Lloyds TSB Vantage - Multiple accounts

skint02

I persuaded my elderly parents to upgrade their existing account to vantage. On 3rd August £1000+ was paid into the account. Small pensions have also be credited to the account on different dates after the 3rd of August. When will they have to pay in a further £1000? Will it be on the 3rd of September and the third of each month thereafter?

pawlala

Jake'sGran wrote: »

Call me dumb but how often in one month does the £1k get transferred? Seems like it must be every day to get the max interest in the Classic account.

just once a month must £1000 touch an account for that account to get the vantage rate

pawlala

skint02 wrote: »

I persuaded my elderly parents to upgrade their existing account to vantage. On 3rd August £1000+ was paid into the account. Small pensions have also be credited to the account on different dates after the 3rd of August. When will they have to pay in a further £1000? Will it be on the 3rd of September and the third of each month thereafter?

The date of the transfer is up to them. At any point within that month

kar999

£1000 has to go into the account just once every calendar month. You can take it back out again straight away.

The ideal way is to have £7k in there to earn max interest and just move £1k in and out of accounts each month.

BTW - thanks to the posters in the last couple of days for your help. Much Appreciated

skint02

Sorry to be so dumb too - so each month refers to each calendar month? So if £1000 was paid in on 1st August we could pay in the next £1000 at any point up to the end of September?

Chadsman

Yes, each month refers to each calendar month. The next £1000 would need to be paid in at some point from 1st September to 30th September.

...you have realised you only get 4% if the balance is at least £5000?

skint02

Thanks for this and yes, they know to maintain their balance between £5 and £7k to get this interest.

Jake'sGran

I have just tried to open another Classic a/c following the lead on one of their pages but after clicking on the next connection and giving my logon details it took me to my list of accounts(i.e.2) where there was no info about opening a new account. Very confusing!

luci

I got a leaflet with the interest rates when I opened an account recently and it says on there, in small print, that you can have a maximum of 3 Classic/Vantage accounts.

Eco_Miser

Chadsman wrote: »

Yes, each month refers to each calendar month. The next £1000 would need to be paid in at some point from 1st September to 30th September.

Not quite! For most people the month runs from the second of the month to the first of the following month but the t&cs specifically state that the charging period (which is also the funding period and interest period) could start on any day of the calendar month.