New Lloyds Vantage current account

YorkshireBoy

Dekota wrote: »

Considering that my ISA allowance is maxed out, have all 4 FD accs at NW, would it be worth finding a new home for my £5-6k thats in the vantage acc currently attracting the 4% after 31st Oct? Could I find anything better than 3%?

To be honest, I don't think any other current acc will give me 3% but just checking.

A second Lloyds Vantage account (and split £3K in each)?
BoS Vantage?
TSB Enhance?

sharpharp

Since the split of Lloyds and TSB accounts, mine ended up with TSB, has there been any change in the way they are funded each month? i.e. I used to do one external transfer in, then transfer internally for the remaining 2 accounts, is this still the case?

If I opened a new Lloyds account, is the above procedure still applicable?

Gromitt

Its the same as before, no external transfers required. If you have more than one account just transfer between them and its done for the month.

Richchad

Gromitt wrote: »

Do you think it's "safe" to move some of the DDs from the 4% Vantage accounts now? Since the interest ends at the end of this month I was thinking of using them for some other accounts rather than setting up new ones, as I'm trying to keep track of about 15 DDs at the moment.

Oh dear, I cancelled all 12 of our Tesco Bank DD this morning as didn't need to take the £1 from our 6 Lloyds accounts on November 1st anymore.

I thought while I was on the Tesco bank website I also deleted the linked accounts, then after thought maybe I should have left the links until after Nov 1st...:shocked:

I haven't deleted them in the Lloyds Direct Debits and they are still showing, so wonder if that will be okay until end of month...

Archi_Bald

Richchad wrote: »

I haven't deleted them in the Lloyds Direct Debits and they are still showing, so wonder if that will be okay until end of month...

They will disappear as soon as Tesco tells Lloyds - probably overnight.

You'll soon (Nov 4, I reckon) find out whether this has any impact on the interest you get for October.

Richchad

Archi_Bald wrote: »

They will disappear as soon as Tesco tells Lloyds - probably overnight.

You'll soon (Nov 4, I reckon) find out whether this has any impact on the interest you get for October.

Oh why am I so impatient, too late to try and reinstate them I guess, would have to set up all new DD...:(

Oh well it's only money..

youtellme90

This maybe a bit of a newbie question, it might have already been answered too, but -

I've just got onto this "move money around to abuse interest rate" thing, I have c. £10k in an account earning 1.9% interest. From what's being suggested, I should.

Open 2 Lloyds accounts. Put £5k in each, then set up an automated transfer of £1000 between the two A -> B, B-> A on a set date each month to meet the criteria for the two accounts?

I guess the only thing I'm worried about is the effect on my credit rating for opening numerous accounts in one go? I'm not planning on applying for a mortgage for at least another year, and I definitely won't need any kind of credit until then.

Sorry for the newbie-ness, but thanks in advance!

Gromitt

Opening a new current account with no overdraft facility will have little impact on your credit rating. The second account will likely not even appear on your report until month end, and even then, when other creditors search, they are not in debt, and have no overdraft, so nothing to worry about.

I wouldn't even bother setting up the automated payments. You need to login to check for unauthorised transactions and cream off the interest, so might as well do the transfers then. Internal transfers are fine for Lloyds.

bubieyehyeh

Archi_Bald wrote: »

They will disappear as soon as Tesco tells Lloyds - probably overnight.

You'll soon (Nov 4, I reckon) find out whether this has any impact on the interest you get for October.

I removed my direct debits from one of my 4% vantages a few months back and I've continued to receive 4% so I wouldn't worry.

carpy

just taken the extra £1k out of my 3 accounts.

changing the subject slightly to BOS vantage account. can you open 3 of these?

i opened one online but when i try to apply for another current account it wont let me??