Current account funding

dragongreen

Hi all. Looking at switching current account from a small separate account to get a switch deal to Lloyds. My income is a private pension, only a quater of their monthly pay in criteria but no mortgage and savings to use then tranfer back out ( juggle). Does anyone know if they are likely to refuse me before I start the process. Thanks

Nasqueron

None of the Lloyds accounts that qualify for the switch require an income of £2000 a month just that you put in at least £2000. The obvious desire from them is that you are earning £2k + after tax but there is nothing to stop you moving £500 in 4 times for example as that would meet the criteria. Please read the switch terms carefully just in case but the relevant parts are:

Qualifying accounts

• Club Lloyds Account (£3 monthly fee that’s waived each month you put in at least £2,000)
• Club Lloyds Silver Account (£10 monthly fee. Plus Club Lloyds £3 monthly fee that’s waived each month you put in at least £2,000)
• Club Lloyds Platinum Account (£21 monthly fee. Plus Club Lloyds £3 monthly fee that’s waived each month you put in at least £2,000)

dragongreen

Thank you so much. That's clearer to me now

dealyboy

... just to add, I am a state pensioner and have a Club Lloyds account and do 4 x £500 in/out each month ... my income has been around £12,500 pa and I have been honest.

WillPS

My wife declared her income honestly a year ago, when they were (temporarily) zero. She was accepted. 

The £2000 monthly pay in is satisfied by a transfer to and from savings each month.

BlueonBlue

I believe if you have a lloyds account its easier to open a lloyds online savings account and move the 500 or whatever amount back and forth that way rather than between two different banks .
It makes the process easier each month/year

dragongreen

Thank you to all. I shall plough on more confidently.