Top Bank Accounts Discussion Area

YorkshireBoy wrote: »

Your "local branch" is wrong. Account T&Cs will always trump the uninformed branch staff!.

Well, I queried this, they checked with HQ and said that is was as they said. My recommendation, designed to work whichever, therefore stands.

YorkshireBoy wrote: »

There's really no need to "guess" anything. Lloyds' month is a calendar month, as clearly stated in the T&Cs. Only Santander demand funding during a different 'billing period' month...all the other high interest current accounts work on a calendar month.

Your point being? Again, my recommendation, designed to work, therefore stands.

When uncertainty arises there are three possible approaches. Just ask for one process and act on it - this is fine so long as that process is immaculate - otherwise it is a really bad idea. The second approach is to collect conflicting advice and assess which is the right process - your approach. The third is to look at the conflicting advice and work out a process that steers around the ambiguity - my approach. The first approach is by far the worst, your approach minimises effort, my approach minimises risk. Don't be so bigotted. There ARE alternative approaches.

YorkshireBoy wrote: »

It's unnecessary, and only confuses the newbies. Best way is to read the account T&Cs, and encourage others to do the same, and adhere to them.Isn't it obvious? Hopefully others (especially the newbies) will follow the key point of my post, namely read the T&Cs

There - a "there is no approach but mine" statement - and also one which is quite patronising.

YorkshireBoy wrote: »

As a side issue, if your Club account is maxed out, funding on the 15th of the month loses money because you're not getting the benefit of compounding on the interest paid 2 weeks prior..

Fine, if your interpretation of my advice is correct - unfortunately you are fallible, as this interpretation shows. My advice does not have the effect you describe above. My comment was purely about when and how to meet the funding requirement. It makes no reference to processing of the interest. It no doubt does to someone locked into one mindset - but it fact it doesn't.

I prefer my technique to yours - but I have been very careful not to criticise yours. It is a valid alternative and, I recognise its merits and its liabilities, as I've spelled out - and I believe that you have amply demonstrated - above.

Finally, my apologies for confusing you with my lapse back into Canadian English. As Sherlock Holmes put it "I never guess. It is a shocking habit — destructive to the logical faculty."

Archi_Bald wrote: »

With all due respect, complying with the T&Cs of a bank account is way better than chancing it based on the opinion of a stranger on the internet. This isn't patronising, it's a simple fact.

Well, in a way it IS better, I suppose. The last compensation payment I accepted for failure to comply with published T&Cs was for £439. Just before that, one for £150

And they were both from constituents of Lloyds Banking Group, BTW.

It is unwise to take ANYTHING for granted, Archi.

I've a quick Santander123 question that probably doesn't warrant it's own thread.

Can anyone advise why I'm getting £36.92 interest p/m on £20,000 when the T&Cs say;

3.00% AER/2.96% gross (variable) on your entire balance once your balance is £3,000 or over (up to a maximum of £20,000)

It may be a case of not seeing the wood for the trees here.

(I'm obliging with 2xDD and minimum pay-in p/m and the fee is also deducted)

Ta.

You've received 30 days interest (for your June/July statement month) which would be (£20,000 x 0.0296 / 365 x 30 x 0.8 £38.92.

Deduct the £2 fee and there's your £36.92 figure.