Lloyds TSB Vantage - Multiple accounts

tuggy12

kar999 wrote: »

Eco Miser is right.... Having just opened 5 new Vantage accounts, I specifically asked the manager if there was an anniversary date and was told no. The T&C's he gave me says the monthly billing period runs from "the 2nd working day of a calendar month to the 1st working day of the next." Interest is also calculated on a daily basis over the same period.

That's not what the current on-line T&C's say:

http://www.lloydstsb.com/current_accounts/vantage_ts_and_cs.asp

Specifically:





The above means you can pay in £1,000 on any day "each" month.

kar999

The written T&C's they send you (Version 4) are more comprehensive than the online one you quote:

"The monthly billing period for our Vantage Customers is from the 2nd working day of a calendar month to the 1st working day of the next. If this is different to your currnet monthly billing period for your current account we will change it straight away."

For this reason I've avoided month-end standing orders for transfers-in just in case it falls on a weekend.

adindas

Are they aware about this that people just jugling their vantage a/c with £1000 to get 4% interest or it is a software/programming error ? What do you think ?? This is Current a/c with Instant saving benefit. Also it is probably the best instant saving a/c if solely based on the interest rate.

For multiple a/c they are aware about this, as it is already in T&C.

In some banks it requires the money must come from outside the system (from other banks).

Could we open 2nd and 3rd simultaneously ?

kar999 wrote: »

£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

Rob_192

This has probably been discussed elsewhere, but you can also do a similar thing with Santander and they pay 5% upto £2,500. Both my wife and I have an account with them and then each month we bounce a single £1,000 around the accounts also taking in a Halifax account each, for which Halifax pay you £5/month.

I guess the banks just rely on the fact that there are only going to be a limited number of people who can be bothered to do it.

Rob

adindas

I applied my 2nd Vantage a/c online 2 days ago. I have not heard any news. But today I apply the 3rd a/c by phone it is just take about 10 minutes to open it. I want to cancel the 2nd that I have applied online so I could applied pararel with my 3rd a/c but he said I need to cancel the online a/c first before I could apply for the 2nd.

So if you have not done yet, better to apply by phone rather than online. Here is the the phone no that you need to call 0800 015 4000.

ADINDAS

kar999

adindas wrote: »

Are they aware about this that people just jugling their vantage a/c with £1000 to get 4% interest or it is a software/programming error ? What do you think ??

My bank manager originally thought it was restricted to one account per person till I showed him the web page that said it was restricted to 3 per person.

I then opened 5 new Vantage accounts for me and Mrs KAR. When he asked how I was going to service the accounts with £1000 per month for each account I simply told him not to worry about it - that was my problem and assured him that I would make it happen. He looked at me for a moment until the penny finally dropped as he realised I'd got £35k + in my Lloyds e-savings account!! :T

adindas

I have Santander Prefer in Rate Current A/c (PIRC) which pay 5%APR and require minimum tranfer of 1,000.

Is Santander PIRC allow people to open multiple a/c in single name ?.

If yes if the system/their website allow people to transfer £1,000 from one to another account and earn 5% APR ?

Could someone who has done that clarify about this. If yes, I will defenitely will open multiple a/c to get 5%APR

Thank you for yout time answering my question ..

Rob_192 wrote: »

This has probably been discussed elsewhere, but you can also do a similar thing with Santander and they pay 5% upto £2,500. Both my wife and I have an account with them and then each month we bounce a single £1,000 around the accounts also taking in a Halifax account each, for which Halifax pay you £5/month.

I guess the banks just rely on the fact that there are only going to be a limited number of people who can be bothered to do it.

Rob

dk7

I have a similar query.

I have a Santander PIRC a/c paying 5% up to £2.5k. I also have an alliance & leicester premier direct account also paying 5% up to £2.5k. Both need £1k monthly funding.

As both now fall under the Santander banner i can now access both through my online banking at santander. This means i could just move £1k into one account from an external place and then move it instantly by online transfer into the other rather than funding both of them from an external c/a in turn.

The benefit would be i'd avoid having to wait 4 days for the £1k payment from santander to hit my external c/a as santander don't have FP. However would i still be deemed to have met the funding requirements?

And furthermore could i have more than one santander PRIC because if so i'll open another one of them at 5% rather than a lloyds vantage at 4%

Rob_192

Adindas and dk7

I'm not sure if you can open multiple Santander accounts, I've never heard of it. We have one in mine and one in my wife's name.

Also guys, don't forget to open a Halifax account also - you don't need to keep any money in there, just bounce £1,000 in and then out again a couple of days later and they pay you £5 for the privalage.

We have a floating £1,000 which goes round 4 accounts and end up back where it started, but I think I'm also going to open us each a Lloyds Vantage acct, as we should have time to get our £1,000 to bounce round 6 accounts during the month - let's make that £1,000 really work for it's money:D

R

adindas

Dear Rob

They only allow us to open up to 3 Multiple Vantage acoount. But if we have wife.partner we could defenitely get 3 more accounts to make it 6 a/c in totals.

The advantage of junggling £1000.00 in the same bank ir just a matter of seconds, while SO from one bank to another will take abotu 3 workings, days so we will loose the interest for 3 working days. This is my experience when I transfer my SO from HSBC to A&L/Sanatander. I have not checked how many days will it take from my HSBC a/c to Halifax reward a/c need to check it, but I have heard that it will generally take 3 working days.

Rob_192 wrote: »

Adindas and dk7

I'm not sure if you can open multiple Santander accounts, I've never heard of it. We have one in mine and one in my wife's name.

Also guys, don't forget to open a Halifax account also - you don't need to keep any money in there, just bounce £1,000 in and then out again a couple of days later and they pay you £5 for the privalage.

We have a floating £1,000 which goes round 4 accounts and end up back where it started, but I think I'm also going to open us each a Lloyds Vantage acct, as we should have time to get our £1,000 to bounce round 6 accounts during the month - let's make that £1,000 really work for it's money:D

R