Lloyds TSB Vantage - Multiple accounts

tfspark

Just after a bit of advice and clarification regarding Vantage accounts. It's probably all been covered before but 26 pages is a lot of reading!

My wife and I have a joint Classic Vantage account. My wages are paid into it on the 26th of the month and it is our working account.

Today we opened another Classic account each and will upgrade them to Vantage when they appear online.
May also make them joint so that they all appear on one logon. Good idea?

There will be 6k in each of the new accounts and 1k will be moved from the original, round the accounts and back again.

My question is all about timing.
As I get paid on the 26th what would be the best day to do the standing orders? Say 28th? What I don't want is 1k leaving the working account before I get paid.
Also I believe that interest is paid on 1st working day of the month, so is there any advantage to leaving the standing orders until after this day?

Thanks for any help with this.

yorkiebar

I don't bother with standing orders and just do a quick manual transfer using online banking, takes about two minutes

10_66

tfspark wrote: »

My question is all about timing.
As I get paid on the 26th what would be the best day to do the standing orders? Say 28th? What I don't want is 1k leaving the working account before I get paid.
Also I believe that interest is paid on 1st working day of the month, so is there any advantage to leaving the standing orders until after this day?

I have my standing orders set up for the 5th of the month on my Vantage accounts, to cover any bank holidays etc that occur at the beginning of the month. Never had any problems with them yet (hope that's not tempting providence!).

Eco_Miser

tfspark wrote: »

My question is all about timing.
As I get paid on the 26th what would be the best day to do the standing orders? Say 28th? What I don't want is 1k leaving the working account before I get paid.

Remember that 4 consecutive non-working days are possible at Christmas and Easter. Would you salary be paid early or late if the 26th was a non-working day for banks?

tfspark wrote: »

Also I believe that interest is paid on 1st working day of the month, so is there any advantage to leaving the standing orders until after this day?

Thanks for any help with this.

I don't see any advantage as regards the interest itself; however I do see an advantage in ensuring that you don't miss a month - while a SO on the 28th should go through on the 1st of the following month at the latest (considered to be part of the previous month for funding purposes), you can be certain that a SO on the 2nd or 3rd will go through in that month, and have plenty of time to investigate and complain if it doesn't.

Like yorkiebar i don't bother with SOs, just manually transfer at a conveniet time.

noh

tfspark wrote: »

Just after a bit of advice and clarification regarding Vantage accounts. It's probably all been covered before but 26 pages is a lot of reading!

My wife and I have a joint Classic Vantage account. My wages are paid into it on the 26th of the month and it is our working account.

Today we opened another Classic account each and will upgrade them to Vantage when they appear online.
May also make them joint so that they all appear on one logon. Good idea?

There will be 6k in each of the new accounts and 1k will be moved from the original, round the accounts and back again.

My question is all about timing.
As I get paid on the 26th what would be the best day to do the standing orders? Say 28th? What I don't want is 1k leaving the working account before I get paid.
Also I believe that interest is paid on 1st working day of the month, so is there any advantage to leaving the standing orders until after this day?

Thanks for any help with this.

Why not just set up a SO on the two with £6k in to transfer £1k between them.?
Your wages cover the funding requirement for the existing account.
That way there will never be a problem with timining.

tfspark

Thanks all for your help and suggestions.

Everything is all setup now. I have organised SOs for the 4th of the month so I'll see how that goes.
I guess I can always change things if need be.

Prof_FrinkProf

Fantastic thread guys!

Quick question, I've just upgraded my classic account that I've had with Lloyds TSB for over 10 years to a Classic Vantage and hoping to open many more (beyond the limit of 3)

What's the best plan of attack to get around the limit? Do I call Lloyds TSB and ask them to open a Classic Account then upgrade online, or call Lloyds and just ask them straight for a Vantage account? Or go into my branch??

Thanks

tfspark

BlAck0ut wrote: »

Fantastic thread guys!

Quick question, I've just upgraded my classic account that I've had with Lloyds TSB for over 10 years to a Classic Vantage and hoping to open many more (beyond the limit of 3)

What's the best plan of attack to get around the limit? Do I call Lloyds TSB and ask them to open a Classic Account then upgrade online, or call Lloyds and just ask them straight for a Vantage account? Or go into my branch??

Thanks

Why not just open them on line? That's what I did. Then when they appear on your internet banking a couple of days later convert them to Vantage. In that way you have no-one asking questions.;)

Prof_FrinkProf

Apparantly I have to visit a branch to prove my identiy and address. Can everyone else just open a new Classic Account online without having to go into branch?

m0n3y_3

No, although I could start the process to open a current account (Classic with Vantage) online, I then received a letter which said I had to go into the branch with passport/photo driving licence within 30 days, while I was there I left the signature mandate that also has to be completed, and I haven't heard anything else yet.