New Lloyds Vantage current account

YorkshireBoy

Gromitt wrote: »

it's only £72/year (3% on 5K = £120, 4% on 6K = £192).

It's actually less than that because if you have £6K the other £1K should be making around 3% anyway (wherever you have it).

So your 'loss' is only (£6K x 1% £60/year gross. Obviously tax will reduce this further.

Steve_xx

YorkshireBoy wrote: »

No, they were displaying that message years ago when they first launched the Vantage 4% product.

It was posted on here at the time, and the way forward then was to visit branch as I and others did. Some even bagged up to 7 sole accounts for nigh on £50K at 4%!

I can't just remember about that I think I kept phoning them up I certainly added more than 3 accounts online. Anyway I ended up with 10!

Gromitt

YorkshireBoy wrote: »

It's actually less than that because if you have £6K the other £1K should be making around 3% anyway (wherever you have it).

So your 'loss' is only (£6K x 1% £60/year gross. Obviously tax will reduce this further.

Indeed, at the moment I'd get £152 after tax on 6K (PO is still at 3.17%), compared to £192 after tax in a 4% Vantage account. Thats £40.

psychic_teabag

Gromitt wrote: »

I found the option, clicked it and got the following message:

"Sorry, we can't offer you a secondary current account. You can upgrade your account if you wish."

When I opened the first account, I stated it was for "Bill payment purposes", maybe thats why.

Ah well, it's only £72/year (3% on 5K = £120, 4% on 6K = £192). I'm not sure if its worth a trip to the bank to setup.

Both I and OH failed to get accts 2 and 3 online. But no problem whatsoever doing it over the (free)phone. Unfortunately the phone lines are a bit busy at the moment.

Actually, thats £6/month. Its worth it!

Have you also got your Halifax reward current account(s) ?

YorkshireBoy

Gromitt wrote: »

£192 after tax in a 4% Vantage account.

Actually you'd only get £188.64 after tax from LTSB, because you couldn't get the benefit of compounding.

anticlaus105

What's the consensus on circling £1k between the 3 vantage accounts each month? Just to be careful this month I have transferred £3k to my NatWest account, and then £1k back into each vantage account.

Previously I have just performed a £1k circle between my vantage accounts and this has worked fine.

Steve_xx

anticlaus105 wrote: »

What's the consensus on circling £1k between the 3 vantage accounts each month? Just to be careful this month I have transferred £3k to my NatWest account, and then £1k back into each vantage account.

Previously I have just performed a £1k circle between my vantage accounts and this has worked fine.

That's what I've always done.

Megabloks

anticlaus105 wrote: »

What's the consensus on circling £1k between the 3 vantage accounts each month? Just to be careful this month I have transferred £3k to my NatWest account, and then £1k back into each vantage account.

Previously I have just performed a £1k circle between my vantage accounts and this has worked fine.

Do you circle them all of them on the same day or leave them overnight? Halifax I do on the same day but Nationwide, FD etc I leave overnight just in case. Is that overkill?

Steve_xx

Megabloks wrote: »

Do you circle them all of them on the same day or leave them overnight? Halifax I do on the same day but Nationwide, FD etc I leave overnight just in case. Is that overkill?

I do them all on the same day, and within minutes.

slinga

Can someone confirm or otherwise that there a new interest rate for Lloyds Vantage of 4%.
I went into Lloyds on Saturday morning and no one there knew anything about it.