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

G_M

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.

Easiest way is to set up standing orders from one account to the next and back to the first, then you don't need to do anything each month. Just watch the interest grow!

Jock_Tight

soulsaver wrote: »

I did 3 online... 1 upgrade and 2 new. Perhaps they've changed the rules...

I dont think the rules have changed as I opened a second account last week and a third yesterday, all online. (new account then upgrade to Vantage)

anamenottaken

tipsychick wrote: »

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 think you will find it not quite like that because LTSB seem to work on the interest months starting on the second working day of each month.

D1zzy

anamenottaken wrote: »

I think you will find it not quite like that because LTSB seem to work on the interest months starting on the second working day of each month.

They pay interest on the first working day after the month end, but they include all days upto the payment date, so if the end of a month falls on a Friday, that months interest will include the first 2 days of the next month & interest for month 2 will be 2 days short ( clear as mud :rolleyes:!)

It doesn't matter when you put the £1k in - to comply with the Ts & Cs -anytime during the calendar month - so 1st Nov/ 31st Dec is fine (unless 31st Dec falls on a weekend when the transaction will have the following Mondays date so would be classed as a Jan receipt);)

10_66

THIS post that Dagobert made on another thread explains well how interest is calculated.