New Lloyds Vantage current account

innovate

Richchad wrote: »

Yes, I am sure you are right but no one has from LTSB has actually confirmed this

You don't need anyone from Lloyds to confirm it - - there was absolutely nothing in the terms of the offer that said you needed to pay, and/or how often.

Though I reckon most people would have set up DDs that actually do make an occasional debit.

Steve_xx

I've set the DD's up with Tesco Bank but haven't drawn from them. The reason I haven't is because when I was setting them up I seemed to !!!!!! them up and one minute they were showing on the LTSB accounts and then they were not. So I plan to leave them and not do owt with them.

YorkshireBoy

missile wrote: »

You can...set up SOs to do it automatically.

The problem with SOs, as I alluded to yesterday (probably a page or two back by now!), is that weekends and Bank Holidays etc may get in the way.

If the SOs are set up for successive days (as was suggested to blindman earlier), it's entirely possible that blindman could have £7K in one account and only £5K in another for several days over a weekend/Bank Holiday, meaning he could lose interest (50p over an Easter weekend, and 25p over a normal weekend for example).

Unless LTSB can make these SOs on a weekend?

redcurlypanda

Unfortunately Lloyds TSB do not make SOs on weekends/bank hols unlike Halifax who do!

RCP

x

missile

YorkshireBoy wrote: »

The problem with SOs, as I alluded to yesterday (probably a page or two back by now!), is that weekends and Bank Holidays etc may get in the way.

If the SOs are set up for successive days (as was suggested to blindman earlier), it's entirely possible that blindman could have £7K in one account and only £5K in another for several days over a weekend/Bank Holiday, meaning he could lose interest (50p over an Easter weekend, and 25p over a normal weekend for example).

Unless LTSB can make these SOs on a weekend?

You raise a valid concern, but I believe this could only happen when transfering between banks.

With transfers between LTSB accounts the SO goes from account No1 to the next to the next etc and back to account No1, seemlessly in nano seconds. If the SO is delayed (e.g. due to a bank holiday) it will happen on next working day without the need for manual intervention.

Thus, there is no possibility that £1,000 could leave account No1 and not work it's way through however many LTSB accounts and back to account No1 on the same day.

Even if there was the possibility of a delay as you have suggested, I can't really get excited over the prospect of losing a few pence interest.

sharpharp

I know I asked before, but just wanted to make sure i don;t lose out on interest.

I have 3 vantage accounts, is it 100% guaranteed that you will get interest on all 3 accounts if you transfer £1000 into Vant 1 account (from an external account), then transfer that same 1K from Vant 1 to vant2 (internally), then Vant2 to Vant3 (internally), then back out to external account?

Is it required to stay in Lloyds for a while, or can this cycle he done on the same day?

Thanks again

innovate

sharpharp wrote: »

I know I asked before, but just wanted to make sure i don;t lose out on interest.

As long as Lloyds don't change their rules and T&Cs, the answers will remain the same, however often you ask

sharpharp wrote: »

I have 3 vantage accounts, is it 100% guaranteed that you will get interest on all 3 accounts if you transfer £1000 into Vant 1 account (from an external account), then transfer that same 1K from Vant 1 to vant2 (internally), then Vant2 to Vant3 (internally), then back out to external account?

yes, provided your transfers get processed as desired, and provided you meet the remaining requirements. http://www.lloydstsb.com/current_accounts/vantage.asp

sharpharp wrote: »

Is it required to stay in Lloyds for a while, or can this cycle he done on the same day?

Some people do it on the same day, some spread it over several days. If you do it on the same day, you should do it manually. If you spread it over several days, it might be possible to do it by SOs.

Frank121

Hello

I just checked my SO's and I have them set up on the same day to shuffle the £1000 between my 3 vantage accounts.

I couldn't see why this could be a problem? It seems to have worked fine for me.

Cheers.
Frank

redcurlypanda wrote: »

Unfortunately Lloyds TSB do not make SOs on weekends/bank hols unlike Halifax who do!

RCP

x

missile

innovate wrote: »

.... If you do it on the same day, you should do it manually. If you spread it over several days, it might be possible to do it by SOs.

Please be advised, I shuffle £1,000 through 9 Vantage accounts on the same day by SO. I add on a nominal ammount for interest accrued per month on each transfer. Thus there is minimum manual adjustment required to gain maximum interest.

No1 £1,000 > No2 £1,000 + £16 > No3 £1,000 + £32 > No4 etc.

boobbby

missile wrote: »

Please be advised, I shuffle £1,000 through 9 Vantage accounts on the same day by SO. I add on a nominal ammount for interest accrued per month on each transfer. Thus there is minimum manual adjustment required to gain maximum interest.

No1 £1,000 > No2 £1,000 + £16 > No3 £1,000 + £32 > No4 etc.

Obvious question..1) How did you manage to get 9 vantage accounts? and service them with 18 DD's ?
2) You are moving all your interest (£16 is the maximum you can get for £6000) so how do your DD's get paid without going under £6000