LTSB Vantage - best day for S/O?

Birdy

Opened 3 a/cs at branch on Sat 6 Feb.

T & C state pay into a/c £1k each month, and monthly billing period is from 2nd working day of a calendar month to the 1st working day of the next.

I have got S/O set up for 5th of each month, starting March, for each a/c to pay in £1k from the other. So just in and out of the 3.

I take it that the £7k used to open each is accepted as minimun £1k paid in, for the first month to qualify (Feb) for 4% interest, but was wondering if the 5th of March etc, is far enough into the month for future £1K payments, allowing for w/e and bank holidays?

Any advice much appreciated.

B.:)

apt

Choose any day in March you want. If you are running the accounts at the maximum balance for 4% of £7,000 you should move the interest paid at the start of each month elsewhere as you'd only get 0.1% on this money if you left it in the Lloyds Vantage account.

anamenottaken

Birdy wrote: »

. . . , but was wondering if the 5th of March etc, is far enough into the month for future £1K payments, allowing for w/e and bank holidays?

If you never wanted to change the date of the SO then you would need to make it the 6th of the month or later.

The reason is that if Good Friday fell on 1 April, the first working day in April would be Tuesday, 5 April, and so to be sure not to be caught by the 2nd working day rule, you need to make it the 6th.

minidannii

am confused i have read in posts, people put money in and take it out, so you get interest for putting money in and taking it out ?

also what if one month you didn't earn £1000 ?

I always earn over £1000 except when i am a week of etc not doing overtime.

So would the card be any use to me ?

anamenottaken

minidannii wrote: »

am confused i have read in posts, people put money in and take it out, so you get interest for putting money in and taking it out ?

also what if one month you didn't earn £1000 ?

I always earn over £1000 except when i am a week of etc not doing overtime.

So would the card be any use to me ?

Think you may confusing this LTSB Vantage account with Halifax Reward current account.

LTSB Vantage pays 4% on money in the account (as long as it is at least £5K and not more than £7K - otherwise it is a lower %). To qualify to get that rate, you need to pay in a total of £1K per month.

Halifax pays a fixed £5 for paying in a total of at least £1K a month. It is this one where the money does not need to stay in the account.

For either account the £1K can be made up of smaller sums as long as they total at least £1K. So it could be, for instance, one £250 which is repeatedly paid in and withdrawn from the account.

yorkiebar

To qualify for the attractive interest rates you must make a deposit of £1K or more every month. There is nothing to stop you depositing the £1K and then immediately withdrawing it.

If you don't deposit £1K in a particular month then you get the "standard" (i.e. virtually zero) interest rate for your account for that month only. Interest is calculated/paid monthly so the rate you get depends on wether you deposited £1K in that month.

minidannii

anamenottaken wrote: »

Think you may confusing this LTSB Vantage account with Halifax Reward current account.

LTSB Vantage pays 4% on money in the account (as long as it is at least £5K and not more than £7K - otherwise it is a lower %). To qualify to get that rate, you need to pay in a total of £1K per month.

Halifax pays a fixed £5 for paying in a total of at least £1K a month. It is this one where the money does not need to stay in the account.

For either account the £1K can be made up of smaller sums as long as they total at least £1K. So it could be, for instance, one £250 which is repeatedly paid in and withdrawn from the account.

so basically you only get interest on what you leave in the account ? I think i would rather a savings accounts, am not sure whats best

minidannii

yorkiebar wrote: »

To qualify for the attractive interest rates you must make a deposit of £1K or more every month. There is nothing to stop you depositing the £1K and then immediately withdrawing it.

If you don't deposit £1K in a particular month then you get the "standard" (i.e. virtually zero) interest rate for your account for that month only. Interest is calculated/paid monthly so the rate you get depends on wether you deposited £1K in that month.

thats good so theres no charge for not making £1000 that month.

i mean i know i always walk out with more thank £1000 except when i have a week holiday of work, and we get 4 weeks of a year, so i know it dont happen often i walk less than £1000

anamenottaken

minidannii wrote: »

so basically you only get interest on what you leave in the account ? I think i would rather a savings accounts, am not sure whats best

It depends on what level of balance you would have. If you have £5K that can stay in an account (even if you take out £1K of that and pay it back in each month), then 4% is unbeatable AFAIK for money which is available with immediate access. Savings accounts don't pay that unless you tie your money up for a couple of years.

However, if you don't have £5K that you can leave in an account, then some kind of savings account would probably be better. How much do you have to put in a savings account right now? (Because the Vantage account does pay 3% interest if you have between £3K and £5K, which is also very good.)

anamenottaken

minidannii wrote: »

thats good so theres no charge for not making £1000 that month.

i mean i know i always walk out with more thank £1000 except when i have a week holiday of work, and we get 4 weeks of a year, so i know it dont happen often i walk less than £1000

There's no "charge" but you could think of there being a "penalty" of the low rate of interest. If you were going to be short of the £1K by a small amount one month, it would be sensible to make a withdrawal (using ATM) and pay the same amount back in over the counter in order to make the total paid in £1K.

choc_mouse

I recently started using multiple Halifax Reward/Lloyds Vantage accounts.

Instead of setting up a S/O which might be convenient if I'm travelling/away from home I think for me manual transfers is easier, especially since I need to "clean up" the amounts over £7k and both Halifax and LTSB accept faster payments for £1k. It took me a maximum of 10 minutes to move this money between all my accounts the last time I did it.