New Lloyds Vantage current account

Alex92_2

Anyone got any idea yet, what is happening come 31st October to lloyds vantage? The 4% on upto £6K accounts are closing, but is the 3% on upto £6K account still staying open? Anything due soon?

I want to stay with lloyds as I like them, but if the interest rates are going to be sh*t, I will swap to Santander.

eskbanker

Alex92 wrote: »

Anyone got any idea yet, what is happening come 31st October to lloyds vantage? The 4% on upto £6K accounts are closing, but is the 3% on upto £6K account still staying open? Anything due soon?

I want to stay with lloyds as I like them, but if the interest rates are going to be sh*t, I will swap to Santander.

I don't think the 4% accounts are closing as such, they're just reverting to the 'standard' 3% on up to £5K that has been available all along - I don't have the recent notification letter with me just now but am pretty sure that's what it said. However, the 3% rate is variable, as is Santander's of course, so either or both could change at any stage in the future, but I don't believe anything has been published on that front....

AndyPK

Lloyds kindly sent me a letter!

It will drop to 3% on a max of £5K which is the same rate as santander.

Just allowed upto 20K in santander

Archi_Bald

I have had letters for my Lloyds Vantage accounts yesterday - very easy to understand, all clearly spelt out: the 4% will end on 31st Oct, and I can then get 3% on up to £5K, provided that I

1. keep between £3K and £5K in my account throughout the month
2. pay in £1K a month

Below £3K, interest is 2% AER for £1,000 to £2,999.99, and 1.5% AER for anything between £1 and £999.99. Your account must stay in credit during the month.

Looks like the "normal" Vantage T&Cs. The change will happen automatically.

I'll keep my 2 DDs running on all the accounts, and obviously I will move £1K out of each account on November 1. Don't know to where yet since I seem to have run out of, or maxed, good places.

Alex92_2

eskbanker wrote: »

I don't think the 4% accounts are closing as such, they're just reverting to the 'standard' 3% on up to £5K that has been available all along - I don't have the recent notification letter with me just now but am pretty sure that's what it said. However, the 3% rate is variable, as is Santander's of course, so either or both could change at any stage in the future, but I don't believe anything has been published on that front....

Yeah, not closing but the 4% deal is "stopping" and going back to the 3% up to £5K, that's what I meant.

AndyPK wrote: »

Lloyds kindly sent me a letter!

It will drop to 3% on a max of £5K which is the same rate as santander.

Just allowed upto 20K in santander

Looks like I will be making 2 accounts with Santander for their 123 account and chucking £40K in there come November. Will probably keep a 3-5K in Lloyds and use it as a card account/savings. Then keep using both First Direct Reg Savers 6% and Nationwide Accounts.

They dont make it easy for us savers do they?

Would rather put £40K into 3% 123 account and pay £4 a month charge (2x£2) then have £15K spread over 3 accounts with lloyds and £15K spread over 3 accounts with BoS, whilst juggling/managing them all + making sure the DDs are setup and bouncing around money before all of them and then thinking of something to do with the remaining £10K.

Sound good?

AlwaysLearnin

Alex92 wrote: »

Would rather put £40K into 3% 123 account and pay £4 a month charge (2x£2) then have £15K spread over 3 accounts with lloyds and £15K spread over 3 accounts with BoS, whilst juggling/managing them all + making sure the DDs are setup and bouncing around money before all of them and then thinking of something to do with the remaining £10K.

The Lloyds accounts won't need DD's any more though. SO's of £1k from acct 1 to 2 to 3 to 1 once a month will suffice, then go in and skim the interest when convenient

AndyPK

Put your util bills DD onto Santander so the cash back covers the fee.

Archi_Bald

AlwaysLearnin wrote: »

The Lloyds accounts won't need DD's any more though. SO's of £1k from acct 1 to 2 to 3 to 1 once a month will suffice, then go in and skim the interest when convenient

Same for BoS Vantage.

Hominu

AlwaysLearnin wrote: »

The Lloyds accounts won't need DD's any more though. SO's of £1k from acct 1 to 2 to 3 to 1 once a month will suffice, then go in and skim the interest when convenient

If you skim the interest once a month when convenient, then you don't need to worry about the SOs, as you can simply move the 1K + Interest between each account and then finally out of V3 to another bank.

Alex92_2

AlwaysLearnin wrote: »

The Lloyds accounts won't need DD's any more though. SO's of £1k from acct 1 to 2 to 3 to 1 once a month will suffice, then go in and skim the interest when convenient

AndyPK wrote: »

Put your util bills DD onto Santander so the cash back covers the fee.

Dont have any util bills, I live at home still lol. Only fixed outgoings I have are, Rent (paid in cash to my dad), gym membership, petrol. Dont have any loans or owe anyone money and nothing on HP/Finance.
The £65 cashback I got for signing up to 123 account covers the charge for the first 2 years on one account, so isn't too bad.