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lawrenceots

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Does anyone do this or have any pointers? I have some spare that I would like to grow more than the £300 a year interest I get from lloyds!

opinions!
 
Well mine is we need to know the amount generating that 300 otherwise how on earth can there be comparisons?
 
300 return on 5k over 12 mnths is ok in the climate, no risk and 6%. Some peer to peer lending will get you up to 8% but its full of risk

Not much giving more than 3% on locked in and regulated and part of the compensation scheme so I would leave it where it is, unless you are into risk?
 
The club account; plus I should have said, one other bank account with a decent interest rate. Sorry, I said the wrong interest rate... I wish!
 
I would have thought, £5000 generating £300 a year interest, is pretty good.
 
I've got a Club Lloyds current account which gives me about £16 per month interest. I tried for a second one but was told by a 'customer adviser' that you can only have one. However, I've read that it is possible to hold two so I'll have to call into a branch again to see what the score is.

AL
 
Al1944 said:
I've got a Club Lloyds current account which gives me about £16 per month interest. I tried for a second one but was told by a 'customer adviser' that you can only have one. However, I've read that it is possible to hold two so I'll have to call into a branch again to see what the score is.

AL
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I was looking at that account this morning. You have to pay in at least £1500 per month, otherwise there is a £5 monthly fee.
 
Al1944 said:
I've got a Club Lloyds current account which gives me about £16 per month interest. I tried for a second one but was told by a 'customer adviser' that you can only have one. However, I've read that it is possible to hold two so I'll have to call into a branch again to see what the score is.

AL
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You can have one and a half. :) One must be Joint !
 
jonbeeza said:
I was looking at that account this morning. You have to pay in at least £1500 per month, otherwise there is a £5 monthly fee.
Click to expand...

That's true, but you can transfer money into it from another account to make sure you are over the £1500, wait until the monthly interest has been paid then transfer it back to the account it came from. Then repeat each month. Setting up a monthly transfer would be simplest.
 
Al1944 said:
That's true, but you can transfer money into it from another account to make sure you are over the £1500, wait until the monthly interest has been paid then transfer it back to the account it came from. Then repeat each month. Setting up a monthly transfer would be simplest.
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I was wondering if something like that could be done, but thought it may not be possible to bounce money, back and forth.
 
jonbeeza said:
I was looking at that account this morning. You have to pay in at least £1500 per month, otherwise there is a £5 monthly fee.
Click to expand...

I was chatting to one of their staff about this a while back and at that time, you needed to pay in at least £1000 per month and have 2 direct debits. I asked if I could do a DD from another Lloyds account into the Club one then make 2 DD payments of £500 from the Club account to the other Lloyds one. Apparently that was allowed! Not sure if that's still the case though.
 
Nod said:
I was chatting to one of their staff about this a while back and at that time, you needed to pay in at least £1000 per month and have 2 direct debits. I asked if I could do a DD from another Lloyds account into the Club one then make 2 DD payments of £500 from the Club account to the other Lloyds one. Apparently that was allowed! Not sure if that's still the case though.
Click to expand...
My account was a TSB originally, but recently changed over to a Lloyds, when they had to break some branches up. I thought I read some place, Lloyds may start to charge current accounts. Hard to find a Llloyds near me, but always seem to see a TSB. I will see if there is any benefit, in changing back to TSB.
 
Nod said:
I was chatting to one of their staff about this a while back and at that time, you needed to pay in at least £1000 per month and have 2 direct debits. I asked if I could do a DD from another Lloyds account into the Club one then make 2 DD payments of £500 from the Club account to the other Lloyds one. Apparently that was allowed! Not sure if that's still the case though.
Click to expand...

It's £1500 a month and as far as I know there is no stipulation as to where the money comes from. I 'manually' transfer X amount each month on top of my pension payments online from one Lloyds current account to Club Lloyds current account and have been since the Club Lloyds account began.

The terms are here:

https://www.lloydsbank.com/current-accounts/club-lloyds.asp
 
Nod said:
I was chatting to one of their staff about this a while back and at that time, you needed to pay in at least £1000 per month and have 2 direct debits. I asked if I could do a DD from another Lloyds account into the Club one then make 2 DD payments of £500 from the Club account to the other Lloyds one. Apparently that was allowed! Not sure if that's still the case though.
Click to expand...
Money Saving Expert explains how to get about 4% on up to £30 000 by switching money around each month http://www.moneysavingexpert.com/savings/savings-loophole
 
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jonbeeza said:
I would have thought, £5000 generating £300 a year interest, is pretty good.
Click to expand...

I was gonna say, I do have £4K tucked away in a bank saving account and I'm hard pressed to get £3.50p per year interest on that!
 
Ian D J said:
I was gonna say, I do have £4K tucked away in a bank saving account and I'm hard pressed to get £3.50p per year interest on that!
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Must be a better way, to get cash working for us. I do not know of any though :(
 
Gold prices are going to go up most likely. Or shares in gold / metals mining companies.

Real estate is quite dangerous after Brexit and EU about to crumble financially.

Classic cars / too cheap cars might be another way to go.
 
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