Life after LTSB Vantage

TheMatrix_2

It's a hidden account, you have to call the Specialist Savings Team to open the account, they will not know about it in branch.

mlaf

please excuse my ignorance.. I'm a bit confused.

The incentive saver account pays 3%, is that gross? Isn't that what Vantage will pay as well?

Regarding the NS&I index-linked, I'm new to index-linked returns, hopefully someone could confirm if I'm making sense of it. Say I predict I'll withdraw in about 20 months, I'd essentially have to determine, now, if I believe the inflation rate will be high enough to beat fixed rate savings?
Or is it a given that it will since it's index-linked and tax free (assuming it's pretty obvious at this point inflation won't be a negative)?

YorkshireBoy

mlaf wrote: »

The secret saver account pays 3%, is that gross? Isn't that what Vantage will pay as well?

Yes, but...

There's no £15K cap (max 3 accounts, £5K in each) on the incentive saver.

There's no need to pull off the interest each month (Vantage won't pay interest on >£5K balances from the end of this month).

Also, there's no requirement to cycle £1K through it each month like there is to maintain the 3% rate on the Vantage account(s).

10_66

YorkshireBoy wrote: »

...There's no need to pull off the interest each month (Vantage won't pay interest on >£5K balances from the end of this month).

Also, there's no requirement to cycle £1K through it each month like there is to maintain the 3% rate on the Vantage account(s).

These are the reasons I was thinking of moving my funds from the Vantage account to my Incentive Saver. Don't suppose you happen to know if LTSB would close inactive Vantage accounts with just £1 kept in them, do you? As I wouldn't like to close them in case I want to move the money back when the Incentive Saver drops to the Easy Saver.

YorkshireBoy

10_66 wrote: »

Don't suppose you happen to know if LTSB would close inactive Vantage accounts with just £1 kept in them, do you?

Sadly only 2 of my Vantage accounts have been full (to £7K) for the last few months. The 3rd one only has a £1 in it, but I've continued to include it in the monthly £1K sweep to maintain it's Vantage 'status'! So far they haven't intimated they'll close it due to the low balance or inactivity.

From 27th June I'll split the £14K into the 3 Vantage accounts and settle for 3% on the lot until I have to give MBNA their (stoozed) money back in September.

kar999

Was going to to put the 6x£2k top tiers into either Northern Rock or Nationwide at a gnats gonad over 3% but the perfect home came along today.... but be quick.

Newcastle Bond @4.2% (can be used as a 180 day notice account). I set up the transfer date for funding as 28th June so perfect timimg.

http://www.moneysavingexpert.com/latesttip/#savings

https://forums.moneysavingexpert.com/discussion/3296096

ian-d

Just phoned up Lloyds and they have added the incentive saver to my account, despite having one expire a few months ago which I closed. They were very friendly and helpful over the phone and said anyone with Vantage can have the account, but they don't want to publically advertise it on their website.

Big thanks to 'innovate' for the information, I now won't need to transfer money out or mess around with £1k in, £1k out every month!!!

Jonbvn

yorkiebar wrote: »

£15K in NS&I also here.

A bit of a no-brainer. Will be doing the same on 27 of this month.

slinga

If I transfer out of Vantage mid month rather than wait till the 27, various reasons, will I lose any interest or is interest paid daily???
Ta.

kidmugsy

mlaf wrote: »

Regarding the NS&I index-linked,.... Say I predict I'll withdraw in about 20 months, I'd essentially have to determine, now, if I believe the inflation rate will be high enough to beat fixed rate savings?

Correct. Spot on.