Clarification of Lloyds Vantage account.

slinga

I have about 20k in a Lloyds TSB Classic account.
I'm considering opening two Vantage accounts with say £6500 in each.
Each month I will transfer £1000 from each account to the other.

1. Is this possible?
2. Can I arrange this to happen automatically without further input from me.
3. Do I get 4% interest on both Vantage accounts.
4.When the accounts are greater than £7000 do I then transfer the surplus out of these accounts.
5. How long can I continue with this.

Thanks in advance and with the answers:).

Oh btw when I clicked on 'upgrade' on my Classic account deatails I got a message saying no upgrade possible. I assumed this referred to upgrading to a Vantage account.
Does it?

And finally can the Vantage account interest be paid Gross???

Funkyfreddy

slinga wrote: »

I have about 20k in a Lloyds TSB Classic account.
I'm considering opening two Vantage accounts with say £6500 in each.
Each month I will transfer £1000 from each account to the other.

1. Is this possible?
2. Can I arrange this to happen automatically without further input from me.
3. Do I get 4% interest on both Vantage accounts.
4.When the accounts are greater than £7000 do I then transfer the surplus out of these accounts.
5. How long can I continue with this.

Thanks in advance and with the answers:).

1. Yes - but you would be best upgrading the one you have then open two additional Vantage accounts giving you three in total to spread your "about £20k"

2. By Standing Order between each accout yes - 1 -> 2 -> 3 -> 1

3. On balances between £5K - £7K

4. You can do as you wish but currently anything over £7k earns 0.1% - from December this will be 0%

5. As long as Llyods allow.

slinga wrote: »

Oh btw when I clicked on 'upgrade' on my Classic account deatails I got a message saying no upgrade possible. I assumed this referred to upgrading to a Vantage account.
Does it?

No idea - try phoning them.

slinga wrote: »

And finally can the Vantage account interest be paid Gross???

By completion of a R85 form if you meet the criteria of receiving Gross Interest. You will need one R85 for each account.

FF

Mikeyorks

Funkyfreddy wrote: »

By completion of a R85 form if you meet the criteria of receiving Gross Interest. You will need one R85 for each account.

FF

Just to add - you will almost certainly need to take this (these) into a Branch. I've never been able to find a postal address where they didn't lose / bin any you mail. Had to file one for OH's account - and eventually had to find the local Branch (and they don't backdate - unlike Halifax - to any interest paid earlier in the year)

KingL

2. On one of the (sooo many) threads about these accounts, it's suggested that standing orders between vantage accounts might trigger some sort of flag in their systems that will result in you getting your wrists slapped and that it's better to do it by logging in and manually doing the 1 2 3 1 shuffle once a month. Any comments on that ?

....'upgrade' on my Classic account deatails I got a message saying no upgrade possible. I assumed this referred to upgrading to a Vantage account

. This might mean upgrading to a Premium account. I've had no trouble getting them to open new Classic Vantages over the phone. They can only do one a day, mind.

G_M

KingL wrote: »

2. On one of the (sooo many) threads about these accounts, it's suggested that standing orders between vantage accounts might trigger some sort of flag in their systems that will result in you getting your wrists slapped and that it's better to do it by logging in and manually doing the 1 2 3 1 shuffle once a month. Any comments on that ?

I've used standing orders for well over a year now - never had a problem.

slinga

KingL wrote: »

I've had no trouble getting them to open new Classic Vantages over the phone. They can only do one a day, mind.

Do you have to open over the phone or can you do it online and can you open two simultaneously online?

Anyone else had trouble using standing orders to do the £1000 shuffle?

And if I have to go into the bank to sort out the R85 can I also open the Vantage accounts at the same time.