Lloyds Vantage account - advice needed as it doesn't feel right!!!

eebee

I'm currently a lloyds classic account holder where my salary is sent and my bills are paid. I opened a classic vantage current account on Saturday at the branch. I told them that I wanted to use it as a savings account and will keep £7000 in there every month and also transfer £1000 in a month to meet the account terms and conditions.

Via internet banking, I can now see both my classic and vantage accounts. I have transferred £7000 from the classic into the vantage and I also set up a standing order for £1000 to go from classic to vantage on the 30th of every month. I've also created another standing order from vantage to classic for £1000 on the 4th of every month (as I need this back in my classic to pay the bills)

I have 2 questions:
1. Am I allowed to do this, as I feel a bit naughty transferring funds in and out each account every month.
2. If I am, are my dates right to gain the maximum interest?

Thanks
eebee

burntcookie

Hi eebee,

No problems in doing this at all. End of the day you are abiding by their rules, £1000 credit turnover per month.

It runs by the calander month, as long as the £1000 has been in the account between 1st and 30th/31st you are fine.

Just be wary on your first s/o that it hits the account in time for the first month. Some people get caught out by 30th being on a weekend and the payment not leaving until the next month. Therefore missing out on the first months 4%.

Hope that helps

eebee

Thanks burntcookie, do you think it would be better if I transferred from classic to vantage on 1st, then vantage to classic on 4th then? Or does it matter?

burntcookie

It doesn't matter really, it may be simpler for you to do 1st - 4th. Even for January, the payment may not leave until 4th from classic to vantage and from vantage to classic on the same day, it will still work out the same.

As long as £1000 is in there at some point that calendar month.

For December, just do a transfer and then back again manually so you don't miss out!

D1zzy

Can I suggest doing your transfer earlier than the 30th. If the end of the month falls on a weekend your transaction will not be processed until the following Monday and will be dated in the following month - so you could lose out.

Incidentally you can Xfer in and out on the same day, and you could also convert your classic account into classic with Vantage. You will earn 3% if you have £3000 in there and if you split your funds so you have at least £5000 in each you can get 4% on upto £14000.

You are absolutely fine doing what you are doing just for interest. There are people on here who have multiple Vantage accounts; Multiple Halifax Reward accounts(with a £1 balance) ;Multiple BOS accounts (with £1 balance) and move the same £1000 through all of them just to collect interest payments :j

burntcookie

The max for vantage is 3 accounts per person. So by all means, make your regular account a vantage too, just to gain a little bit extra interest, you keep at least 1k from what it sounds like, so theres 2% right there!

Good thinking D1zzy.

Paul_Herring

D1zzy wrote: »

Can I suggest doing your transfer earlier than the 30th. If the end of the month falls on a weekend your transaction will not be processed until the following Monday and will be dated in the following month - so you could lose out.

And February doesn't even have a 30th.

eebee

Thanks for your advice burntcookie and D1zzy.

eebee

good point Paul, I've updated the dates to 1st and 4th.

Thanks all
eebee

consumers_revenge

Hi,

I have about £1500 I can transfer in every month and back out at the end. Need to keep these fluid so dont want to put the money into an ISA or anything. Already done A/L and have 3 halifax rewards running atm.

Looking to upgrade my classic to advantage ( the free one ) but is it any good?

Thoughts or advice please?

pawlala

I have two on the go. Very worthwhile 4% with no fixed term