New Lloyds Vantage current account

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Montmorencymon wrote: »

but would there be any additional penalties for not staying in credit, specific to the Vantage account?

No. It's free money.

Steve_xx

Montmorencymon wrote: »

Apologies if this seems like a silly question:

We currently have a standard Lloyds Classic account (downgraded from a packaged account some time ago, as we didn't think it was worth it).

Until recently, it wasn't always in credit, but now it is, and we should be able to keep it that way. There is more than £1000 going in each month.


My question is: is there any reason not to upgrade this to a Vantage Classic? I mean, are there any catches?

Obviously, if we go overdrawn, we will not get the interest advantage, and we will also pay an overdraft fee (as we did with the standard classic), as well as interest, but would there be any additional penalties for not staying in credit, specific to the Vantage account? (We definitely intend to stay in credit, I should add, but I just want to check before we apply to upgrade it.

Thank you in advance.

Just ensure that you move £1000 in and out of it once a month and that way you will earn intderest at 3% if your balance is between £3k and £5.

castle96

"Just ensure that you move £1000 in and out of it once a month and that way you will earn intderest at 3% if your balance is between £3k and £5."

Have just opened 1st a/c (they do confirm 3 are OK), now I haveseen this. I understand that I need to pay in £1k p/mth, CAN this £1k be from one of the other 2 Vantage accounts,, ie can I just rotate this £1k, ,or must it be from an outside source ?

castle96

re Vantage Lloyds a/c

"Just ensure that you move £1000 in and out of it once a month and that way you will earn intderest at 3% if your balance is between £3k and £5."

Have just opened 1st a/c (they do confirm 3 are OK), now I haveseen this. I understand that I need to pay in £1k p/mth, CAN this £1k be from one of the other 2 Vantage accounts,, ie can I just rotate this £1k, ,or must it be from an outside source ?

elektra

castle96

Why have you posted same question twice in space of 5 minutes.

The answer is yes you can rotate between accounts.

You only had to read back 2 pages to find the answer.

castle96

it really is as easy as that ? (to get 3% on 3 x £5k accounts), just transfer £1 from a to b to c ? Yes ?
Do you do it on the same day, the same time (a minute after), or what.....

Steve_xx

castle96 wrote: »

it really is as easy as that ? (to get 3% on 3 x £5k accounts), just transfer £1 from a to b to c ? Yes ?
Do you do it on the same day, the same time (a minute after), or what.....

No it isn't that easy. You need to transfer £1000 from one account to the other, not £1 each month.

castle96

typo, ,sorry. Tell me then. You just diary it and do 3 transactions following eachother ? Or a day between ? or what

Steve_xx

castle96 wrote: »

typo, ,sorry. Tell me then. You just diary it and do 3 transactions following eachother ? Or a day between ? or what

You can do the transactions one after t'other. No need to wait minutes, hours or days between.

AlwaysLearnin

or set up standing orders to do it for you...