Where is everyone moving their Lloyds Vantage money to?

Wobblydeb

As the date looms for Lloyds to cut their 4% interest rate [details here in case you have missed it] what are you planning to do with the cash?

I'm not sure whether to leave the £5k in or whether there are better options out there. One option I am tempted with is to shift £6k into my S&S ISA with the new tax year starting....

If you've got any good ideas or found an alternative please do share it!

Stochasticity

I'll be opening a 2011/12's ISA next week, so some of it will straight into that.

I have a hefty interest-free overdraft to pay off in August, so some of it will go towards that.

Otherwise, NS&I will at some point in the new tax year be offering their RPI Index-Linked Certificates, some of it may go in that direction.

Might be time to look into the Santander First Home Saver too, and I'm sure there'll be other viable regular savers.

There are still nearly three months until the Vantage rate gets cut, so there's still plenty of time for new accounts to pop up and vie for my money. In fact, I'd be surprised if a couple of banks didn't specifically up their offers around the time.

Some of it may get left earning 3%, which is of course still a very viable rate for a current account after all.

Biggles

I shan't be moving it anywhere because, as Stochasticity says, it's a good rate for a current account, and I use it as an 'instant overflow' from my Classic account.

anna42hmr

to be honest, will be leaving the 5k in mine, the extra £2k from each account (as i have the three allowed with 7k in each) will be for 2011/12 isa which i will be opening tomorrow

and then see with the £600 extra left over, but not worring about that, they are still paying the 4% until mid/end june afterall

VT82

£5,340 going in Santander ISA tomorrow.

Halifax Direct Access Reward thing (3%) opened and ready for end of June (consolidating balances into Halifax for ease, and not faffing about with transferring money).

Keep an eye out on what is launched once base rate starts to rise (and Halifax inevitably cut their rate).

Will leave Vantage accounts open in case Halifax drops the rate when there is nothing else better out there for instant access.

Biggles

VT82 wrote: »

Halifax Direct Access Reward thing (3%) opened and ready for end of June

Which account is that? The Halifax Direct Reward is their ISA, paying 3%.

ThriftyFelicity

Will probably invest in some inflation-linked NS&I certificates, when they reappear.

Also on the lookout for regular savers paying 5%, which seem to pop up a few times a year from various banks/BS.

Hoping also for a long-term fixed rate notice account, which allows penalty-free access as long as you give notice. Similar to one which was offered earlier this year by Coventry BS.

kar999

I've just opened up a Halifax 3% (instant) cash ISA THIS tax year 2010-11 for the whole £5100 using some "spare" cash from the e-savings account (2.5%). That leaves the option to transfer that out and the £6k from the top tier of the vantages (leaving 3 x £5k behind) into a 2011-12 ISA when hopefully there will be some about that offer more than 3% for a non-fixed term at some stage in the future... if not, I'll be looking at NSI indexed linked so long as they pay more than .01% above RPI and not be fixed for 5 years!!!

premierfella

Biggles wrote: »

Which account is that? The Halifax Direct Reward is their ISA, paying 3%.

http://www.halifax.co.uk/savings/accounts/easy-access/web-saver-reward/

stringer_bell

whats wrong with Nationwide Mysave online plus 3%?

apt

The Nationwide account only always one withdrawal without penalty so is much less flexible.