re-lloyds vantage closure

joe134

hi guys, when lloyds change their rate, when's best time to close all 3 so I get my interest, and move to 123 a/c?
all rotated 1st of every month internally.
EDIT;;I have a N/wide flexi I never use, would I be better switching to get £100 from santander, and if so, when's best time to set up dd''s? before or after switch
BUT,I have just opened 123 an hour ago, not a switch online, and been accepted..oops;
can have halifax if too late.?

eskbanker

The last day of 3% on Lloyds Vantages is 1 July, then it's 1.5% from 2 July, but if you've already got the target 123 account set up then any time between now and 1/2 July will give you exactly the same amount of interest as it's calculated on daily balances.

I believe you can use a switching service after opening an account but I don't think Santander are offering a £100 switch incentive just now anyway so you're not missing out! Nothing to stop you switching from one of your Vantages into Halifax for £100 though....

joe134

eskbanker wrote: »

The last day of 3% on Lloyds Vantages is 1 July, then it's 1.5% from 2 July, but if you've already got the target 123 account set up then any time between now and 1/2 July will give you exactly the same amount of interest as it's calculated on daily balances.

I believe you can use a switching service after opening an account but I don't think Santander are offering a £100 switch incentive just now anyway so you're not missing out! Nothing to stop you switching from one of your Vantages into Halifax for £100 though....

Thanks E, never thought of switching one of Lloyds.Will go for Halifax swich, but I have Isa's with them?
I have PO online A/c which is on the list, can I set up 2 DD's with them, for different amounts, to qualify,with 123 and halifax ?

eskbanker

joe134 wrote: »

Thanks E, never thought of switching one of Lloyds.Will go for Halifax swich, but I have Isa's with them?
I have PO online A/c which is on the list, can I set up 2 DD's with them, for different amounts, to qualify,with 123 and halifax ?

Halifax switching terms are at http://www.halifax.co.uk/bankaccounts/switch-to-halifax/ and don't exclude holders of other Halifax products from receiving the £100 offer.

I think you need DDs to two separate accounts from both 123 and Halifax rather than multiple DDs to the same account, also I don't know how the PO account works - some such accounts can only have one linked account, others (e.g. Tesco) can have multiples.

joe134

eskbanker wrote: »

Halifax switching terms are at http://www.halifax.co.uk/bankaccounts/switch-to-halifax/ and don't exclude holders of other Halifax products from receiving the £100 offer.

I think you need DDs to two separate accounts from both 123 and Halifax rather than multiple DDs to the same account, also I don't know how the PO account works - some such accounts can only have one linked account, others (e.g. Tesco) can have multiples.

Thanks E, the PO online 10 bank s bonus is due to expire, as always annually, so may just change it to the Santander as it's nominated bank intstead of my main Hsbc, and use it for one of the DD's only.Have to look into multiple links, but it's on the list?
Too many A/cs, difficult keeping check of them.
Considering Lloyds club, but £1500 high with al the l others, one needs a high balance, ( which I have ) just to maintain the feed to them all
, That's why the 9 a/cs were ideal @ 3% with.Lloyds ,tsb,bos.,they self fed, but, all good things end.;Noticed on application, Tesco said it would set up DD straight away, so will wait till 123 details come, and submit them on application, two jobs in 1, and set up both Tesco A/cs.as I have £80 k to move, but want it handy.

joe134

joe134 wrote: »

Thanks E, the PO online 10 bank s bonus is due to expire, as always annually, so may just change it to the Santander as it's nominated bank intstead of my main Hsbc, and use it for one of the DD's only.Have to look into multiple links, but it's on the list?
Too many A/cs, difficult keeping check of them.
Considering Lloyds club, but £1500 high with al the l others, one needs a high balance, ( which I have ) just to maintain the feed to them all
, That's why the 9 a/cs were ideal @ 3% with.Lloyds ,tsb,bos.,they self fed, but, all good things end.;Noticed on application, Tesco said it would set up DD to A/c.
Is this a linked A/c ? and can I link it to my main Hsbc A/c, and also set up DD's to it from 123 etc? because it requires bank details on opening? WHICH?

eskbanker

Yes, you can add one or more linked accounts to a Tesco savings account, and by doing so that initiates a direct debit mandate on each of the accounts you nominate.

joe134

eskbanker wrote: »

Yes, you can add one or more linked accounts to a Tesco savings account, and by doing so that initiates a direct debit mandate on each of the accounts you nominate.

cheers E:beer:

roxy28

I have 3 vantage accounts, but may keep £1 in each when i transfer the money out from the 2nd July, i have never transferd that amount all at once so not sure if i should do 1 account at a time.
There could be a lot of money going out from accounts on the 2nd.

colsten

Unless the payee account is already a confirmed payee: to test your destination account, first send just £1 from one of your Vantages, say Vantage 1. If that arrives ok, you can then make internal transfers from Vantage 2 and 3 to Vantage 1, and - in theory - send the remaining money all in one go.

In practice, sending more than £10K in one go usually sets alarm bells ringing with both, the sending and the receiving bank. So may be split the big payment into two. You can send up to £25,000 out of Lloyds on the same day, so should be able to clean all your Vantages out on the 2nd.

roxy28

colsten wrote: »

Unless the payee account is already a confirmed payee: to test your destination account, first send just £1 from one of your Vantages, say Vantage 1. If that arrives ok, you can then make internal transfers from Vantage 2 and 3 to Vantage 1, and - in theory - send the remaining money all in one go.

In practice, sending more than £10K in one go usually sets alarm bells ringing with both, the sending and the receiving bank. So may be split the big payment into two. You can send up to £25,000 out of Lloyds on the same day, so should be able to clean all your Vantages out on the 2nd.

The account i am sending to is already a payee account, so no need for a test payment but i will split it up when sending, 3 payments on the same day.

Thanks.