4% instant access savings!!

juliamarsh

There is a useful little loophole with Lloyds that people might not know about. If you open a Classic Vantage current account with them and keep a balance of between £5000 and £7000 in it they pay an interest rate of 4%. You can open up to 3 Classic Vantage accounts so potentially you can squirrel away £21,000 at 4% interest, instant access - I don't know of anywhere else that is paying that sort of rate on instant access! To keep to the terms and conditions you have to pay in £1000 once a month from an outside source i.e. you can't just transfer the £1000 from one Lloyds account to the other, but that shouldn't be a problem as you can just transfer it in and take it straight out again. 5 minutes of mouse clicking once a month seems very little effort to get what seems to be the best instant access rate around!

cogito

Don't want to rain on your parade but if you do a forum search on 'Classic Vantage', you get 247 hits.

Reaper

It has been discussed a few times, though no harm in reminding people.

There is another place you can get 4% on your instant access savings - the Punjab National Bank as mentioned in the MSE newsletter, though some people are dubious about the safetly of their web site.

EDIT: Oops, sorry. Talking rubbish. The Punjab account is a 1 year fix.

G_M

It has been discussed a few times,

A few times? Well, every week for most of last year.....

But yes, it's a good account worth pointing out to new moneysavers.

btw those of us who got into this some time ago have 6 Vantage account. Lloyds have now limited new customers to 3.

jennifernil

I was under the impression that the £1000 could be transferred from another Lloyds account. Off to read the terms and conditions again.

juliamarsh

Well I received mixed messages - one Lloyds official told me you could and later another told me you couldn't, so to be on the safe side I'm not going to.

juliamarsh

G_M wrote: »

A few times? Well, every week for most of last year.....

But yes, it's a good account worth pointing out to new moneysavers.

btw those of us who got into this some time ago have 6 Vantage account. Lloyds have now limited new customers to 3.

I obviously ought to go on the forums more often then, although I'm surprised Martin hasn't flagged it up in his general newsletter which is all I generally read. Wish I had noticed it when you could still open 6 of them!

juliamarsh

G_M wrote: »

A few times? Well, every week for most of last year.....

But yes, it's a good account worth pointing out to new moneysavers.

btw those of us who got into this some time ago have 6 Vantage account. Lloyds have now limited new customers to 3.

Do you transfer your monthly £1000 between the Vantage accounts or from an outside source? Just that I've been told 2 different things by 2 different Lloyds officials - it would be much easier just to transfer the money between the Vantage accounts than faff about with an external source but I don't want to risk not getting the interest because I haven't met the conditions.

rb10

juliamarsh wrote: »

I obviously ought to go on the forums more often then, although I'm surprised Martin hasn't flagged it up in his general newsletter which is all I generally read.

Whilst the newsletter is no doubt highly useful in getting large numbers of people to take a look at their finances, it is very selective in the accounts that get a spot in the newsletter. For example, last week's email mentions Birmingham Midshires' 3.15% telephone account as a top savings rate, but not the internet alternative, also from BM (but branded as AA), and with the same rate.

Definitely the best way is to do your own research.

G_M

juliamarsh wrote: »

Do you transfer your monthly £1000 between the Vantage accounts or from an outside source? Just that I've been told 2 different things by 2 different Lloyds officials - it would be much easier just to transfer the money between the Vantage accounts than faff about with an external source but I don't want to risk not getting the interest because I haven't met the conditions.

See thread here:

Much simpler to deal with your Vantage accounts entirely separately from the other accounts, and on the same day. Choose a day mid-month (to avoid odd months where bank holidays mean a standing order set up for the 30th doesn't go till the 1st)

Day 20: 1000 from vantage1 > vantage 2
Day 20: 1000 from vantage2 > vantage 3
Day 20: 1000 from vantage3 > vantage 1

The £1K does NOT have to come from an external source. You just have to ensure each Vantage account receives £1K in credit each month.

Mikeyorks

juliamarsh wrote: »

I'm surprised Martin hasn't flagged it up in his general newsletter

It's several paras down on the 'Best Accounts' write up here :-

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#best


....... mainly discussed on the Bank accounts forum ....... 'cos it's a Current Account.