New Lloyds Vantage current account

Geoffo_M
Geoffo_M Posts: 1,161 Forumite
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in Savings & investments
I've a friend who is thinking about opening a Lloyds Vantage current account. What I'm really confused about is whether the account has to be run online or whether it can be run purely from a branch. We're already aware about paying in £1,000 each month & that's no problem, just can't see in all the T&C's where it says about running the account.
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Comments

  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    It can be run online, on the phone or in the branch. Comes with a Visa Debit card and cheque book
  • expatasia
    expatasia Posts: 192 Forumite
    Geoffo_M wrote: »
    I've a friend who is thinking about opening a Lloyds Vantage current account. What I'm really confused about is whether the account has to be run online or whether it can be run purely from a branch. We're already aware about paying in £1,000 each month & that's no problem, just can't see in all the T&C's where it says about running the account.

    How long does the 1 grand have to stay in the account?
  • thenudeone
    thenudeone Posts: 4,462 Forumite
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    You only need to transfer £1000 in for seconds, in order to qualify.

    I cycle £1000 though four accounts once a month in five minutes online in order to get all the relevant benefits.
    We need the earth for food, water, and shelter.
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  • G_M
    G_M Posts: 51,977 Forumite
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    thenudeone wrote: »
    You only need to transfer £1000 in for seconds, in order to qualify.

    I cycle £1000 though four accounts once a month in five minutes online in order to get all the relevant benefits.
    Far easier to just set up standing orders to move the same £1000 through all 4 accounts on the same day each month (avoid the first/last few days of the month in case it falls on a weekend/bank holiday and the SO goes a day earlier/later and falls outside the month(

    So £1000 from A to B to C to D to A.
  • missile
    missile Posts: 11,684 Forumite
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    G_M wrote: »
    ....avoid the first/last few days of the month in case it falls on a weekend/bank holiday and the SO goes a day earlier/later and falls outside the month....

    I don't see that as a problem. If the 1st is a week end / bank holiday, the payment would be made next working day?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    G_M wrote: »
    Far easier to just set up standing orders to move the same £1000 through all 4 accounts on the same day each month
    Of course if the accounts are 'full' (as my 3 were when they paid 4% AER) you need to log in once per month to syphon off the interest...so may as well do the manual transfers then?

    That said, SOs may work for some people (the lazy and those with room for the interest)...so long as the money stays within LTSB. It's when you're cycling £1K around several providers via SO that the problems occur due to Bank Holidays, weekends, and 'system glitches'!
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    missile wrote: »
    I don't see that as a problem. If the 1st is a week end / bank holiday, the payment would be made next working day?

    Which could be a massive problem, as the 1st is the last day of the accounting period (normally - combined weekends and bank holidays can push it even later))
    Eco Miser
    Saving money for well over half a century
  • missile
    missile Posts: 11,684 Forumite
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    edited 24 August 2012 at 9:03PM
    I move £1,000 through a number of vantage accounts. I have SOs set up 1,000 from first to second, then 1,000+ 12 to third, 1,000+ 24 to the fourth etc... and back to first account. This reduces the manual intervention.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • plunt
    plunt Posts: 525 Forumite
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    yep you wont have any issues, i cycle 1k though:
    3x vantage accounts
    6 x santander accounts
    1 x nationwide,
    2 x halifax,
    1 x hsbc,
    1 x n&p.




    So that takes up about 10 minutes of my day each month. hmmm not sure if im forgetting any other accounts! (back to excel to recheck!)
  • mrchagle
    mrchagle Posts: 586 Forumite
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    How did you get so many Santander accounts? I would only get 2 Preferred current giving 5% per month, which are now coiming to an end.
    plunt wrote: »
    6 x santander accounts
    If I've help in anyway, please remember to thank me :-)
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