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Lloyds Classic + Vantage: 1 account or 2? £1,000/mth in each Vantage?

adaadat
adaadat Posts: 260 Forumite
in Savings & investments
I thought I'd start a new thread, instead of adding to "Is 3.40% the best for 1-year...", as my question is specific to Lloyds' Classic + Vantage account.

Is the Classic + Vantage one account or two, i.e. a 'current' + 'savings'?

If I open the max. of three accounts, does £1,000 have to be deposited (or circulated in and out) in each account?

Would a transfer of £1,000 between the Vantage accounts count as a 'deposit', or do they have to be separate deposits from 'outside' the bank?

I presume I could split the £1,000 as two deposits of £500, or any other combination, as I do with another bank?

I'd like to get my head around these points before I start the application process.

Thanks.
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Comments

  • D1zzy
    D1zzy Posts: 1,500 Forumite
    adaadat wrote: »
    I thought I'd start a new thread, instead of adding to "Is 3.40% the best for 1-year...", as my question is specific to Lloyds' Classic + Vantage account.

    Is the Classic + Vantage one account or two, i.e. a 'current' + 'savings'?
    current account (but you can opt for no cards and cheque books if you wish and effectively just use it to collect interest)

    If I open the max. of three accounts, does £1,000 have to be deposited (or circulated in and out) in each account?
    circulated - no new money required

    Would a transfer of £1,000 between the Vantage accounts count as a 'deposit', or do they have to be separate deposits from 'outside' the bank?
    between is OK - all in the same login (or with SOs) A>B, B>C, C>A

    I presume I could split the £1,000 as two deposits of £500, or any other combination, as I do with another bank?
    Believe so (but check Ts & Cs)- circulate the same £500 twice

    I'd like to get my head around these points before I start the application process.

    Thanks.
    see above - haven't figured out how to do multi quotes :rolleyes:
  • apt
    apt Posts: 3,247 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It is a current account. The answer to all the other questions is yes. Outside desposits are not needed, although there is an easy extra £5 to be made by bouncing the £1000 in and out of a Halifax reward account.
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    apt wrote: »
    It is a current account. The answer to all the other questions is yes. Outside desposits are not needed, although there is an easy extra £5 to be made by bouncing the £1000 in and out of a Halifax reward account.
    ......or 3 Reward accounts if you have a partner Sole account each and 1 Joint -£15 per month :D
  • savetilibleed
    savetilibleed Posts: 1,363 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    As long as you pay a total of £1000 into each Vantage account in a calendar month, whether it is in one single payment of £1000 or multiple smaller sums amounting to £1000/month you will get your interest. And you can circulate it between Vantage accounts.

    I have two accounts and I'd like a third, but I'd have to go and grovel to the branch to do that as I can't do it online. I did the second one online, the first being a simple upgrade that took seconds and one or two clicks from Classic to Classic with Vantage.
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    savetilibleed wrote: »
    I have two accounts and I'd like a third, but I'd have to go and grovel to the branch to do that as I can't do it online. I did the second one online, the first being a simple upgrade that took seconds and one or two clicks from Classic to Classic with Vantage.
    Go for it!! , I did all mine in branch and was completely upfront about why I needed 'em - "for the interest" :D
  • soulsaver
    soulsaver Posts: 6,690 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I did 3 online... 1 upgrade and 2 new. Perhaps they've changed the rules...
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • claire07
    claire07 Posts: 671 Forumite
    Part of the Furniture 500 Posts
    I did all mine over the phone as it wouldn't let me do it online - just had to leave 24 hours between each one. Very efficient and up and running very quickly.
  • tipsychick
    tipsychick Posts: 615 Forumite
    Part of the Furniture Combo Breaker
    Yes, agree with Claire07. Definitely possible to set them up on the phone. I did so about two months ago.

    Is it definitely per calender month, i.e. £1K payment 1st Nov and next one not due to 31st Dec? (Obviously an extreme example for illustrative purposes!)

    I keep meaning to call them to check definitively but hopefully someone will have had them open longer than I have and know for sure!
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    tipsychick wrote: »
    Yes, agree with Claire07. Definitely possible to set them up on the phone. I did so about two months ago.

    Is it definitely per calender month, i.e. £1K payment 1st Nov and next one not due to 31st Dec? (Obviously an extreme example for illustrative purposes!)

    I keep meaning to call them to check definitively but hopefully someone will have had them open longer than I have and know for sure!
    Yep - calendar month
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    adaadat wrote: »
    Is the Classic + Vantage one account or two, i.e. a 'current' + 'savings'?
    I'm not sure your first question has actually been answered.

    This is just part of Lloyds' confusing account naming (I'm sure it loses them trade, rather than gains it).

    It is just one account. The Classic is a current a/c, and it can be 'Classic', 'Classic Plus' or 'Classic with Vantage'. Though, like many of us, you can have more than one, eg I have a Classic Plus for day-to-day use and a Classic with Vantage to ensure I get 4% on the rest of my money.
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