Current account switch

flintlock67

Hello
Hope someone can help. I have a second club Lloyds account which I use as a savings account when it paid 1.5%. I have 4 direct debits in it. Now the rate has dropped I’m considering switching to a bank paying a bonus to switch. My question is there is no salary being paid into the account I just move money in from my other Lloyds account and then move it back. Does the bank switch process insist on a salary coming in, or can I fund the “new switched” to account by a faster payment from another bank account?
Thanks

PRAISETHESUN

The minimum monthly pay in for most bank accounts can come from any external account (ie. an account not from the same bank) - the is no obligation for it to be a "salary" payment, although this is what most banks anticipate you will use to meet the requirement. Unless I'm mistaken, you won't be able to simply cycle the monthly pay in between your two Lloyds accounts and will instead require a third (non-Lloyds) account to meet the pay in requirement. I personally like to automate things by having matching sets of standing orders between the account, but it can also be done manually using faster payments if you'd prefer to make sure it all works as intended.

eskbanker

PRAISETHESUN wrote: »

Unless I'm mistaken, you won't be able to simply cycle the monthly pay in between your two Lloyds accounts and will instead require a third (non-Lloyds) account to meet the pay in requirement.

You are mistaken, but because you're actually mistaken twice, they sort of cancel each other out!

Cycling money internally between Lloyds accounts does satisfy their minimum monthly funding requirements, without the need to use a non-Lloyds account.

However, in this case OP is talking about switching one of their two Lloyds accounts, so will have one Lloyds and one non-Lloyds account, and therefore, strictly speaking, won't be able to cycle money between two Lloyds accounts anymore, so you end up being sort of right but for the wrong reason!