Lloyds Vantage Funding Query

webmasterpolo

Hi

I just wanted to ask if anyone has tried this and had it work.

You're allowed 3 vantage accounts, but you have to fund each one with £1000 every month.

Now do Lloyds allow you to put £1000 into your 1st account, then transfer if from that account into account 2 and then into account 3 in order to meet their vantage criteria on all 3 accounts?

If so this would be an instant transfer and wouldn't cost you any interest, much easier.

I'm stuck on the phone with them now trying to get an answer and they don't know as they only have the website to look at the info the same as we can see....

-Web

scottishblondie

Yes you can do that, no problem

webmasterpolo

Does it also work if you have £7K in each of the 3 accounts, don't add any new money at all but just SO £1K from account A into B and from B into C and from C into A. Thus leaving all the accounts with a balance of £7K again and all accounts meeting the criteria of having £1K paid in.

Doesn't this create the highest rate instant access account on the market for balances over £5K and less than £21K.

Much better than the current MSE rec of 2.8% with the AA.

-Web

exel1966

Yes, you can transfer £1K between the accounts as it's instantaneous. The easiest way is to use the Quick Transfer facility on the front online page. It would literally take seconds to do and saves the need to set up S/O's which is not a sensible thing to do (if near month end) because of weekends (unless you amend the date each month).

I have been doing all seven of mine this way since last summer

There are numerous Vantage threads here on MSE which will confirm this.

webmasterpolo

7?

How did you manage to get 7 when the website says limited to 3?

-Web

YorkshireBoy

webmasterpolo wrote: »

7?

How did you manage to get 7 when the website says limited to 3?

-Web

The same reason I got 3* Halifax Reward accounts...get in quick before they change the T&Cs.


* Have 4 now but that's a different story.

preable

Yes you are allowed to do that

exel1966

webmasterpolo wrote: »

7?

How did you manage to get 7 when the website says limited to 3?

-Web

The best way to make your money work for itself is to take advantage of any opening you can.

Numerous new accounts (savings/current) come onto the open market weekly and many of the banks offering these accounts do not stipulate in the T&C's that multiple accounts cannot be opened, therefore you have to act quickly and take advantage whilst you can because eventually they WILL be resticted when the bank realises what's happening.

It was particulalrly prevelant with Regular Savings accounts, but more and more of those are now stating 'one account only'.

As I mentioned above, there are numerous threads on this subject going back approx a year where you'll find many MSE'ers with 4+ accounts and lots with 7.

It's funny because most people tend to ignore the T&C's because they believe the smallprint is there to catch them out. I look at them differently, in that they are there to help me maximise my interest earnt.

anamenottaken

webmasterpolo wrote: »

Doesn't this create the highest rate instant access account on the market for balances over £5K and less than £21K.

Much better than the current MSE rec of 2.8% with the AA.

Yes it does - providing you have only one account for £5k and three for £21K of course.

But it is a current account and would involve credit checking. And needs the regular funding (however that is done).