Lloyds TSB Vantage - Multiple accounts

YorkshireBoy

adindas wrote: »

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.

It'll be instant from HSBC to Halifax, ie sent by FP.

BigDonut

My Brain is a bit slow this morning so I hope that this makes sense.

I opened an incentive saver with lloyds last year in October. Its 3% interest but no interest in any month you make withdrawls.

I was going to move money in to a vantage account instead since its higher interest. However, I realised if I do that too late in the month then I will lose out on interest.

Therefore, am I correct in thinking that I should empty the incentive saver account in to a vantage account over the next couple of days. IF my numbers are right once I go past the 7/8th day of the month there is no benifit to moving the money because the interest lost would offset any gain from the higher interest rate.

Does that make sense?

LittleVoice

BigDonut wrote: »

My Brain is a bit slow this morning so I hope that this makes sense.

I opened an incentive saver with lloyds last year in October. Its 3% interest but no interest in any month you make withdrawls.

I was going to move money in to a vantage account instead since its higher interest. However, I realised if I do that too late in the month then I will lose out on interest.

Therefore, am I correct in thinking that I should empty the incentive saver account in to a vantage account over the next couple of days. IF my numbers are right once I go past the 7/8th day of the month there is no benifit to moving the money because the interest lost would offset any gain from the higher interest rate.

Does that make sense?

Does your Incentive Saver have a balance of between £5001 and £7002?
What date in October did you open the account?

Chadsman

BigDonut wrote: »

Does that make sense?

That sounds about right.
So move it on the 1st of the month (or near to) and you lose very little. If you were to move the funds today you would still be in profit.
:beer:

LittleVoice

Chadsman wrote: »

That sounds about right.
So move it on the 1st of the month (or near to) and you lose very little. If you were to move the funds today you would still be in profit.
:beer:

You do have to watch the date that the Incentive Saver was opened (hence my earlier question). If it was opened on, for example, 8 October, moving money out on 6 September would be silly.

Chadsman

LittleVoice wrote: »

You do have to watch the date that the Incentive Saver was opened (hence my earlier question). If it was opened on, for example, 8 October, moving money out on 6 September would be silly.

I didnt realise that- I thought it operated on a calendar month basis.

LittleVoice

Chadsman wrote: »

I didnt realise that- I thought it operated on a calendar month basis.

You will find that your monthly interest is added to the Incentive Saver on or just after the "account month" is completed - always the next working day.

So for maximum gain (and least likelihood of falling foul of the account month calculation), move funds out as soon as you see the interest going in. And only move out of the 3% Incentive Saver if you don't have other available funds earning at a lower rate elsewhere. BigDonut needs to remember to move the funds from the Incentive Saver in any event once the anniversary has passed because the rate falls to 0.1%.

BigDonut

LittleVoice wrote: »

You do have to watch the date that the Incentive Saver was opened (hence my earlier question). If it was opened on, for example, 8 October, moving money out on 6 September would be silly.

I've checked my statement and it looks like the interest is being added on the 26th of every month and I opened it on 26th October.

I would be looking to empty the incentive saver to make sure that no funds were earning 0% for the remainder of the month.

LittleVoice

BigDonut wrote: »

I've checked my statement and it looks like the interest is being added on the 26th of every month and I opened it on 26th October.

I would be looking to empty the incentive saver to make sure that no funds were earning 0% for the remainder of the month.

So it may be simplest to wait till 27/28 September to move the funds. (26th being a Sunday, interest will be dated for 27th but not show online until 28th (or approaching midnight on 27th).

Do you have the Vantage account set up already?

BigDonut

LittleVoice wrote: »

So it may be simplest to wait till 27/28 September to move the funds. (26th being a Sunday, interest will be dated for 27th but not show online until 28th (or approaching midnight on 27th).

Do you have the Vantage account set up already?

Yes I have the vantage account already, with a balance of £0 at the moment. So I can transfer to it anytime.
Unfortunately I'm due to be away at the end of september (and won't have safe internet access) for a fortnight so its looking like the most sensible move would be to leave things for the moment and deal with it all at incentive saver maturity on 26 october or thereabouts.