Martin's omission re Lloyds Classic with Vantage again

Jake'sGran

I have just managed to open one of these accounts. It is made clear that there needs to be between £5000-£7000 kept in the account as Martin has mentioned in his Accounts details but he has not mentioned that it is necessary to deposit £1000 every month to get the 4%.

I assume poeople are doing a standing order out from the account and then back in to cover this condition.

Mikeyorks

Jake'sGran wrote: »

but he has not mentioned that it is necessary to deposit £1000 every month to get the 4%. .

Think you must have missed it?

Lloyds TSB, up to 4%. For balances between £5,000 and £7,000.
If you usually have a balance between £5,000 and £7,000, pay in at least £1,000 a month and always stay in credit

I assume poeople are doing a standing order out from the account and then back in to cover this condition

Mainly by Faster (online) Payment rather than SO - which is a bit clumsy owing to having to negotiate that SOs don't work weekends / Bank holidays? If you can FP out and back in again the same day - you lose no interest. You can't risk trying that by SO unless you have a spare £1k in the other account you're using.

Jake'sGran

Good morning Mike. Very sorry, you are right of course and I have no idea why I said SO as all my regular payments are direct debits. I tend to be very tired by 6pm and probably should not be commenting on MSE topics. Not sure what a faster payment is but I will check it out with my present current account. Thank you for being so polite about it too.

D1zzy

Jake'sGran wrote: »

I have just managed to open one of these accounts. It is made clear that there needs to be between £5000-£7000 kept in the account as Martin has mentioned in his Accounts details but he has not mentioned that it is necessary to deposit £1000 every month to get the 4%.

I assume poeople are doing a standing order out from the account and then back in to cover this condition.

If you only have one of these open a LLOYDS Esaver as well then you can just move £1000 from the vantage to the Esaver and back in a few seonds using their Quick transfer option.

Jake'sGran

D1zzy wrote: »

If you only have one of these open a LLOYDS Esaver as well then you can just move £1000 from the vantage to the Esaver and back in a few seonds using their Quick transfer option.

Fancy that! I was just going to set up the to and from payments. I will apply for the Esaver as you suggest.