Interest on LLoyds Vantage

10_66

capehorn wrote: »

Does the interest count as new money? If I get £18 interest a month, do I only need to deposit £982 to qualify for the 7% next month?

If the balance goes over £7k (whether or not it's due to added interest), you will only earn 0.10% interest on anything over the £7k. Balances between £5k to £7k earn 4% AER (3.93% monthly).

Botany

Ok, I have checked again and my account has been credited with £19.69 for a 7K balance this month, so I assume everything is working as intended and I am in fact being paid the net interest as it should be. I still remain of the opinion that previous month's interests seem a bit high but I suspect that it is my own calculations that are wrong (would not be the first time either... )

exel1966

Lloyds interest payments for Vantage are usually registered with accounts commencing from 2245 - 0330ish on the first business day of the month and are available online to see from that time.
Obviously it takes a few hours for all accounts to be credited, therefore some will not see theirs online at that time, but will by the early hours of the morning 2nd business day. Even if you cannot see it online by midnight the credit will show as the first business day, in this case 04 May.
This has always been the case with my 7 Vantage accounts, no exceptions.

As for interest calculations don't assume because a particular month has 31 days interest you'll get 31 days interest. EG. December accounts received 31 + 3/4 days I think it was because of the holiday period and the next month was short by 3/4 days if my memory serves me correct.

exel1966

anamenottaken wrote: »

There was a report earlier from someone confirming this was happening with his/her account. Sorry don't have time to find the post now.

There have been numerous reports on this/other forums of credited interest being an acceptable part payment towards the £1K monthly contribution.
I don't personally rely on that (not that I disbelieve it) and find it easier just to recycle a straight £1K through the accounts.

7891368

Botany wrote: »

Now, according to my calculations and indeed according to Martin's savings calculator, a balance of 7K should yield £18.40 monthly for basic taxpayers (I am a basic taxpayer). My online balance shows my interest as being paid NET, and yet I seem to get an amount of interest (about £23 pm) which seems to be the gross interest.

I'm a non tax-payer and I get around £24 a month on each of my accounts with 7k