LloydsTSB & Bank of Scotland Vantage

jrm

I have Vantage accounts with LLoydsTSB and Bank of Scotland, I want to maximise the most interest in each account up to the £5k limit. Will a standing order transfer of £1k from LloydsTSB to Bank of Scotland be accepted by them, or do they insist it must come from an external source. I'm working on the basis that they are both part of the same bank group.

Archi_Bald

I have not encountered any problem with internal transfers at Lloyds, or with transfers between Lloyds and BoS. There is (as yet) nothing in the T&Cs that stipulates the money must come from an external source.

Gromitt

Indeed, I currently login to my TSB account and do an internal transfer once a month V1 -> V2 -> V3 -> V1 and then logout. No outside payments, no standing orders. I login to check the accounts and to transfer the interest out, so may as well do the funding at the same time.

Same goes with BoS/Halifax.

jrm

Is 1 day (24 hours ) sufficient time for the £1k to remain in each account to qualify for the interest ?

Archi_Bald

Yes that's plenty. There is no minimum time in the T&Cs the money has to be there - so getting it there is enough already. You can transfer it out immediately again, e.g. like Gromitt described.

Gromitt

jrm wrote: »

Is 1 day (24 hours ) sufficient time for the £1k to remain in each account to qualify for the interest ?

I normally leave it in there for about 15 seconds, so yes.

Wheres_My_Cashback

jrm wrote: »

Is 1 day (24 hours ) sufficient time for the £1k to remain in each account to qualify for the interest ?

1 day is a way OTT, it only needs to be there 1 SECOND to qualify !

jennifernil

I have 3 x Lloyds and 3 x BOS Vantages, I too just whizz the £1k around each group of accounts, only there for seconds, no problems.