Lloyds Vantage

epitome

Lloyds says you can have up to 3 vantage accounts...???

Does that mean I can open 3 Classic Vantage current accounts?
At the moment I only have one Vantage current account.

With the Gross interest rates tiered as follows:
£1 - 1000 1.5%
1000 - 3000 2%
3000 - 5000 3%

It mentions the net% on their website I forgot those.

What is the overall interest on an account with a £5000 balance?
I just worked this out to be £115 on £5000 = 2.3% gross correct? and that = 1.83% net right?


Thanks

apt

Yes you can subject to Lloyds accepting your applications for the additional current accounts. A lot of people have 3 Vantage accounts.

epitome

So then you have to manually transfer £1000 into and out of each account every month, or are you allowed to set up a £1000 standing order from account 1 to 2, 2 to 3 and 3 to a savings account with your wages going into account #1

olbas_oil

epitome wrote: »

Lloyds says you can have up to 3 vantage accounts...???

Does that mean I can open 3 Classic Vantage current accounts?
At the moment I only have one Vantage current account.

With the Gross interest rates tiered as follows:
£1 - 1000 1.5%
1000 - 3000 2%
3000 - 5000 3%

It mentions the net% on their website I forgot those.

What is the overall interest on an account with a £5000 balance?
I just worked this out to be £115 on £5000 = 2.3% gross correct?


Thanks

No the tiered rate applies to the whole balance:
"Interest rates apply to your whole balance. For example, if you have £4,000 in your account you will receive an interest rate of 3.00% AER on your entire balance."

opinions4u

You can get over 3% on £1 in many savings accounts. No need to keep shuffling money through multiple current accounts.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

MarkFromCornwall

opinions4u wrote: »

You can get over 3% on £1 in many savings accounts. No need to keep shuffling money through multiple current accounts.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

That's true, but the Vantage accounts do have the advantage of no limits on withdrawals, faster payments in and out, and the interest rate is genuine (ie. no bonus) and you have the option of using their branches.

Yorkie1

epitome wrote: »

So then you have to manually transfer £1000 into and out of each account every month, or are you allowed to set up a £1000 standing order from account 1 to 2, 2 to 3 and 3 to a savings account with your wages going into account #1

Yes to the highlighted bit - so long as your wages are £1K+ (which I assume they would be from the tenor of your question).

That's what I do (with a diversion through my Halifax Rewards account too).

apt

Direct debits as well. It's also even easier to shuffle the £1000 if you have 2 or 3 vantage accounts as you can do it by internal transfer. A couple of minutes per month at most.

epitome

MarkFromMullion wrote: »

That's true, but the Vantage accounts do have the advantage of no limits on withdrawals, faster payments in and out, and the interest rate is genuine (ie. no bonus) and you have the option of using their branches.

Hmmmm, Manchester Building Society giving 3% Gross and 3 withdrawals per year that would satisfy my needs for instant access and would be slightly better than vantage.
but for those who want more withdrawals or better access Northern Rock gives 2.75% Gross -unlimited withdrawals- thats £24 per year less than Three Vantage accounts with a balance of £15K

Of course the lack of a local branch in both of those is a concern although there is a NR branch 15 miles away from me. And if I had more than £15K it might make more sense to have just 1 extra account instead of 2.

Mikeyorks

epitome wrote: »

So then you have to manually transfer £1000 into and out of each account every month, or are you allowed to set up a £1000 standing order from account 1 to 2, 2 to 3 and 3 to a savings account with your wages going into account #1

You don't have to pay your salary in. As - in doing so - you're surely going to exceed the £5k limit in at least one of the accounts? And you get 0% interest on that excess.

You only have to fund the account with £1k monthly to get the prescribed rate of interest. You can SO that through the accounts .... but it's just seconds to manually transfer it. If you're using these as savings accounts (at £5k each) then £1k from Account 1 -->2 -->3 -->1 is the usual. Then you remove the interest when paid - otherwise you top the £5k.

But if you're wanting to use it (or also) as a Current Account - you need to refine your thinking?

Northern Rock gives 2.75% Gross -unlimited withdrawals- thats £24 per year less than Three Vantage accounts with a balance of £15K

£37.50 (gross)

bigfreddiel

why bother with vantage when you can get 3+% instant access fromquite a few banks/building socs - and you don't need to keep moving £1k around!

I've emptied my accounts and moved my dosh to santander - no poblems = getting 3.1% - when vantage goes back to 4% or more i'll be back

fj