Got £5000 In a llyold Vantage Account

matthewhart102

Should i move it or keep it their. The interest rate is 3% but I get roughly £10 a month for keeping £5000. Is this the best saving account as other offer 2% or £5 a month for example with halifax.

MoneySaverLog

In terms of halifax what you could do is transfer £1,000 out of your vantage account into the halifax and then straight back out again into your vantage account.

The halifax reward account pays no interest just £5 a month for funding it with £1,000 in this way.

Then you can keep the vantage account interest and add the extra £5 to it :-)

Newbie2saving

matthewhart102 wrote: »

Should i move it or keep it their. The interest rate is 3% but I get roughly £10 a month for keeping £5000. Is this the best saving account as other offer 2% or £5 a month for example with halifax.

Could you not open a halifax reward account as well for the £5/month?, I circle £1000 into my 3 x's vantage accounts plus 3x's halifax reward accounts, getting 3% on the vantage and £5/month on each of the halifax. 3% is not the best currently. I have just opened a Post Office account for 3.17%

MoneySaverLog

Don't think I'd bother with the post office for an extra 0.17% as their faster payments I believe are not very good. (Read this in another thread)

3% for a current account is not bad, a lot of current accounts pay very little in comparison.

Newbie2saving

MoneySaverLog wrote: »

Don't think I'd bother with the post office for an extra 0.17% as their faster payments I believe are not very good. (Read this in another thread)

3% for a current account is not bad, a lot of current accounts pay very little in comparison.

For me this is ok as spread of cash and safety etc, but yes it appears that PO isn't great, but better than my IF account @ 2.49%!

matthewhart102

I do have £4500 in my current account with halifax but they don't pay me £5 a month i think you need utimate account with montly fee.

Newbie2saving

matthewhart102 wrote: »

I do have £4500 in my current account with halifax but they don't pay me £5 a month i think you need utimate account with montly fee.

No its not fee based, it's the reward account http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/ you only need to ensure you have £1000 coming in each month, but it doesn't need to stay there, I have it in for about 30 seconds.

matthewhart102

Cheers guys never knew that!

MoneySaverLog

Ultimate reward current account is a value added account and is not needed for the £5 a month. If you just have the free reward account and leave a balance of zero in it you'll still get the £5 a month from Halifax for cycling the £1,000 a month through it.

You'd be better off opening a second vantage account at Lloyds and putting the £4,500 there as that will give you another £10 a month or there abouts.

Newbie2saving

PS. You need to keep a balance of £1 in each reward account you have. So for the majority of the time the account has a really low balance, then you get £60/yr for passing the £1000 through it. Like I said I have 3 so £180 for a few minutes work each month, some people have more, but I am not sure if Halifax tried to draw a line under more than one.

MoneySaverLog

They did and I'm surprised you still have 3, I would not call up customer services or let on to them in anyway cause they are likely to close the other two down if you do.