how to use lloyds tsb with vantage?

VT82

Woo. Got my Lloyds internet banking up and running now (after a bit of a shaky start with their temperamental website I must admit).

Just to double check - I have seen a lot of people say they use a system of:

current account -> Halifax Reward -> Vantage 1 -> Vantage 2 -> Vantage 3 -> current account

to move their money about. But I already pay my salary into Halifax and am happy using that as my current account without sending my money on a merry journey. Will I therefore be OK to set up a system of:

Vantage 1 -> Vantage 2 -> Vantage 3 -> Vantage 1

for my 1k turnover each month? Or do I need an external start point (and therefore end point?)

Thanks.

Consumerist

VT82 wrote: »

Will I therefore be OK to set up a system of:

Vantage 1 -> Vantage 2 -> Vantage 3 -> Vantage 1

That's my understanding.

From what I have gathered (Edit: see post #10), there is no need to involve an external account at all. The inclusion of Halifax Reward is merely to comply with that account's funding requirements using the same £1,000. A very hard-working £1,000 which can go all round the houses in a single day.

Still waiting to hear about my applications but hope to be joining the merry-go-round soon.

VT82

Well I've just set up my 3 transfers, all for 1k on the 15th of February, to continue monthly until further notice. Fingers crossed!

bubieyehyeh

VT82 wrote: »

Vantage 1 -> Vantage 2 -> Vantage 3 -> Vantage 1

for my 1k turnover each month? Or do I need an external start point (and therefore end point?)

This is what I've been doing for months with no problems.

Mikeyorks

VT82 wrote: »

Well I've just set up my 3 transfers, all for 1k on the 15th of February, to continue monthly until further notice. Fingers crossed!

Which is fine if all 3 accounts have > £1k in them. But dangerous if you're assuming a strict order of processing all on the same day! As it doesn't happen - the order of processing the accounts isn't guaranteed. Which is why I never ever rely on SOs and just Login and do the moves manually.

VT82

Mikeyorks wrote: »

Which is fine if all 3 accounts have > £1k in them. But dangerous if you're assuming a strict order of processing all on the same day! As it doesn't happen - the order of processing the accounts isn't guaranteed. Which is why I never ever rely on SOs and just Login and do the moves manually.

They've all got over £5k in them. If one of them drops below £5k for a day, and only gets 3% instead of 4% for a day, I'll live :money:

My worry was making it the last/first day of the month and hence possibly having a month where the £1k turnaround didn't happen - hence me choosing the 15th!

Consumerist

Just a thought but I have applied for three Vantage accounts online on the same date and was just wondering if that means I will have three credit searches added to my credit record or just one.

Has anyone looked at their credit files after multiple Vantage applications to see what searches have been recorded ?

FLAPJACK

Hi,

A month or so after opening my 3 Vantage A/c's I had an email from Lloyds ID Aware telling me there had been a change on my credit file.
Upon looking at the file I saw that my credit score/rating HAD dropped by about 30...I couldn't see anything different on the file except the 3 new A/c's. I called ID Aware and was told that as I had opened the accounts this has reflected on my credit score.

I was informed that these accounts will be monitored for 3 months (to see how I operate them....albeit I told them that basically they are savings accounts, not being used as current accounts). After the 3 month period the credit score will revert to what it was before.

I will be watching!

Consumerist

FLAPJACK wrote: »

After the 3 month period the credit score will revert to what it was before.

But each lender uses its own scoring methodology and the searches are recorded for all banks to see. The "score" from ID Aware seems really irrelevant.

Lloyds will be "monitoring" these accounts because they could be financing any risk so I don't quite see why ID Aware is doing the same. No other banks will be monitoring anything until I ask again for any credit facility.

The issue here is that if some hot deal comes up on a new credit card in the next few months, I might be unlucky because I have searches recorded for 3 Lloyds vantage accounts.

I don't think it is likely to be an issue for me but it is something that ought to be taken into account when applying for more than one of these accounts purely for savings purposes..