Lloyds Vantage interest rates drops

kar999

JustAnotherSaver wrote: »

Got my letter today.

Where are the rest of you moving your £15k to?

Hopefully there will be some deals when the NISA's allowance goes up in July to £15k. and it'll be tax free.

Archi_Bald

kar999 wrote: »

Hopefully there will be some deals when the NISA's allowance goes up in July to £15k. and it'll be tax free.

I doubt very much that there will be any deals - - why should there be? Best cash ISA rates bop around 2.3% for a 2-year fix, and greatly lower for instant access.

The tax-free nature of ISAs vs taxable interest in current accounts is generally a red herring but unfortunately a great many people fall for it.

td_007

If you do not already have it then Santander 123 can take up the entire 15K from 3x Vantage (and 5K more) or consider Newcastle Building Soc Big Home Saver account and the corresponding ISA that can each take upto £1250 per month...will take a while depending on the number of accounts you choose to get all the money across.

YorkshireBoy

JustAnotherSaver wrote: »

Where are the rest of you moving your £15k to?

Well £5K of it could stay with Lloyds in their Club account of course [assuming a) you haven't already got an account, and b) you're prepared to jump through a couple of hoops], so there's only £10K to shift.

Might make things easier for you?

Assuming you've already got all the other decent payers then it might be a case of feeding a regular saver ISA (at £1,250 a month) and Club Lloyds regular saver (£400 a month) from whatever account you dump the surplus in. Finding another couple of options might mean you've got it all earning a decent rate again within 4-6 months.

kar999

Archi_Bald wrote: »

The tax-free nature of ISAs vs taxable interest in current accounts is generally a red herring but unfortunately a great many people fall for it.

Not if you pay 40% tax it isnt a red herring.... and according to the IFS there are a million more people now in that band in recent years due to fiscal drag.

I have to agree the ISA deals won't be great but even the current Halifax 2% taxfree 18 month fixed is better than Lloyds1.5% (gross) = 0.9% net.

JustAnotherSaver

td_007 wrote: »

Santander 123

I'm sort of out the loop since i spent all my money on a house deposit. I'm asking for other people these days...

If memory serves, was it you used to be able to have 3 of these but now can only have 2 of them, or is it that you used to be able to have 2 of these accounts but now can only have 1?

bsms1147

One sole, one joint

typistretired

I expect quite a few of us on here will be closing the Lloyds Vantage Accounts come July. This is what you have to do if you want to close:-

To close your current account, please call us on 0800 085 9184 and we will be able to help you. You can call us between 8am and 8pm Monday to Friday & 8am and 6pm Saturday and Sunday. Calls may be monitored or recorded.

will-he-payitoff

typistretired wrote: »

I expect quite a few of us on here will be closing the Lloyds Vantage Accounts come July. This is what you have to do if you want to close:-

To close your current account, please call us on 0800 085 9184 and we will be able to help you. You can call us between 8am and 8pm Monday to Friday & 8am and 6pm Saturday and Sunday. Calls may be monitored or recorded.

Why close them, why not leave a few quid in them and use them for £100 switches as they come up.

Archi_Bald

kar999 wrote: »

Not if you pay 40% tax it isnt a red herring.... and according to the IFS there are a million more people now in that band in recent years due to fiscal drag.

I said the tax-free nature of ISAs v current accounts interest is generally a red herring, and I absolutely maintain that statement.

Over 80% of people are in the BR band, 14% are in the 40% bracket, and 1% in the top rate. The rest are in the 10p rate since their only taxable income is from savings and below a certain limit. Figures based on government stats.

So the vast majority is paying 20%, but even for 40% tax payers, there are still plenty of 4, 5 and 6% accounts that beat just about any cash ISA rate you can find these days.