New Lloyds Vantage current account

YorkshireBoy

Gers wrote: »

don't know how to work out the interest

For future reference, and assuming you're maintaining static maxed out balances...

LTSB Vantage (4%)
£6,000 x 0.0393 / 365 x n x 0.8 =

BoS Vantage (3%)
£5,000 x 0.0296 / 365 x n x 0.8 =

Where n = number of days in the period, and 0.8 is the basic rate tax multiplier

Gers

YorkshireBoy wrote: »

For future reference, and assuming you're maintaining static maxed out balances...

LTSB Vantage (4%)
£6,000 x 0.0393 / 365 x n x 0.8 =

BoS Vantage (3%)
£5,000 x 0.0296 / 365 x n x 0.8 =

Where n = number of days in the period, and 0.8 is the basic rate tax multiplier

Thanks - that's helpful as I can put this into a spreadsheet formula and avoid the numpty moments each month!

Edit - did it and of course it showed a higher figure as there is basic tax to come off. Will work on it before crawling back in here again!

:T

innovate

Gers wrote: »

Thanks - that's helpful as I can put this into a spreadsheet formula and avoid the numpty moments each month!

Edit - did it and of course it showed a higher figure as there is basic tax to come off. Will work on it before crawling back in here again!

:T

The basic tax is already off - it's the "x 0.8"

You sure you typed the formula correctly?

Vortigern

YorkshireBoy wrote: »

LTSB Vantage (4%)
£6,000 x 0.0393 / 365 x n x 0.8 =

Even those who are not mathematical muppets sometimes forget that 4%AER is 3.93% gross when compounded monthly

Gers

innovate wrote: »

The basic tax is already off - it's the "x 0.8"

You sure you typed the formula correctly?

Can't see it wrong but maybe my eyes are muppets too?

=SUM(B17*0.0393/365*31*0.8) - for January and 28 for February

£6,000.00 (cell B17)
Jan-13 £16.02
Feb-13 £14.47

Gers

Gers wrote: »

Can't see it wrong but maybe my eyes are muppets too?

=SUM(B17*0.0393/365*31*0.8) - for January and 28 for February

£6,000.00 (cell B17)
Jan-13 £16.02
Feb-13 £14.47

Is it because every month is a deemed to be 30 days?

Vortigern

Gers wrote: »

Can't see it wrong but maybe my eyes are muppets too?

=SUM(B17*0.0393/365*31*0.8) - for January and 28 for February

£6,000.00 (cell B17)
Jan-13 £16.02
Feb-13 £14.47

Is it because every month is a deemed to be 30 days?

No, not quite. They don't use calendar months. The number of days in the formula is the number of days elapsed since the last interest date. It usually runs from the first working day of one month to the first working day of the next.

Also, I'm not sure why you have SUM in your formula.
=B17*0.0393/365*31*0.8 would be sufficient.

Gers

Vortigern wrote: »

No, not quite. They don't use calendar months. The number of days in the formula is the number of days elapsed since the last interest date. It usually runs from the first working day of one month to the first working day of the next.

Also, I'm not sure why you have SUM in your formula.
=B17*0.0393/365*31*0.8 would be sufficient.

That's really helpful - so thanks.

I used 'insert function' and probably chose 'sum' as my default option. I will remove it!

The patience of others here with mathematical morons is heartening. I haven't inhabited the world of high savings until the back end of last year when an unexpected PET gift landed on my lap and so I have a lot to learn. Coupled with aged grey cells it's been an interesting time.

And next year I receive my FS pension and will have to cope with another lump sum - perhaps I shall run away to an exotic location and bore myself on a beach for six months!

wiltslass

Hi I currently have a 4% vantage account to which I transfer £1000 a month by faster payment from another provider and move it back out again to keep the balance at £6000.The bonus expires shortly on the other providers account and I would like to close it and open two more vantage accounts to get the 3% interest on 2 x £5000 as well. My questions are:

a)are people transferring £1000 pm from other LTSB accounts to their 4% accounts to fulfil the requirement for £1000 pmonth in? or does it have to be from other providers

b) Has anybody experienced any problems in fulfulling the £1000 requirement if they do a round robin excercise between their vantage accounts.

The three vantage seem to be the best option for me as have instant access in case something better comes along( unlikely I know).

Steve_xx

wiltslass wrote: »

Hi I currently have a 4% vantage account to which I transfer £1000 a month by faster payment from another provider and move it back out again to keep the balance at £6000.The bonus expires shortly on the other providers account and I would like to close it and open two more vantage accounts to get the 3% interest on 2 x £5000 as well. My questions are:

a)are people transferring £1000 pm from other LTSB accounts to their 4% accounts to fulfil the requirement for £1000 pmonth in? or does it have to be from other providers

b) Has anybody experienced any problems in fulfulling the £1000 requirement if they do a round robin excercise between their vantage accounts.

The three vantage seem to be the best option for me as have instant access in case something better comes along( unlikely I know).

A.Yes
B. No