LloydsTSB Vantage Account - too good to be true?

Andystriker

Hi All,

I have £6980 in this Account at the moment.

I need £6950 for a few days next week. I will then be able to put it back. Will I lose my 4% interest that I have earned on the £6980 so far this month because the balance falls to £30 for 3 days next week?

In other words will I get 4% on £6980 for 28 days
and 0.10% on £30 for 3 days,

or

will I get 0.10% on the whole balance for the whole month because I went below £5000 for three days?

Anyone know?

Andy

savetilibleed

Andystriker wrote: »

In other words will I get 4% on £6980 for 28 days
and 0.10% on £30 for 3 days,

Yes this is right - interest is earned on the daily balance every day, so as soon as your money is back in it will be earning at the higher rate for those days.

D1zzy

Andystriker wrote: »

Hi All,

I have £6980 in this Account at the moment.

I need £6950 for a few days next week. I will then be able to put it back. Will I lose my 4% interest that I have earned on the £6980 so far this month because the balance falls to £30 for 3 days next week?

In other words will I get 4% on £6980 for 28 days
and 0.10% on £30 for 3 days,

or

will I get 0.10% on the whole balance for the whole month because I went below £5000 for three days?

Anyone know?

Andy

Can you conjour £5000 from your other accounts by reducing their balances to £5000 - you will then continue to ge 4% accross them all

Andystriker

D1zzy wrote: »

Can you conjour £5000 from your other accounts by reducing their balances to £5000 - you will then continue to ge 4% accross them all

Hi D1zzy

Got a bond maturing at the Britannia on 1st August for £35000. I want to re-invest in the Barnsley on line 3 year Fix and I am £5000 short of my target of £35000. Don't want to wait and risk them pulling the offer so I have reduced all Vantage to £5,000 and I need to reduce 1 of them to £30 and then I will more or less have enough. Then when the Britannia matures I will put it back.

Does that make sense?

Andy

D1zzy

Andystriker wrote: »

Hi D1zzy

Got a bond maturing at the Britannia on 1st August for £35000. I want to re-invest in the Barnsley on line 3 year Fix and I am £5000 short of my target of £35000. Don't want to wait and risk them pulling the offer so I have reduced all Vantage to £5,000 and I need to reduce 1 of them to £30 and then I will more or less have enough. Then when the Britannia matures I will put it back.

Does that make sense?

Andy

Yep - 3 year fix tho - brave man. I did a 2year at 4.1 A&L early this year, but am not doing more than a 1 year fix now particularly as the trend sems to be up. (Oh Apart from the Newcastle bond - but the money there was accessible)

Andystriker

It is a gamble,

but I am not convinced that rates will rise much above 5% in 3 years time. they may do, but I am willing to take the risk.

After tax £1,400 per year interest. I am happy with that.

D1zzy

Probably right - but Inflation's probably gonna rise significantly (printing money etc) and taxes are definitely gonna rise, not sure what any of that will do to rates but I'm thinking the time will come (next year??) when NS&I tax free RPI+ bonds will be looking good.

-Ad-

Opened one yesterday but got no confirmation e-mail.

Also, the printed off stats regarding the account has more boxes and options to fill in. Do I need to complete this form and send it off. PLenty of questions regarding saving, salary etc when they really don't need to know this.

savetilibleed

D1zzy wrote: »

Yep - 3 year fix tho - brave man. I did a 2year at 4.1 A&L early this year, but am not doing more than a 1 year fix now particularly as the trend sems to be up. (Oh Apart from the Newcastle bond - but the money there was accessible)

Yeh I did a 2 year fix right at the end of last year with the Cheshire BS at 4.75%. It was OK for the time, though a month before that I fixed elsewhere at 6.85% for a year (hhhhhhh happy days - well panic days really LOL).

I'm reluctant to fix for three years at this point in time. It's interesting to see the Northern Rock's Stepped Bonds - 3 years and 5 years - not that I'd go there either, but they clearly see things improving.

Umm I just realised this is completely off topic :rolleyes:

exel1966

For info, as of today 23/07/09 Lloyds customers who wish to open an additional current account must now do so in branch. Telephone openings are no longer permitted for existing customers and internet applications are only for NEW customers also.
If you try to open over the phone you will be asked to make an appointment at your local branch which they can sort for you during the call.
This a directive which has been issued by Lloyds-TSB HQ.

I think they may have cottoned on to those of us with multiple accounts.