Santander 123 Account to save £14,000

tiggit

If I could stay with Lloyds I'd love to as a branch very close and what I'm used to. So let me get this straight..

Set up two Vantage accounts off the back of my current account (is this allowed?) One named A and one B

Put £7.5k in A then £7.5k in B. Then each month transfer £1000 from A into B then transfer it back to A?

Hope I've explained that correct, a couple of questions?

1. I have one "Select" account with Lloyds, can I have two Vantage accounts with this?
2. Is this common practice to get the best rates by transferring money?

Archi_Bald

You are allowed 3 Lloyds Vantage accounts (not sure you are allowed any non-Vantage current account in addition, and I don't know what Lloyds Select is).

The max you get interest for is £5K in each account.

Lots of people here have 3 Vantage accounts at Lloyds and at BOS, and other current accounts at other banks.

Funkyfreddy

tiggit wrote: »

If I could stay with Lloyds I'd love to as a branch very close and what I'm used to. So let me get this straight..

Set up two Vantage accounts off the back of my current account (is this allowed?) One named A and one B

No, ideally "add" Vantage to your existing account.

Open two more Current Accounts - "add" Vanatage to these two.

tiggit wrote: »

Put £7.5k in A then £7.5k in B. Then each month transfer £1000 from A into B then transfer it back to A?

No - you earn no interest above £5K so with the above you would only be earning 3% on £10K of your total balance - you would need three accounts.

tiggit wrote: »

Hope I've explained that correct, a couple of questions?

1. I have one "Select" account with Lloyds, can I have two Vantage accounts with this?
2. Is this common practice to get the best rates by transferring money?

1. It seems three current accounts with Lloyds isn't a probem.
2. Common for many on here - as to the majority of Lloyds customers probably not.

FF

zermattbusby

Slightly off topic, I would like to open a 123 a/c but don't have any direct debits set up (two required) is there a trick to obtaining a couple without going to any great expense? Cheers

tiggit

Right Ok, thanks very much for that Funkyfreddy.

So I need to open two other Lloyds accounts, can this be done in one phone call to the bank or would I do them on separate phone calls?

In regards to the interest, so they would only pay me 3% on £5k (£150) nothing more? For example is I had £7k in there, they would only pay me the interest on £5k of that £7k?

Not very financial savvy at the moment, so thanks for your patience, hope this post makes sense

Thanks in advance

neil324

Anyone opened two 123 accounts. And how long did you wait before applying for the second.

Funkyfreddy

zermattbusby wrote: »

Slightly off topic, I would like to open a 123 a/c but don't have any direct debits set up (two required) is there a trick to obtaining a couple without going to any great expense? Cheers

A Tesco Internet Saver account comes in handy for direct debits on several accounts.

Donate some of your interest to a charity by monthly D/D - loads to choose from.

FF

Archi_Bald

tiggit wrote: »

In regards to the interest, so they would only pay me 3% on £5k (£150) nothing more? For example is I had £7k in there, they would only pay me the interest on £5k of that £7k?

Assuming you meet the account requirements and that Lloyds will not withdraw / change interest on Vantage accounts, you will get, over 12 months

• £118.50 net after BR tax if your account always holds £5,000 for an entire year
• £118.50 net after BR tax if your account always holds at least £5,000 for an entire year. You will not get a penny more interest if your account always holds e.g. £7,500

Check out http://www.lloydsbank.com/current-accounts/vantage.asp to understand the numbers.

Archi_Bald

Funkyfreddy wrote: »

A Tesco Internet Saver account comes in handy for direct debits on several accounts.

Donate some of your interest to a charity by monthly D/D - loads to choose from.

Direct Debit ideas

Carnival789

Hi tiggit

I opened my 123 a/c a few months ago and love it. An added bonus of holding the 123 current account is that you can get the 123 credit card for free for a year, giving you the chance to earn great cash back rates on certain purchases.

To the other question somebody else raised, I have a 2nd (joint) 123 a/c as well and opened this at the same time as my sole account. No point in hanging around!!