Club Lloyds Account

jimjames

Daliah said:

Lightning360 said:

General_Grant said:

Lightning360 said:

Do you get any confirmation that you have met the £1500 requirement (I doubt you do, but just want to make sure).      Unlike Halifax tracker, Lloyds do not confirm having met this requirement.

I opened my Club Lloyds account today. I paid in £50 and then paid in £1450. I will transfer this out again in a few days. I assume this is everything I need to do until next month?  Yes, that's fine.  Multiple deposits to reach (or exceed) the requirement and no need to keep in the account.

see bold text

Thank you. I would prefer some sort of confirmation, but I can live without it considering if I mess up, it's only £3 a month. Still feels wrong depositing it and then withdrawing it around half an hour later but it clearly works and Lloyds clearly don't care.

As it's a current account, it's not out of the ordinary that money that has just arrived will be spent immediately. Or, as has been commented above, it's not out of the ordinary that money that has gone out previously will be replaced instantly by an incoming transaction.

Exactly this. Today for example a credit has come in and virtually the same amount has gone back out again via mortgage. There was no connection between the 2 but if the bank was doing a reconciliation of payments in and out they would look to be balanced.

Lightning360

One quick question - is the month for the £1,5000 the calendar month or is it based on the day you opened your account?

molerat

13p interest credited even though no DDs paid out last month, 2 set up and one paid out on 1st.

soulsaver

Lightning360 said:

Thank you! That sounds pretty decent then. Anyone knows why Lloyds have made it so easy to bypass the £3 fee? It doesn't sound like it would be very good business for them.

Yes, you can't leave this Club account empty and unused without incurring a fee. 

molerat

Lightning360 said:

One quick question - is the month for the £1,5000 the calendar month or is it based on the day you opened your account?

Calendar - mentioned in the welcome pack & banking t&cs but not specified in the fees and information document.

soulsaver

molerat said:

13p interest credited even though no DDs paid out last month, 2 set up and one paid out on 1st.

They give you first months grace. Can't remember where I saw it, but it's their custom & practice

Lightning360

molerat said:

Lightning360 said:

One quick question - is the month for the £1,5000 the calendar month or is it based on the day you opened your account?

Calendar - mentioned in the welcome pack & banking t&cs but not specified in the fees and information document.

Thank you. I knew it would say it somewhere but didn't want to look through all the documents they sent. 

mika_dm

Does anyone know is having 2 Direct Debits to pay off credit cards will count to get the interest on the money held in the account? Couldn't find it anywhere.
Thank you.

crumpet_man

Yes that's fine so long as two or more direct debits are paid each month, doesn't matter if it's for credit cards, utilities, charity.

Sensory

soulsaver said:

molerat said:

13p interest credited even though no DDs paid out last month, 2 set up and one paid out on 1st.

They give you first months grace. Can't remember where I saw it, but it's their custom & practice

Barclays should follow suit. I opened my Blue Rewards account towards the end the month which didn’t leave me enough time to set up and pay out direct debits before the start of the next, so in the next whole month I was charged the account fee but without any reward payments.