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Lloyds Vantage swapping?
vigman
Posts: 1,430
Forumite
This is a cut down version of a previous mail that got 140 views but no replies......(which shows I wasn't daft to ask the question 
)
If I have 2 Lloyds Vantage accounts can I swap 1K between them each way each month to meet the 1k pay-in rule [eg if I have 6k in acc "a"' and 6k in acc "b"' can I withdraw 1k from a to b and vice versa each month leaving a 6k balance in each but collecting the interest because of the 1k pay in in each account?]
TIA
Vigman
)If I have 2 Lloyds Vantage accounts can I swap 1K between them each way each month to meet the 1k pay-in rule [eg if I have 6k in acc "a"' and 6k in acc "b"' can I withdraw 1k from a to b and vice versa each month leaving a 6k balance in each but collecting the interest because of the 1k pay in in each account?]
TIA
Vigman
Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
0
Comments
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Yes, internal 1k transfers between 2 vantage accounts will satisify the interest payment clause. Many people do this every month.
You do not get any interest on anything over 5k in each account though, so you are better off moving the surplus 1k to another savings account.0 -
This is a cut down version of a previous mail that got 140 views but no replies......(which shows I wasn't daft to ask the question)
If I have 2 Lloyds Vantage accounts can I swap 1K between them each way each month to meet the 1k pay-in rule [eg if I have 6k in acc "a"' and 6k in acc "b"' can I withdraw 1k from a to b and vice versa each month leaving a 6k balance in each but collecting the interest because of the 1k pay in in each account?]
TIA
Vigman
Short answer - YES!
MoneySaving answer: You just need to keep £5K in each Vantage account and cross-transfer £1K each month. Put away the other £2K (i.e. £1K from each Vantage a/c where you plan to keep £6K- anything above £5K gets no interest) into another savings account (see best rates on this site) to maximise your returns.0
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