New Lloyds Vantage Account

Getting_better

Sorry for the stupid question but just wondering if anyone can confirm this.

I opened a Lloyds Vantage account and transferred £6000 into it on Dec 3rd, when do I have to start the monthly recycling of £1000 to ensure the 4% interest rate, does the money have to be transferred and in the account for Jan 3rd or after this date…

Thanks for any help

FOREVER21

Opened an account with them 3 months ago I put the £1 K in at different dates during the following months and this seems to work ok interest is added at the start of each month.:j

ultrawomble

Getting_better wrote: »

Sorry for the stupid question but just wondering if anyone can confirm this.

I opened a Lloyds Vantage account and transferred £6000 into it on Dec 3rd, when do I have to start the monthly recycling of £1000 to ensure the 4% interest rate, does the money have to be transferred and in the account for Jan 3rd or after this date…

Thanks for any help

It doesn't seem to matter when the £1K hits the account, as long as it does sometime in the calendar month. In your case, you've already added the requisite minimum for this month (Dec '10) and the interest on the balance will be added on 1st working day Jan '11. As long as £1K hits the account sometime in Jan '11, you'll get interest paid on 1st working day Feb '11. Etc., etc.

Getting_better

thanks both- just wanted to be certain

Jonbvn

I circulate the GBP1k the day after receiving interest.

Sceptic001

Interesting (pardon the pun;)).

I opened a Vantage account in mid-November and transferred in £7k. The welcome letter said it is a Vantage account but online it just says Classic account. I was expecting to receive interest in early December, but nothing yet. Is interest paid a month after the initial deposit? Or have I got the wrong account? (there is no mention of Vantage when I click on the Upgrade button)

dqnet

Following up from this question, Am I right in saying interest is calculated daily? I cant seem to find it on the website.
Also, If I put the 7000 in there then at the end begining of the new month take 1000 and let's say two days later add it again, would that count as the 1000 going in per month? So I start with 7000 lets say Jan 1, Feb 2 I would take out 1000, Then Feb 4 I would add the 1000 again... is this maximising the 4 percent and complying?

ultrawomble

dqnet wrote: »

Following up from this question, Am I right in saying interest is calculated daily? I cant seem to find it on the website.

From the Lloyds website (clicky linky):

"This means we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and pay it to your account at the end of the first working day of the next month."

dqnet wrote: »

Also, If I put the 7000 in there then at the end begining of the new month take 1000 and let's say two days later add it again, would that count as the 1000 going in per month? So I start with 7000 lets say Jan 1, Feb 2 I would take out 1000, Then Feb 4 I would add the 1000 again... is this maximising the 4 percent and complying?

Easier to put the £7K in on Jan 1st and then transfer £1K in and out (or out and in) on the 1st day of every subsequent month. No point in waiting a few days. The account has just to be credited with £1K/month, there are no stipulations as to how long it (the £1K) has to remain in the account.

ultrawomble

Sceptic001 wrote: »

Interesting (pardon the pun;)).

I opened a Vantage account in mid-November and transferred in £7k. The welcome letter said it is a Vantage account but online it just says Classic account. I was expecting to receive interest in early December, but nothing yet. Is interest paid a month after the initial deposit? Or have I got the wrong account? (there is no mention of Vantage when I click on the Upgrade button)

IIRC, you follow the upgrade account link to the next page, then choose the "View our other accounts" button and them you should get a list with a classic with vantage option.

Sceptic001

ultrawomble wrote: »

IIRC, you follow the upgrade account link to the next page, then choose the "View our other accounts" button and them you should get a list with a classic with vantage option.

Thanks, ultrawomble. I have tried that without success.

Is the Vantage account normally named "Vantage" or "Classic with Vantage" on the main account list? Mine simply says "Classic" (even though the welcome letter clearly says "Classic with Vantage".

EDIT: Also is there any way of sending Lloyds a secure email?

dqnet

ultrawomble wrote: »

From the Lloyds website (clicky linky):

"This means we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and pay it to your account at the end of the first working day of the next month."



Easier to put the £7K in on Jan 1st and then transfer £1K in and out (or out and in) on the 1st day of every subsequent month. No point in waiting a few days. The account has just to be credited with £1K/month, there are no stipulations as to how long it (the £1K) has to remain in the account.

you rock!