more than £5000 in vantage account?

234d

For a few days a month and a couple of times a month, when my money goes into my vantage account and before my DDs come out, 5 DDs all at different dates, I can have up to £5500 in my vantage account with the DDs adding up to £490

Would you transfer the money over £5000 into a savings account and then the same day that the DDs come out, transfer enough back to make £5000 up?


Or is that a bit OCD?

grumbler

I wouldn't. A monthly net interest on £500 is just £1, but you are speaking about just a few days every month.

CRISPIANNE3

234d wrote: »

For a few days a month and a couple of times a month, when my money goes into my vantage account and before my DDs come out, 5 DDs all at different dates, I can have up to £5500 in my vantage account with the DDs adding up to £490

Would you transfer the money over £5000 into a savings account and then the same day that the DDs come out, transfer enough back to make £5000 up?


Or is that a bit OCD?

I have a classic account with vantage and receive 4 percent per annum and that is up to £6,000. Of course it depends when you took out the account but I know in my case it drops down to 3 percent at end of October 2013.

234d

A monthly net interest on £500 is just £1,

I'm not thinking about the interest per se (correct term?) I was just wondering if I did that if I would be considered a bit OCD.


My partner thinks that I have become a bit strange about money since I retired.

Would the bank not wonder why I am transferring money back and forth between accounts several times a week?

Plus, that way my savings would slowly increase, as the DDs are always less than the income into the account.

Do other posters do this?

grumbler

234d wrote: »

I'm not thinking about the interest per se (correct term?)

What's the point in transferring 'back and forth' then?

BTW, the term was correct.

jennifernil

Are you getting as much interest on your savings account as on your Vantage account?

If not, and you have at least £6000 between the 2 accounts, why not open a second Vantage account instead and place £3000-£5000 in each. No need to move money around then.

typistretired

She is a newbie leave her alone! No you don't have OCD. Could you not have a spreadsheet showing what date the DDs go out and arrange the money to cover them to go in the day they go out. You don't say where you keep the rest of your money, and if you earn any interest on it.

eschaton

I'm at the opposite end where my direct debits go out of my First Direct account. As that pays 0%, I set up a payment from my Lloyds Vantage (or TSB Enhance as they now are) for the money to land into FD the day before, or earlier if it's not a banking day.

As someone else said, get another vantage account. When mines is going to fall below £3,000, I move money from one of the others at £5000.

liamcov

CRISPIANNE3 wrote: »

Why not per se and say if you get interest on £6000 rqther than behaving like a muppet!

What's with the urgent need to know this? Based on the context of the original post it's clear they are getting the 3% maxed at £5,000.