LHV current account uncapped 3.25% interest

Digital_Payback

Theleak250 said:

I sent £10 to the account. 12 hours later it has not arrived. 

That’s odd. My first deposits were almost instant. I was really impressed. 

Theleak250

Digital_Payback said:

Theleak250 said:

I sent £10 to the account. 12 hours later it has not arrived. 

That’s odd. My first deposits were almost instant. I was really impressed. 

It doesn’t inspire confidence. I bank with HSBC. I have confirmed the details are correct. I will chase them on Monday if the money doesn’t appear by then.

confederated

Theleak250 said:

That’s odd. My first deposits were almost instant. I was really impressed. 

It doesn’t inspire confidence. I bank with HSBC. I have confirmed the details are correct. I will chase them on Monday if the money doesn’t appear by then.

Me too. Faster payments in and out have been absolutely instant for me. I would suggest maybe the payment has been caught by HSBC's potential fraud algorithm.  

Nasqueron

Olenna said:

Nasqueron said:

Theleak250 said:

Wow too good to be true?

I may apply!

Why is it too good to be true? Starling offer essentially this using their Easy Saver allows you to move money in and out instantly and pays interest daily at 4%, it does beat Kroo which pays 3.15% 

A current account and saving account combo isn't essentially the same as a single current account. Starling Bank even explicitly says 'You won’t earn any interest on this account. This means we won’t pay you interest on your balance'.

You misunderstood my post. I was giving an example of why the deal wasn't too good to be true as other institutions offer similar interest deals. The fact you have to log into an app and transfer money between savings and current account which takes literal seconds, isn't the point - rather that it doesn't mean it's a scam that a bank offer this

Nasqueron

WillPS said:

Nasqueron said:

Theleak250 said:

Nasqueron said:

Theleak250 said:

Wow too good to be true?

I may apply!

Why is it too good to be true? Starling offer essentially this using their Easy Saver allows you to move money in and out instantly and pays interest daily at 4%, it does beat Kroo which pays 3.15% 

And those are uncapped up to one million pounds?

Edit: I have applied and it says it can take five days for verification. Anyone else had success?

Kroo is £500k but really who is leaving cash worth that much in a current account rather than a saver, ISA, S&S investment etc

You'd be surprised. Worth remembering the membership here tends to be toward the sharp end in terms of consumer finance engagement.

I remember a colleague telling me he was paying a few quid a month to Monzo for the privilege of a 2ish% interest rate, thinking he had a great deal.

There are (probably) billions sat earning naff all in current accounts.

Sure but I doubt many people who have £500k-£1m in cash are just leaving it in a bank rather than either having financial sense to invest it or have an advisor to manage it. People with little finance knowledge might have a few thousand "wasted" in a current account but people who are able to store serious 6 figure sums and have no knowledge of maximising it are few and far between

Theleak250

My £10 has now appeared in the account. So it was not a faster payment for whatever reason. 

confederated

I just had a go at setting up a PayPal direct debit on my LHV current account. It was accepted and allowed me to pay for something on a website. I wonder if direct debits are now available but they've not yet finished setting up the app side of things - there is no option to view direct debits in the LHV app. Interesting.

WillPS

Nasqueron said:

WillPS said:

Nasqueron said:

Theleak250 said:

Nasqueron said:

Theleak250 said:

Wow too good to be true?

I may apply!

Why is it too good to be true? Starling offer essentially this using their Easy Saver allows you to move money in and out instantly and pays interest daily at 4%, it does beat Kroo which pays 3.15% 

And those are uncapped up to one million pounds?

Edit: I have applied and it says it can take five days for verification. Anyone else had success?

Kroo is £500k but really who is leaving cash worth that much in a current account rather than a saver, ISA, S&S investment etc

You'd be surprised. Worth remembering the membership here tends to be toward the sharp end in terms of consumer finance engagement.

I remember a colleague telling me he was paying a few quid a month to Monzo for the privilege of a 2ish% interest rate, thinking he had a great deal.

There are (probably) billions sat earning naff all in current accounts.

Sure but I doubt many people who have £500k-£1m in cash are just leaving it in a bank rather than either having financial sense to invest it or have an advisor to manage it. People with little finance knowledge might have a few thousand "wasted" in a current account but people who are able to store serious 6 figure sums and have no knowledge of maximising it are few and far between

Again, I think you'd be surprised!  

keiran

Can't see the point of getting this account. 
There's no incentive except the 3.25% interest on balances in current account .
But that can be beaten by a number of savings accounts.
Why would MSEr's want to add this account to the plethora of good accounts they already hold?

confederated

keiran said:

Can't see the point of getting this account. 
There's no incentive except the 3.25% interest on balances in current account .
But that can be beaten by a number of savings accounts.
Why would MSEr's want to add this account to the plethora of good accounts they already hold?

For the same reason many of us opened Drummonds or Child & Co accounts? Novelty value? I opened it because it was new and I wanted to see what it was like. I've been highly impressed with the solidity of the app, the speed of faster payments and the possibility of earning a little interest on my money when my pensions are paid in before my bills start going out. So far I've found nothing negative and will be using it as my main account as soon as direct debits launch officially.