Lloyds vantage 4% accounts - paying in

incus432

I have opened 2 Lloyds classic accounts with Vantage which pay 4% on 5000-7000 balances just to use as savings accounts. You have to put 1000 a month in although money can be moved out again. Does anyone know if it is allowed just to cross transfer ? ie pay 1k from account A to B and 1k from B to A? Or would Lloyds cut up rough?

Mikeyorks

Yes (according to earlier threads - see Budgeting and Bank Accounts - as this is a current account) ........ that's allowed

alastair_h

As long as you meet the terms, and transfering in and then out would do this I don't see how they could do anything about it. Check t&c's, seems ok to me though.

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

[STRIKE]My interpretation is either pay in £1,000 or keep a £5,000 to £7k in credit in there to qualify (for best rate).[/STRIKE] as per post below - page 63

incus432

thank you mikeyorks. I did try to search for relevant threads but didnt find any , and i still cant see it in Budgeting and bank accounts - do you know its title?

alastair_h

Try this link - http://forums.moneysavingexpert.com/showthread.html?t=596724&highlight=vantage&page=63

Go to last pages around 63,64,65

steady__eddie

"My interpretation is either pay in £1,000 or keep a £5,000 to £7k in credit in there to qualify (for best rate)."

It is necessary to pay in £1000 per month AND keep a £5k to £7k balance to qualify for the current 4% gross rate.
Strictly speaking however, interest paid monthly counts as a deposit so if you received 20 quid interest in a particular month then you would only have to deposit £980 in that month to qualify.

alastair_h

Yes I have ammended post 3 to show this error, thanks
:money:

incus432

Thanks folks - i found the thread under Budgeting/bank accounts and the 3-way 'roundabout' of standing orders is exactly what I've done. This dodge really deserves a mention under savings (and maybe in the main site article too) as it's a great way of putting up to 21k away with zero notice and an excellent rate.

Mikeyorks

In fact (self included) most people do appear to be using it as a very versatile savings account.

Importantly for me (and thanks to someone else for pointing me in the right direction) it supports Faster Payments in both directions. So I keep some headroom in the Lloyds account and transfer excesses out of my current account .... returning bits as DDs are due.

anselld

Not just manual FP (£2500) but also Standing Orders via FP (to £1000).
And of course the £1000 round-robin is all done instantly so not even a day of interest lost.
Definately the best instant access account up to £21k.