Lloyds TSB Vantage - Multiple accounts

PParka

KingL wrote: »

Note that you will also want to login/SO to remove the interest earned once a month as any balance over £7k gets zero interest.

I knew I'd forget about something. I didn't think about the interest taking the balance over £7k

Thanks very much.:)

D1zzy

....nd once you have your Vantage accounts, don't forget LTSB Esaver which pays 2.5% on balances over £10K. Not quite the best around, but not far off, (AA 2.8, ING2.75, Sainsburys 2.6) -with instant access and FP transfers via your Vantage Account

pawlala

is that for new account openings or everyone?

DocProc

Following yet another online application from our household for a Classic current account....our first failure.

Just in through the letter box:

Lloyds TSB Bank PLC
Direct Current Account Opening Centre
Charlton Place
Charlton Road
Andover
Hants
SP10 1RE
0800 0560035

Dear XXXX

Thank you for your application for a Secondary account.

Unfortunately, according to our system you have more than one account which is inactive; therefore we have been unable to process your application at this Centre.

This means that if you would still like to apply for an account with Lloyds TSB, please visit your local Lloyds TSB branch and apply for and open the account at the branch. To do this please call 0845 3 000 000 to make an appointment at a branch and time convenient to you.

I am sorry that I have been unable to help you further and aplogise for any inconvenience this may cause you.

Yours sincerely

XXXXXXX
Senior Manager

exel1966

PParka wrote: »

Ok.. I think I understand the idea of Multiple Vantage accounts, but just to be 100% sure......

I open 3 accounts, lets call them A, B and C.
I put £7000 in each account, so I earn 4% interest.
Each month I transfer £1000 from account A to B to C and back to A again.

Now for the questions:
Can I do all the transfers on the same day?
Can they be set up to automatically happen via online banking? (just so I don't forget to move £1k each month)


It just seems too easy. I keep thinking there must be a catch somewhere!

Thanks
Parka

No catch! You can do all the transfers inside 60 seconds total if you're nimbled fingered once you've logged into online banking, alternatively set up transfers and it will be done for you.

exel1966

D1zzy wrote: »

(AA 2.8, ING2.75, Sainsburys 2.6) -with instant access and FP transfers via your Vantage Account

But note that retrieving your funds from these 3 accounts will take 3 business days due to not supporting Faster payments out.

Tesco paying 2.60% supports FP's in/out.

exel1966

pawlala wrote: »

I don't understand? August has 31 days and so does July. Where does 30 and 32 come from?

Interest payments are not based on calendar months. Interest days depends on weekends/bank holidays within that month so if the 1st of the month is a Saturday the previous months interest will contain extra days i.e the 1st/2nd/3rd of the new month as interest is not shown online until from 2200 on the Monday 3rd, but will be dated Tuesday 4th.
DEC 09 interest payment paid in Jan 10 for example was 34/5 days if my memory serves me correct due to this.

pawlala

ah thanks for clarifying

kar999

I'm just about to open 2 Halifax Reward accounts now (Me & Mrs Kar) through Topcashback and get £50 cashback (offer ends 30 sep) + £50 if I opt to switch current accounts (you only need to switch a single DD even none active ones) and if I move that £1000 around I'll get £5 pm month from each account. So that's £200 Cashback + £10 every month for next to nothing!!

newaccount_2

I have 3 classic vantage account, Tried opening another one online and through my local branch - both refused. Reason, can only have a max 3, which i know. :rotfl:

Any other options?