how to use lloyds tsb with vantage?

ss4

I'm considering applying for the lloyds tsb account with vantage. Now, I have between 3k and 5k in savings so the rate that i would get is 3%.

I know you have to pay in 1k per month, but i've seen on this website that you can just move money around to get this rate. How would I be able to do this? Would i need another current account or something?

steady__eddie

Once you have opened your a/c. you could simply withdraw £1000 in branch and then go to the next window and pay it back in again.
If you have got the nerve (which I must admit I haven't) you could pay it back in to the teller who you withdrew it from to save you queueing again.
Don't forget that your interest payment counts as a deposit so that for the sake of nice round figures if you receive £10 interest, to qualify for the interest rate you only have to deposit £990.

Jock_Tight

If you opened a Reward Current Account with Halifax/BoS you could transfer the £1000 into that from your Lloyds Vantage account to pick up £5 then transfer it back to Lloyds.

afzaal1988

if you dont have anyother current account with any bank. than just open some saving account with lloyds tsb. and every month trasfer 1000 to saving than back to current

ss4

If i open a savings account with lloyds tsb, are the transfers between the current a/c and the savings instant?

afzaal1988

ss4 wrote: »

If i open a savings account with lloyds tsb, are the transfers between the current a/c and the savings instant?

Yes they are

ss4

So, if I transfer £1000 into an easy saver account and then 10 seconds later transfer it back to the current account, i'll recieve 3% interest?

It's not against the terms to do this to get the high rate, is it?

Thanks

Baldur

ss4 wrote: »

So, if I transfer £1000 into an easy saver account and then 10 seconds later transfer it back to the current account, i'll recieve 3% interest?

It's not against the terms to do this to get the high rate, is it?

I simply have three Standing Orders set up to rotate £1,000 between my 3 Vantage accounts on the same date - I have always received the 4% (less tax) payable on each with no problem.

ss4

so i can set up a standing order from the current a/c to the easy saver and then the easy saver to the current a/c on the same day.

just curious: if you have 3 vantage accounts, then do you have 3 classic accounts with 3 debit cards etc.

G_M

Baldur wrote: »

I simply have three Standing Orders set up to rotate £1,000 between my 3 Vantage accounts on the same date - I have always received the 4% (less tax) payable on each with no problem.

Snap. (except I have 5).

missile

ss4 wrote: »

just curious: if you have 3 vantage accounts, then do you have 3 classic accounts with 3 debit cards etc.

I have two with debit card and cheque books for each.