Lloyds Vantage account

Chris2000

Lloyds recently increased their FP limit to £5000 for single payments. Still only £1000 for standing orders.

Krafty

Could I ask for clarification please.

We have £7k in three Classic/Vantage a/cs.

Is it the case that we can move £1k for a/c1 to a/c 2 to a/c 3 and back to a/c 1.... online in 5 minutes and this is considered as having funded each a/c with £1k for the month?

We could fund them from an external a/c but do not see the need if someone can confirm the above works!

TIA,

Krafty.

Mikeyorks

Yes that works ....... you can just move the money internally to satisfy the funding requirements. (depends how quick you are as to whether you can do it in 5 mins !):)

exel1966

Krafty wrote: »

Is it the case that we can move £1k for a/c1 to a/c 2 to a/c 3 and back to a/c 1.... online in 5 minutes and this is considered as having funded each a/c with £1k for the month?
QUOTE]

Yes, I've been doing it for months with my seven accounts.

We could fund them from an external a/c but do not see the need if someone can confirm the above works!

Absolutely no need to do that.

Krafty

exel1966 wrote: »

Krafty wrote: »

Is it the case that we can move £1k for a/c1 to a/c 2 to a/c 3 and back to a/c 1.... online in 5 minutes and this is considered as having funded each a/c with £1k for the month?
QUOTE]

Yes, I've been doing it for months with my seven accounts.



Absolutely no need to do that.

Care to tell me how you got 7 accounts?

We were told the limit was three!

Cheers,

Krafty.

exel1966

It's 3 now, but last year it was possible to open an indefinite number of accounts until Lloyds discovered just what some customers were doing and what they were using the accounts for.

They didn't spot all the loopholes to start with though and initially stopped online applications directly for the Vantage accounts, but they didn't spot that customers could open multiple normal accountsonline without problems and then upgrade them to Vantage. Eventually they did close the loophole, but many of us here took full advantage before they did.

This is quite common with regular savings account where many banks don't specify in their T&C's how many accounts are permitted. People will take advantage and open multiple accounts whilst they can, but these loopholes are usually closed down within days or weeks when the bank realises what's happening. By then it's too late and the accounts stand, but you have to get in quick when these flaws are discovered.

Krafty

We opened 3 x Vantage a/cs in my wife's name and funded each with £7k.

The first a/c was funded by a payment from Nationwide.

The afternoon before the payment arrived at Lloyds/TSB a rather officious lady from Lloyds/TSB rang asking if my wife was expecting a large payment! Also wanting to confirm the amount.

What's all that about then??

During the conversation she went to great lengths to almost instruct my wife that she could not move £1k through the a/cs and the funding of the £1k had to come from an external source!

Again, what's that all about then?

Is this one employee getting a little over zealous or is this sort of phone call a regular thing with Lloyds/TSB?

TIA.

Krafty.

Baldur

Krafty wrote: »

.....During the conversation she went to great lengths to almost instruct my wife that she could not move £1k through the a/cs and the funding of the £1k had to come from an external source!

It's certainly what many of us do, from other posts on these boards. I simply set up Standing Orders on the same day from A>B, B>C and C>A and this has never been an issue and the interest has always been paid.

There is nothing in the Terms & Conditions which specifies that the minimum funding has to originate from an external source.

D1zzy

I'm a "7er" -and I just shuffle the £1k through em all. Have never added any new money since they were setup

tuggy12

My OH is a non tax payer.

Is it possible to set up the Vantage accounts so that interest is paid gross.?