Help where should I save £10,000

martinsmith11

I currently got £5000 in a llyold vantage account paying 3% what should i do with the remaining £5000. I don't mind keeping it for 2-5 year locked up, looking for a passbook or any good suggestion thanks.

ffacoffipawb

martinsmith11 wrote: »

I currently got £5000 in a llyold vantage account paying 3% what should i do with the remaining £5000. I don't mind keeping it for 2-5 year locked up, looking for a passbook or any good suggestion thanks.

OPen a second vantage account? (you can have three by the way).

Then set up two standing orders for £1000 each between them (A -> B and B -> A) so that you are guaranteed to keep the 3% rate.

atush

Do you pay tax?

If so, you'd be better off wth 3% on a cash ISA for just over half of it.

martinsmith11

I am a student don't pay tax i think

calypso_rhapsody

If you don't pay tax make sure you get paid your interest gross (from R85 if i recall correctly). I'd go with the second vantage account idea or if you really want to maximise your return you could open a Post office account paying 3.17% - an extra £8.50 a year!

MoneySaverLog

If you're likely to pay tax in the future you can still have a ISA now that then locks away this years allowance for later on.

martinsmith11

Which just about to open a post office saver issue 5 but got second thoughs. I can't open other vantage it says your not edgible for this account ''

MoneySaverLog

Perhaps call phonebank up and apply on the phone or go into branch and have a chat to an adviser. How long ago did you open the account with Lloyds, they probably want to see some history with the account but you can have a maximum of 3 classic accounts with vantage.

martinsmith11

open it last july

martinsmith11

I opened it last july and mostly kept £10,000 init and not took it out so they prefably want me to use it as a current account and not a saving accoun like i am doing.

MoneySaverLog

As you are probably aware you are only paid interest on the first £5,000 in this account, having a second vantage would sound the most logical choice if you want to stay with lloyds. Also assume you are cycling £1,000 through this account to keep to the T&C's to get the interest payment

I'd call them up and explain what you want to do.