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Get 4% on your savings (free but finicky)
iereboy
Posts: 415 Forumite
Lloyds TSB has something called Vantage. Its FREE and very simple to add to your account. (Just ring them up and tell them you want it)
To qualify you simply have to put £1 000 into your current account and stay in credit and you get 4% on balances up to £7 000. (To qualify for the 4% your balance has to be between £5 000 and £7 000). Don't keep more than £7 000 in it cause you only get 0.1%.
Now if you have say a large balance, say £20 000 for example, you really can't get anything which pays 4% these days...this is until you open up 3 classic vantage accounts and deposit the money in them. (7k, 7k and 6k). You will get 4%. Make sure every month put in 1k via faster payment from another bank and take it out again on all 3 accounts.
Its not uncommon for people to have more than one current account. (bills account, salary account etc).
Interest is paid monthly, keep track via online banking to move money in and out especially when interest is added every month and u cross 7k.
If you have large balances, there is nothing stopping you from opening even more accounts. I know it is a bit finicky but hey 4% these days is better than a kick in the teeth.
To qualify you simply have to put £1 000 into your current account and stay in credit and you get 4% on balances up to £7 000. (To qualify for the 4% your balance has to be between £5 000 and £7 000). Don't keep more than £7 000 in it cause you only get 0.1%.
Now if you have say a large balance, say £20 000 for example, you really can't get anything which pays 4% these days...this is until you open up 3 classic vantage accounts and deposit the money in them. (7k, 7k and 6k). You will get 4%. Make sure every month put in 1k via faster payment from another bank and take it out again on all 3 accounts.
Its not uncommon for people to have more than one current account. (bills account, salary account etc).
Interest is paid monthly, keep track via online banking to move money in and out especially when interest is added every month and u cross 7k.
If you have large balances, there is nothing stopping you from opening even more accounts. I know it is a bit finicky but hey 4% these days is better than a kick in the teeth.
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Comments
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Many many threads on this over the last few months in the Budgeting and Bank Accounts section0
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Yawn!
Do a search for 'Vantage'.0 -
I'll have to get one of these:D0
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... wil that make it 6 or 7?:DAndystriker wrote: »I'll have to get one of these:D0 -
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Andystriker wrote: »7:j
Just looked at my online Bank statement and notice some obscure Building Society in the North East has taken £25,000 out today.
Hope they don't go tits-up like their Football Team:o
mmmmm very strange I have a similar transaction
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