Lloyds Vantage query

vigman

If you have 7K in a Lloyds Vantage account and take out 1K during the month and then pay it back in, does this count as the 1k needed to satisfy the conditions, please?

TIA

Vigman

apt

Yes it does.

missile

Set up a S/O so you do not forget.

bubieyehyeh

You don't even need to lose any interest, you can take it out and return it the same day, via standing order or faster payment between lloyds or other banks.

Cmdr_Bond

I presume this would work with their Plus account too?

Lets say I earn £250/week - could I, in theory, transfer this from my Lloyds account, into my wife's Lloyds account, and back - on the same day - thereby qualifying both accounts for Plus/Vantage?

If I set this up as standing orders, i.e.

Me -> Wife
Wife -> Me

to go through on the same day, and the wifes balance is £0.00, in theory she would be -£250.00 for a short period. Would this incur any charges or is this where the 3:30pm rule applies?

xrjtg

The transfers are always OK to meet the funding requirements. If you wanted to be extra safe, doing it manually by Faster Payments is quite quick, and you avoid any potential nasty surprises.

missile

Cmdr_Bond wrote: »

I presume this would work with their Plus account too?

Lets say I earn £250/week - could I, in theory, transfer this from my Lloyds account, into my wife's Lloyds account, and back - on the same day - thereby qualifying both accounts for Plus/Vantage?

If I set this up as standing orders, i.e.

Me -> Wife
Wife -> Me

to go through on the same day, and the wifes balance is £0.00, in theory she would be -£250.00 for a short period. Would this incur any charges or is this where the 3:30pm rule applies?

Be careful. I got caught in January. I have S/O from my Vantage1 on the frist to Vantage 2 (wife) and .............. Vantage 7 back to Vantage 1. Because of the bank holidays Vantage 7 did not have sufficient funds on the 4th Jan and I was hit with charges. Fortunately LTSB refunded same. :T

shrewsaver

Cmdr_Bond wrote: »

I presume this would work with their Plus account too?

Lets say I earn £250/week - could I, in theory, transfer this from my Lloyds account, into my wife's Lloyds account, and back - on the same day - thereby qualifying both accounts for Plus/Vantage?

If I set this up as standing orders, i.e.

Me -> Wife
Wife -> Me

to go through on the same day, and the wifes balance is £0.00, in theory she would be -£250.00 for a short period. Would this incur any charges or is this where the 3:30pm rule applies?

Standing orders go out first thing in the morning and only go out if there is sufficient money in the account and yes if the money goes back in before 3:30pm then there will be no charges applied. So in theory the s/o's should work.

Another thing, the "plus" account rate has now been reduced since the recent changes and I think it now earns under 1%, so it may be worth changing that to a Vantage account.

Cmdr_Bond

shrewsaver wrote: »

Standing orders go out first thing in the morning and only go out if there is sufficient money in the account and yes if the money goes back in before 3:30pm then there will be no charges applied. So in theory the s/o's should work.

Another thing, the "plus" account rate has now been reduced since the recent changes and I think it now earns under 1%, so it may be worth changing that to a Vantage account.

Interesting - can you point me in the direction of that information, because their site shows this http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

Plus Balance      AER%
----------------------
£1-£2,500         1.50
[size=1]These interest rates are correct as at 02/12/2010.[/size]

Vantage Balance   AER%
----------------------
£1-£1,000         0.10
£1,001-£3,000     2.00
£3,001-£5,000     3.00
£5,001-£7,000     4.00
[size=1]These interest rates are correct as at 02/02/2009.[/size]

shrewsaver

Cmdr_Bond wrote: »

Interesting - can you point me in the direction of that information, because their site shows this http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

Plus Balance      AER%
----------------------
£1-£2,500         1.50
[size=1]These interest rates are correct as at 02/12/2010.[/size]

Vantage Balance   AER%
----------------------
£1-£1,000         0.10
£1,001-£3,000     2.00
£3,001-£5,000     3.00
£5,001-£7,000     4.00
[size=1]These interest rates are correct as at 02/02/2009.[/size]

Yes, sorry you are right.