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stphnstevey

Baldur wrote: »

LTSB are currently restricting the number of Vantage accounts to three per customer, those with more will probably have opened them prior to the change of rules.

I've managed to open 4 recently, one in branch and then 3 online. Just opened my forth, slowly opening them online. Haven't yet been able to see if 3rd and 4th have been payed interest till next month.

Baldur

stphnstevey wrote: »

I've managed to open 4 recently, one in branch and then 3 online. Just opened my forth, slowly opening them online. Haven't yet been able to see if 3rd and 4th have been payed interest till next month.

That's why I said 'probably', there always will be those who try to work around the system.

stphnstevey

Baldur wrote: »

That's why I said 'probably', there always will be those who try to work around the system.

Don't we all!

colind2

I see on the Lloyds TSB website, that anything over £7k in the Vantage account gets the normal rate of interest (0.1%). So would it make sense to try and keep the account at £7k somehow? Pay in the £1k a month to get £8k but then move it out again after a few days to some other high interest account? Or move it via the Halifax Reward account to get your £5 then off somewhere else?
Do the banks have a minimum time that the cash has to be in these accounts does anyone know?

KTF

There is no min time for the money to be in the account. I have a balance of 7k across several Vantage accounts and transfer in 1k to account 1, move it between account 2, 3, etc then transfer it out within a few minutes.

Baldur

colind2 wrote: »

I see on the Lloyds TSB website, that anything over £7k in the Vantage account gets the normal rate of interest (0.1%). So would it make sense to try and keep the account at £7k somehow? Pay in the £1k a month to get £8k but then move it out again after a few days to some other high interest account? Or move it via the Halifax Reward account to get your £5 then off somewhere else?
Do the banks have a minimum time that the cash has to be in these accounts does anyone know?

My Vantage and Reward accounts have a brief acquaintance with £1,000 per month (as long as it takes to FP from another account to Halifax, transfer it between my 3 Reward accounts and FP it back out - maybe a couple of minutes). My 3 Vantage accounts send £1,000 to each other on the same day each month, so the £7,000 balance remains the same in each, effectively.

The rewards/interest are whisked off to a savings account as soon as they are paid.

colind2

Great. Thanks for the information. I'll see if I can open those accounts.
Cheers:beer:

stphnstevey

Baldur wrote: »

My Vantage and Reward accounts have a brief acquaintance with £1,000 per month (as long as it takes to FP from another account to Halifax, transfer it between my 3 Reward accounts and FP it back out - maybe a couple of minutes). My 3 Vantage accounts send £1,000 to each other on the same day each month, so the £7,000 balance remains the same in each, effectively.

The rewards/interest are whisked off to a savings account as soon as they are paid.

Nice plan!

How long does Fast Payment take and how do you know if your bank can do it?

Is that manual transfers?

Love the Vantage account idea - I had £1000 cycling around them, but as you have done, no need.

Is the reason you don't do the same as the Vantage trick with your Reward Accounts because you don't need to keep anything in them?

How did you manage to get 3 reward accounts?

Do you just work out the interest to withdraw from the Vantage accounts?

10_66

stphnstevey wrote: »

How long does Fast Payment take and how do you know if your bank can do it?

THIS link tells you whether your bank accepts FP. THIS link tells you the sending limits for FP.

stphnstevey wrote: »

How did you manage to get 3 reward accounts?

Before November 2009 (when they introduced the new limits) you could have 3 Reward accounts (infact some have been able to get more than that).

stphnstevey wrote: »

Do you just work out the interest to withdraw from the Vantage accounts?

The interest is paid into the Vantage accounts at the beginning of the month, so once paid in you can take out exactly that amount. Some choose to have a slightly lower balance than £7,000 to cater for leaving the interest in the account so as not to take it over the £7,000 balance when interest is paid.

J_Drake-Wilkes

Is there a better savings rate for those over 50 or over 65?