Lloyds Classic with Vantage account.

Ignoramus

Just checking that with the Vantage account, if you keep between 5 &7k you get AER of 4% on the whole balance?

If so then it's better than any of the savings accounts on offer right? Not sure why the MSE best banking accounts list doesn't recommend it more. Maybe I've missed some big drawback.

Baldur

Ignoramus wrote: »

Just checking that with the Vantage account, if you keep between 5 &7k you get AER of 4% on the whole balance?

Yes, as long as you deposit £1,000 monthly (for however briefly).

If so then it's better than any of the savings accounts on offer right? Not sure why the MSE best banking accounts list doesn't recommend it more. Maybe I've missed some big drawback.

It's not a savings account - it's a high interest current account and, potentially, the rate could be changed/withdrawn, etc.

Lots of threads/posts about it on these forums.

Mikeyorks

Ignoramus wrote: »

Just checking that with the Vantage account, if you keep between 5 &7k you get AER of 4% on the whole balance?

Yes

If so then it's better than any of the savings accounts on offer right? Not sure why the MSE best banking accounts list doesn't recommend it more. Maybe I've missed some big drawback.

It is in the 'Banking' article (not the 'best Savings') :-

Yet if you're set on keeping the cash in a current account, there's a decent option...
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, the Lloyds Vantage* account will pay you 4% AER. Vantage can be added to any of the Lloyds current accounts, so select 'Classic Account with Vantage' for the fees-free version.

mr_fishbulb

I opened one the other day. You can have up to 3 so can stash up to 21K at 4%