Do transfers count as paying money in for Clubs Lloyd account?

UKSBD

My mum has a Club Lloyds account but I've just found out she only pays about £1000 a month in to it so pays the £3.00 fee

She also has a Nationwide account, would a £2000 a month transfer from Nationwide to Club Lloyds be good enough to save paying the fee.

Note: She has direct debits going out of both

ZeroSum

Yes. It's what most of us on here do, slosh money from account to account 

prettyandfluffy

Yes.  Also, from June the fee is going up to £5 a month! 

UKSBD

prettyandfluffy said:

Yes.  Also, from June the fee is going up to £5 a month! 

Yes, that's what made me look in to it

UKSBD

ZeroSum said:

Yes. It's what most of us on here do, slosh money from account to account 

Yes, I do the same with my own accounts.
Particularly like the Club Lloyds one as it means I can have a Club Lloyds Monthly Saver, plus the cinema tickets.

ThePirates

You can cycle £500 between a couple of accounts 4 times to hit the target too!

Slinky

ThePirates said:

You can cycle £500 between a couple of accounts 4 times to hit the target too!

As long as it's not from other Lloyds accounts.

General_Grant

Slinky said:

ThePirates said:

You can cycle £500 between a couple of accounts 4 times to hit the target too!

As long as it's not from other Lloyds accounts.

I think you can cycle money through Lloyds accounts as you certainly can for Halifax.
(I always have more than £2K coming from outside Lloyds into my Club account but one of my Halifax has most of its funding from another Halifax account.)

On the other hand Nationwide accounts with a funding requirement do require the funds to come from outside Nationwide, even if the accounts belong to different people.

clivep

General_Grant said:

Slinky said:

ThePirates said:

You can cycle £500 between a couple of accounts 4 times to hit the target too!

As long as it's not from other Lloyds accounts.

I think you can cycle money through Lloyds accounts as you certainly can for Halifax.
(I always have more than £2K coming from outside Lloyds into my Club account but one of my Halifax has most of its funding from another Halifax account.)

On the other hand Nationwide accounts with a funding requirement do require the funds to come from outside Nationwide, even if the accounts belong to different people.

I can confirm that cycling through Lloyds works...

We have a joint Club Lloyds current a/c. £2,000 goes into my wife's sole a/c then transferred internally to our joint a/c. This then gets tranferred internally to my sole a/c. No monthly fees.

adindaspantai

How the Club Lloyds Interest is calculated ??

From this site

https://www.lloydsbank.com/current-accounts/rates.html#flyout

So say you have £5,000 in the account

Does the interest of all balance e.g up to £5k earn 3% or 

only part of the money e.g £4000-5000 will earn 3% and the rest will be earning 1.50% ??

molerat

If you had read further down that page your question would have been answered

For example, when you have £4,500 in your account, you could earn interest of 1.50% AER (1.49% gross p.a.) variable on the first £3,999.99 and 3.00% AER (2.96% gross p.a.) variable on the rest. You won’t earn interest on any part of your balance over £5,000.