Lloyds Club

jrm

I think, personally, the reason for opening multiple bank current accounts was for the great interest rate they once offered. Alas, the reason has now diminished greatly, at least in the case of Santander, Bank of Scotland, Lloyds Club, Yorkshire/Clydesdale plus one or two others. No matter how creative I'll be, I know I will not be able to create enough direct debits to service all the accounts I have. Particularly now since Tesco has removed their facility. Circumstances allowing, 1 year savings accounts are as I said before an option. Not for everyone I agree. The current best no notice cash account ( albeit a limited offer ) is from the Bank of Cyprus - 1.31%, and not a D.D. in sight. So it's not all doom and gloom !!!

Klopek

Don't forget that the £3 fee is taken and then refunded. You might want to therefore keep your minimum balance as £3. There's a pretty good chance this all happens before the daily balance check but I've never tested it to know.

jrm

Yes Klopek, good point. I think it would be important to leave at least a £3.50 positive balance. Thank you.

jonesMUFCforever

jrm wrote: »

Yes Klopek, good point. I think it would be important to leave at least a £3.50 positive balance. Thank you.

Not at all, Lloyds only charge you 1p if you go £7.00 overdrawn.
They no longer charge anything for unauthorised overdrafts.