Calling all Potential FTB's - where are your deposits held?

sss555s

PasturesNew wrote: »

There's a £1000 minimum on the Lloyds account .... I've always stayed away from accounts with minimums in as I'd have to set up/remember some method of paying in enough each month (I don't earn that much).

The trick is that you just shift £1k from one to another each month by SO.....

I'm sure they transfer instantly and it doesn't seem to be a problem according to the thread in the link....

Ideally, you have between £5,000 and £7,000 in each account, in order to earn the 4% AER rate and set up Standing Orders for £1,000 from account A>B, B>C and C>A, which meets the monthly funding requirement.

Most of us with £7,000 in each (I suspect) will transfer the monthly interest out immediately on receipt to whichever account offers the best rate. That's certainly what I do anyway.

I may just try it myself.

Graham_Devon

PasturesNew wrote: »

There's a £1000 minimum on the Lloyds account .... I've always stayed away from accounts with minimums in as I'd have to set up/remember some method of paying in enough each month (I don't earn that much).

Apparently, just taking £1000 of the vantage account, say to your current account at another bank, or to a Lloyds TSB easysaver, and then sending it back to the vantage account works. Could do that in two minutes.

I've just applied, as 4% can't be sniffed at in this day and age!

chucky

PasturesNew wrote: »

There's a £1000 minimum on the Lloyds account .... I've always stayed away from accounts with minimums in as I'd have to set up/remember some method of paying in enough each month (I don't earn that much).

you can have a maximum of 4 vantage account but make sure you set it up without the additional add-ons - set yourself up a diary entry to move £1000 between the accounts each month.

the 4% applies to balance between £5k and £7k so i guess you have to maintain your balance between this range for the month.

£28k at 4% aint bad at all in the current environment...

sss555s

The current maximum is 3 accounts chucky.

They used to allow more.

If you call them you can open up all 3 at one time which i have just done.

chucky

sss555s wrote: »

The current maximum is 3 accounts chucky.

They used to allow more.

If you call them you can open up all 3 at one time which i have just done.

i think i have 4

maybe because one is a joint account

sss555s

I think you could have 3 each and 1 joint = 7 under the current application conditions.

I never bothered applying for over a year and now i have, no doubt they will reduce the rate

zzzLazyDaisy

Graham_Devon wrote: »

Apparently, just taking £1000 of the vantage account, say to your current account at another bank, or to a Lloyds TSB easysaver, and then sending it back to the vantage account works.

That's what I used to do when I had just one vantage account. £1000 out by SO to my normal current account, then 4 days later £1000 back (I left the four days so there was time to clear before sending it back).

Now I have two vantage accounts I just have a monthly standing order to go out to one and back to the other in the same day.