Lloyds Vantage capital limit

Derivative

Hello,

Is anyone able to clarify the Lloyds Vantage interest scheme?

Specifically:

'We also do not pay interest on any amount over the Vantage upper limit of £5,000.'

Does this mean that if you breach 5000 you won't receive any interest at all that month?

Or does it mean that you'll not receive interest for the days your balance was above 5000?

Or does it mean that, if for example, you had 15 grand in the account - you'll just get interest on 5k and none on the rest (10k) of the balance?

Cheers for any help.

rb10

Derivative wrote: »

Or does it mean that, if for example, you had 15 grand in the account - you'll just get interest on 5k and none on the rest (10k) of the balance?

This one..

Derivative

rb10 wrote: »

This one..

I'd hoped that. I suppose I'll see next month when the statement comes in.

I'd assumed interest would be paid monthly from the date of account opening. It's actually paid on the first of the month, so I'm sitting at £5000.80.

I suppose I'll just knock it down to 4900 or so in future.

Thanks.

innovate

If you have 15K, you could nicely split it across the max 3 Vantage accounts you are allowed to have, and get max interest on all 3.

Derivative

innovate wrote: »

If you have 15K, you could nicely split it across the max 3 Vantage accounts you are allowed to have, and get max interest on all 3.

Sure. That was just an example. I was just wondering what happens if you accidentally put too much into one account for a day.

Yorkie1

I regularly have an amount over the £5K just after getting paid; I always get paid interest, but just not on the excess over £5K.

Alex92_2

It used to be 4% on upto £7k. That was good.

Year after it moved down to 4% on upto 6K, then that offer was unable for application past October 31st 2012.

Now obviously £5k for 4%.

I like to keep about 6100 in the only account i withdraw. This way I ensure it gets max interest. Always try and keep it above the maximum. You will only get interest obviously on the £5k, anything over and interest isnt paid on that. Interest is calculated daily and paid on the 1st or 2nd day of each month.

I need to find a new current account as i've used up all my CVs with lloyds. Im thinking of using the Santander 123, but as im not a home owner yet, only the interest is appealing and even then its not fantastic.

rb10

Alex92 wrote: »

I need to find a new current account as i've used up all my CVs with lloyds. Im thinking of using the Santander 123, but as im not a home owner yet, only the interest is appealing and even then its not fantastic.

Bank of Scotland Vantage?

Alex92_2

rb10 wrote: »

Bank of Scotland Vantage?

2.37% (net) of 5,000 is £9 PCM. Would rather stick it in Santander, get 5% on balances up to £20K. I've used santander before and there are branches where I live, so its easier. Also easier to get 3% on a higher sum, than 3% on lots of lower ones, even if there is a £2 PCM charge.

It must be quite hard to get any sort of decent interest if you had, say, over £150k in savings. You'd have money literally scattered everywhere. Or am I missing something?

rb10

Alex92 wrote: »

2.37% (net) of 5,000 is £9 PCM. Would rather stick it in Santander, get 5% on balances up to £20K. I've used santander before and there are branches where I live, so its easier. Also easier to get 3% on a higher sum, than 3% on lots of lower ones, even if there is a £2 PCM charge.

Check the Santander site again.

The 123 account pays 3% interest (max), not 5%.

innovate

Alex92 wrote: »

Would rather stick it in Santander, get 5% on balances up to £20K.

That 5% at Santander has long not been available any longer.

Alex92 wrote: »

It must be quite hard to get any sort of decent interest if you had, say, over £150k in savings.

Very few people would have this sort of money in cash savings for any length of time. Much better to put some in investments. Long before you get to £150K.