Lloyds Vantage accounts Quick Question

newcastleneil

Thinking of opening one tomorrow if I get up in time .Im on nights now.If I do can I open two and put £7K in each then tell them to set up a standing order of £1K from each account to the other each month to get the 4%

Thanks

D1zzy

newcastleneil wrote: »

Thinking of opening one tomorrow if I get up in time .Im on nights now.If I do can I open two and put £7K in each then tell them to set up a standing order of £1K from each account to the other each month to get the 4%

Thanks

Yes! - and remember to move out your interest each month 'cos you get nothing on amounts over 7K

newcastleneil

Great Thanks D1zzy

DavidAC

Does it matter how long the 1K is in each account to get the bonus? Can you transfer it out as soon as it is shown as being deposited in the account?

Rob_192

You need to think it through carefully to absolutely maximise the interest.

If you have two accounts with £7k, you are better just pinging £1k from each account into the other simutaneously. If you pay it out of one account and then back again later in the month, you won't get any interest on the £1k whilst it's in the account showing a balance of £8k.

On the other hand, if youve got £6k in one account and £5k in the other, you need to transfer from one and then back, to avoid dropping below £5k, but in this case, you will earn interst no matter which account it's in.

adindas

Dear DavidAC
Nope as long as it is already booked/appeaed in your vantage a/c you could transfer the £1,000 back to its origin. So just a matter of minutes ..

ADINDAS

DavidAC wrote: »

Does it matter how long the 1K is in each account to get the bonus? Can you transfer it out as soon as it is shown as being deposited in the account?

DocProc

Set up some Standing Orders at £1000 each for something like the '4th to 6th of the month' for every month in the future (*) and do them all for the SAME DAY.

ie. A -> B -> C -> A

Don't ever forget that there might well be one day in the future you might need to stop these. Otherwise, once the day comes when you empty the accounts out, you might end up with three lots of account overdraft charges or whatever, sorta kinda.

Each month you need to remove the interest that will accrue. At current rates, this is around £18 - £20 or so each month. If you don't remove it then it merely takes your account over £7,000 and you wont be getting any interest on this extra little bit of cash

HardSpend

daft question
I have £7k in a vantage, why do I not get the same interest each month? £17.92 on July 1st, £19.30 on August 2nd, I thought it was fixed?

D1zzy

HardSpend wrote: »

daft question
I have £7k in a vantage, why do I not get the same interest each month? £17.92 on July 1st, £19.30 on August 2nd, I thought it was fixed?

'cos the interest is calculated daily and paid on a working day - so if the last day of the month falls at the weekend or on a bank holiday a month can be extended by a couple of days. The next month will then be short by a couple of days - so the interest varies.

de1amo

i just opened a vantage account-from what i am reading here you get nothing for anything over 7k--which lloyds account which i can access online is the best option for the excess--can you have multiple vantage accounts?

Baldur

I transfer my interest out to an external savings account (currently Natwest e-Savings @ 2.89% AER) but LTSB have their eSavings account @ 2.5% inc. bonus, if you want to keep things 'in-house'.