Lloyds Vantage benefits finally ends....

Yorkie1

As innovate has cryptically referred to (!), have a look on the Banking forum on here. There are a few threads on this already ...

http://forums.moneysavingexpert.com/forumdisplay.php?f=20

sjw1

I've seen TSB are introducing (have introduced) the new Plus account - but that's only upto balances of 2K? Are they also going to be doing the same as Lloyds and introducing Club/phasing out Vantage?

innovate

Yorkie1 wrote: »

As innovate has cryptically referred to (!), have a look on the Banking forum on here. There are a few threads on this already ...

http://forums.moneysavingexpert.com/forumdisplay.php?f=20

Cryptic or explicit references, doesn't seem to matter on here. Some people seem to have no more than a nano-second to look at what has already been posted. As has already been confirmed in the post following yours.

MrRee_2

Switch to Club, simple .... and what I have done.

YorkshireBoy

MrRee wrote: »

Switch to Club, simple .... and what I have done.

Some will have more than one account. Many have 3...a few more have up to 7 Vantage accounts. Any "simple" suggestions for the other 6 accounts?

G_M

YorkshireBoy wrote: »

Some will have more than one account. Many have 3...a few more have up to 7 Vantage accounts. Any "simple" suggestions for the other 6 accounts?

If you already have say

* 7 Lloyds Vantage
* 3 BOS Vantage
* 3 TSB Enhance
* 2 TSB Plus
* 2 Santander 123
* and the 1st year only Nationwide

Then, no, your only option is a single Lloyds Club.

(above assumes no joint accounts)

unless you no different....

Archi_Bald

If these account were all maxed, this would amount to £111,500 + £5,000 in Club Lloyds, £116,500.

You would only want this much in instant access cash in exceptional circumstances, e.g. the need for a large deposit for your house / yacht / Lamborghini in the short term.

By July 1, you could have offloaded £15,000 into an ISA, If you really want to, you can put the lot into a 3% 90-day notice cash ISA, but you would most likely get a better return over the medium and long term (assuming you expect to live) if you put it into an appropriately selected fund(s) in an S&S ISA.

You can also consider unwrapped investments. Or use some of the money to have a gamble with Premium Bonds. Plus, there are plenty of regular savers to feed.

£300 * FD 6% (*)
£250 * HSBC 4% (*)
£400 * Club Lloyds 4% (*)
£1,250 * Newcastle BHS 3% (**)
£1,000 * Nationwide Reg Saver 2.5% (**)

That's £3,200 a month, £38,400 a year.

(*) can re-start after maturity (12 months)
(**) Newcastle and Nationwide are rolling accounts so don't mature after 12 months. Both need monthly deposits for best interest - see T&Cs.

jimjames

I've only just opened Nationwide plus 2x TSB and even that is enough for me. I guess I just run with very low levels of cash compared to the max you'd need for all those accounts.

Shame TSB don't pay anything on higher balances or I'd consider moving my current account but doing so would waste the 5% at the moment.

bsms1147

Stubod wrote: »

..its been a good run....but now Lloyds have advised their interests rates dropping from 3.0% to 1.5% ......time to move I think...but where???...already have a Santander...(so DD's already committed)......but how much longer will that last....???

Well this came out of the blue.

bowlesbargain

Thanks to Stubod for his post I had the letter yesterday and was going to go to Santander but thanks to all the other post I am going into Lloyds this morning to move my account to the club account. I only follow this link so would have missed the other sections re Lloyds thanks again