best place for my 10K

FLAPJACK

Just spoke to BoS....a resounding YES.... you can hold 3 vantage accounts with Lloyds TSB and BoS concurrently.

I did point out that both banks were in the Lloyds Banking Group..."no problem" was the answer.

badger09

100saving wrote: »

i would split it like this among current accounts as these are paying more every month than saving accounts at the moment.

to get the most interest it would be best in 2 LTSB Vantage as 5k for 1 year would earn £120 each depending on what tax you pay. the LTSB Vantage only works out best if you put the full 5k in and not use it for the year.

as you said you might need to dip into the money it best to set it up like this:

5k in 1 LTSB Vantage at 3%
2.5k in 1 LTSB Vantage at 3%
2.5k in 1 Nationwide FlexDirect at 5%

of you can apply for 1 LTSB Vantage and two Nationwide FlexDirect but you might not get 5% on both accounts as it says only on one account in the T&C but some one here say they do get it on both accounts.

then in order to get the top interest once a month transfer 1k from the LTSB Vantage to Nationwide FlexDirect to LTSB Vantage.

in one year you would get £100 from the Nationwide FlexDirect and £120 from the LTSB Vantage depending on what tax you pay.

That wouldn't be the best split as the 3% on LTSB Vantage is on balance £3k to £5k, so better would be, say
LTSB Vantage 01 £4000
LTSB Vantage 02 £3500
Nationwide FlexDirect £2500

If OP needs to 'dip in' during the year, they can still do so in the LTSB accounts, while keeping them both above £3k

FLAPJACK wrote: »

Just spoke to BoS....a resounding YES.... you can hold 3 vantage accounts with Lloyds TSB and BoS concurrently.

I did point out that both banks were in the Lloyds Banking Group..."no problem" was the answer.

Indeed. There are several of us (regular posters) who have 3 LTSB & 3 BoS all with Vantage

A word of warning though: applying for so many current accounts could have a negative impact on OPs credit file, which might not be relevant to OP, but could be to others reading this thread.

YorkshireBoy

100saving wrote: »

5k in 1 LTSB Vantage at 3%
2.5k in 1 LTSB Vantage at 3%

The 2nd LTSB Vantage would be only 2% AER, being as the tiered 3% rate starts at £3K.

If you're going this way, keep more than £3K in each.

100saving

Sorry badger09 and YorkshireBoy are right a split of the below would be better.

badger09 wrote: »

LTSB Vantage 01 £4000
LTSB Vantage 02 £3500
Nationwide FlexDirect £2500

Ologhai

FLAPJACK wrote: »

Just spoke to BoS....a resounding YES.... you can hold 3 vantage accounts with Lloyds TSB and BoS concurrently.

I did point out that both banks were in the Lloyds Banking Group..."no problem" was the answer.

That's rather unexpected, but interesting.

FLAPJACK

Indeed so.

Interesting point Badger 09 raises though regarding the credit file aspect....

Ologhai

FLAPJACK wrote: »

Indeed so.

Interesting point Badger 09 raises though regarding the credit file aspect....

Thanks for pointing that out--I'd missed it in badger09's post on the first read.

I wouldn't have thought it would affect me, though... debt is for other people. I'm one of those debt-free saver losers whose net worth dwindles all the time due to inflation.

robtgossard

These days the precious metals market seems to be just the place to put your money in with a long term perspective. Right now both, gold and silver, are trading low but when you look at the market fundamentals, they tell a different story. Jim Rickards forecasts gold heading to $7,000 an ounce. I leave it up to you to believe whether gold will soar that high or not but it’s sure to move north from where it is now.

waiax73

FLAPJACK wrote: »

I'd open 2 (you are allowed 3) Lloyds Vantage accounts.

3% gross per month for a balance of 5K....easy access too, transfer 1k from one account to the other once a month to get the interest.

Simples!

This actually sounds interesting. There has to been a downside though.... Isn't there a monthly fee of £20 for each vantage?

FLAPJACK

waiax73 wrote: »

This actually sounds interesting. There has to been a downside though.... Isn't there a monthly fee of £20 for each vantage?

Not if you open 3 "classic" accounts.....you are correct in that charges do apply for Silver, Gold, Platinum and Premier currents accounts as they are known as "packaged" accounts.

The "classic" current account is a bog standard "no frills" account...it just as the option of a overdraft facility.