?

Lloyds and TSB are now completely separate banks. Money moved from a Lloyds account to a TSB one (and vice versa) counts as an outside source so transfer away.

sajets

I would like to open a Santander 123 account for the interest rate but do not have enough direct debits to transfer to the account in order to qualify (all my bills are included in the rent and I need the remaining direct debits for my other current account). Is it possible to set up direct debit donations with charities or similar to create additional ones? Does anyone have experience with this?
Thanks

stphnstevey

With Santander 123, does anyone know if the deposits have to come from an external source or can you just move the money around between Santander 123 accounts?

Thanks

innovate

Question answered on their website http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&launch=NO&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

and in the T&Cs http://www.santander.co.uk/csgs/StaticBS?ssbinary=true&blobkey=id&SSURIsscontext=Satellite+Server&blobcol=urldata&blobheadervalue1=application%2Fpdf&blobwhere=1314015790890&SSURIsession=false&blobheadervalue2=inline%3Bfilename%3D432%5C721%5CBANK0456MAR14HT.pdf&SSURIapptype=BlobServer&blobtable=MungoBlobs&SSURIcontainer=Default&blobheadername1=content-type&blobheadername2=Content-Disposition#satellitefragment&maxage=3600

stphnstevey

innovate wrote: »

Question answered on their website http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&launch=NO&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

and in the T&Cs http://www.santander.co.uk/csgs/StaticBS?ssbinary=true&blobkey=id&SSURIsscontext=Satellite+Server&blobcol=urldata&blobheadervalue1=application%2Fpdf&blobwhere=1314015790890&SSURIsession=false&blobheadervalue2=inline%3Bfilename%3D432%5C721%5CBANK0456MAR14HT.pdf&SSURIapptype=BlobServer&blobtable=MungoBlobs&SSURIcontainer=Default&blobheadername1=content-type&blobheadername2=Content-Disposition#satellitefragment&maxage=3600

It would have taken us both less time and you would have been more help if you had just told me the answer


It just says fund the account - which is exactly why I asked the question as the T&C don't specify

typistretired

According to this it has to be from an external account:-

"Important information
To benefit from cashback on household bills and interest on your balance, just follow these steps:
Pay a monthly account fee of £2, which will be automatically taken from your account each month;

Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). This is not a calendar month, it is the month from the date you opened your account. Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.

Set up a minimum of two Direct Debits. For cashback household bills must be paid by Direct Debit to organisations within eligible categories"

innovate

stphnstevey wrote: »

It just says fund the account - which is exactly why I asked the question as the T&C don't specify

It actually doesn't, in neither of the two places I pointed you at.

It never ceases to amaze me that people still seem to think they shouldn't read the T&Cs that apply to their bank accounts but at the same time would accept anything any stranger on an Internet forum tells them.