Lloyds Vantage

System

The alternate would be to have the savings of £3k in my Clydesdale account gaining 4% interest but this account is my day to day current account and my savings might all too easily be used

YorkshireBoy

anotheruser wrote: »

Because sometimes it doesn't work quite right.

I'm aware of that, but at the time I wrote that, the OP hadn't divulged they were planning on using SOs...that only became clear in post #3.

I'm not desperate for the £1K to be in any account, so long as it is cycling round the correct ones in the right order and lands back where it started then that's fine.

Have you quantified the 'cost' of your approach? Looks like a circa 10-15% reduction in return to me?...unless your accounts aren't full to the brim.

YorkshireBoy

retiredin2011 wrote: »

When I transfer money between my accounts in different banks I am logged into both banks at the same time.


Second the money appears in my Halifax account it is sent back to my Nationwide account.

I'm not sure how you're managing that? I have to log out of Halifax and back in again to update my balances and register the £1K FP deposit.


Could you let me in on your secret?

YorkshireBoy

scgf wrote: »

The alternate would be to have the savings of £3k in my Clydesdale account gaining 4% interest but this account is my day to day current account and my savings might all too easily be used

Hang on!...you already have an account paying 4%? So you're planning to lose 1% AER in interest because you lack self-discipline?


I'd be finding some sharpish if I was you. Giving money away is not one of my strengths!

System

Lol, I take your point. The Clydesdale account only pays interest on funds up to £3k, so having £3k of savings in the account means that I wont get any interest on my monthly £2.5k salary, although to be fair that is rapidly depleted by direct debits and bills.

YorkshireBoy

scgf wrote: »

Lol, I take your point. The Clydesdale account only pays interest on funds up to £3k, so having £3k of savings in the account means that I wont get any interest on my monthly £2.5k salary, although to be fair that is rapidly depleted by direct debits and bills.

Sounds like you need a rethink.


How about forgetting Lloyds Vantage and going with a combination of Nationwide FlexDirect and Clydesdale. Should be able to make an average circa 4.5% AER on your money then...a big improvement on circa 3.5%.

System

Does FlexDirect work in a similar way to Vantage in that I could transfer £1000 out to another bank then straight back in again to qualify?

YorkshireBoy

scgf wrote: »

Does FlexDirect work in a similar way to Vantage in that I could transfer £1000 out to another bank then straight back in again to qualify?

Yes, but unlike Lloyds' (variable) 3% rate, the FlexDirect's 5% rate only lasts a year, before dropping to 1% so diarise to ditch and switch next year.....

System

OK, just successfully opened a FlexDirect account. Will keep £2500 in it and momentarily transfer £1000 in from my salary and back out again.

Thanks!

retiredin2011

Could you let me in on your secret?

No secret, it works possibly because I switch to my savings account and back again, sort of refreshing the account balance.