re-123 a/c

ColdIron

Archi_Bald wrote: »

I check my accounts daily though some may consider this OCD.

Or even the more extreme CDO

It's like OCD but in alphabetical order

joe134

anselld wrote: »

I am not sure if you have quite got it though; there is no need to link anything to HSBC it all stays in the same bank.

e.g. say you have £15k
3 Lloyds vantage at 5k each, call them LV1, LV2, LV3
LV1 standing order to LV2
LV2 standing order to LV3
LV3 standing order to LV1
LV1, 2 and 3 standing order for monthly interest to wherever you like.

Nothing comes or goes from Lloyds except the interest.
No need to do anything or check anything monthly unless you want to withdraw.

The links ...
http://www.lloydsbank.com/current-accounts/vantage.asp
http://www.bankofscotland.co.uk/bankaccounts/vantage/
http://www.tsb.co.uk/current_accounts/classic_and_classic_plus_accounts.asp

Hi anselld, I didn,t think you could fund one A/c from another from the same bank?
as in LV1>lv2>Lv3>Lv1, presumebly you are meaning the £1k you have to fund each A/c with each month.
I thought they all had to be funded from outside source, in my case Hsbc, although I cannot see it in the T&C,s on the link you,ve given? doesn,t mention source at all..
Seems I haven,t quite grasped it yet:-)
Thanks for other links, much appreciated.
I check all my bank A/cs,(several) weekly, no longer, a lot can happen in a week, as a Politician once said;
Wife always says I,ve got OCD:-) et.al

Archi_Bald

joe134 wrote: »

Hi anselld, I didn,t think you could fund one A/c from another from the same bank?

You can, in the case of Lloyds, BoS, Halifax and TSB.

YorkshireBoy

joe134 wrote: »

I thought they all had to be funded from outside source

To the best of my knowledge, the only accounts requiring external funding are:

Santander 1-2-3
Nationwide FlexDirect
YB/CB Current account Direct

You're currently* OK to internally cross-fund:

Lloyds Vantage
BoS Vantage
TSB Enhance
Halifax Reward


* But be sure to thoroughly read any notices of variation they send you in case this changes in the future.

joe134

Archi_Bald wrote: »

You can, in the case of Lloyds, BoS, Halifax and TSB.

Hi Archi, didn,t know that.Bit confusing as it says Vantage linked to basic current A/c?
Am I correct in thinking all these 3 banks are under the same license?
Also, if they are indeed seperate banks, I can have 3 with each=9 A/c,s @ £5k each =£45K,
No DD,s needed?
Giddy just reading it:rotfl:

Archi_Bald

Yes, each allowing max 3 of these accounts. SO even if they all shared the same licence, you would most likely be safe.

But they don't. Lloyds have their own licence. TSB share with C&G. Bank of Scotland and Halifax are sharing a licence, also with a whole bunch of others.

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

Ref your other Qs, why not read the T&Cs?

joe134

YorkshireBoy wrote: »

To the best of my knowledge, the only accounts requiring external funding are:

Santander 1-2-3
Nationwide FlexDirect
YB/CB Current account Direct

You're currently* OK to internally cross-fund:

Lloyds Vantage
BoS Vantage
TSB Enhance
Halifax Reward


* But be sure to thoroughly read any notices of variation they send you in case this changes in the future.

Thanks Y, I think the pennies dropping now, I,ve misread for existing customers to upgrade?
As long as I fund each A/c with £5K on opening, then set up SO,s afterwards from one to another, it stays within the system?

YorkshireBoy

joe134 wrote: »

As long as I fund each A/c with £5K on opening, then set up SO,s afterwards from one to another, it stays within the system?

Yes.

The SOs are optional though. I choose to do manual transfers for several reasons, one of which is that straight £1K transfers on 3 accounts might draw attention (if ever they decide to scrutinise account conduct).

I just log on and, say each of my Lloyds Vantage has earned £16.03, transfer:

£1016.03 from 1>2
£1032.06 from 2>3
£1048.09 from 3>1

And finally, £48.09 from 1>external account.

Takes less than one minute a month.

joe134

YorkshireBoy wrote: »

Yes.

The SOs are optional though. I choose to do manual transfers for several reasons, one of which is that straight £1K transfers on 3 accounts might draw attention (if ever they decide to scrutinise account conduct).

I just log on and, say each of my Lloyds Vantage has earned £16.03, transfer:

£1016.03 from 1>2
£1032.06 from 2>3
£1048.09 from 3>1

And finally, £48.09 from 1>external account.

Takes less than one minute a month.

Hi Y,
Good idea, thanks for that,
just done the 3 Lloyds online ok, received e-mails and set up online banking at same time, just have to wait for activation code,? although I,ve already logged on and seen A/c,s online;
Just need to fund all 3 with £5k from hsbc, and then either , do as you say, or set up 3 SO,s.
Alright doing it manually, BUT, wife wouldn,t know how, and if I aint around or forget, with all 9, et.al,,it won,t get done? BUT,I See your point of view and agree with you;
Worst that can happen with SO,s is they stop you doing it or close A/c. No rules to say cannot be done that I can see in T&C,s, but, I miss a lot:rotfl:

anselld

Archi_Bald wrote: »

And the monthy £1Ks

No! That is exactly the point, that the monthly £1ks do *not* come and go from LLoyds they just go from one Lloyds to another.