The Top Easy Access Savings Discussion Area

ericpode

Also don't forget Lloyds Vantage for 3x £7k x 2 = £42k and A&L current account at 5%.

My AA Savings rate has just dropped to 0.5% which has prompted me to do look into moving accounts.

I already have a Lloyds Vantage filled to £7K and I guess I could open another 2 to take the transferred cash from my AA savings account. Is there any problem with opening the extra 2 Vantage accounts and transferring the qualifying 1k INTERNALLY between the accounts?

Also I already have a A+L current account which I got a few years ago and probably getting very little interest on. Can I tell A+L to convert it to one of the new current accounts giving 5% for 12 months?

I know I won't qualify for the introductory £100 cashback as I am already a A+L customer, but the notes on their web site aren't very clear about existing customers converting their current accounts to the new 5% type, or opening a new 5% account.

Mr._H_2

ericpode wrote: »

Is there any problem with opening the extra 2 Vantage accounts and transferring the qualifying 1k INTERNALLY between the accounts?

No. I have done this personally several times so can confirm it definitely works.

ericpode wrote: »

Can I tell A+L to convert it to one of the new current accounts giving 5% for 12 months?

No idea but there's no harm in asking A&L. Let us know what they say…

ericpode

Thanks. Well I logged into my Lloyds current and used the "Apply Online > Day-to-day > Current Account" link on the right of the screen, and got the following message:

Sorry, we can't offer you a secondary current account.



Do you have to apply for the new account over the phone?

Mr._H_2

ericpode wrote: »

Thanks. Well I logged into my Lloyds current and used the "Apply Online > Day-to-day > Current Account" link on the right of the screen, and got the following message:

Sorry, we can't offer you a secondary current account.



Do you have to apply for the new account over the phone?

This is odd. I opened all mine over the web. Maybe they're clamping down on multiple Vantage accounts

Try over the phone and/or in-branch.

ericpode

Maybe they're clamping down on multiple Vantage accounts

I think you are right. I phoned them and was eventually put through to someone who proceeded to ask me loads of questions about my personal circumstances and income etc. Way more hassle than I expected to open what I effectively wanted to use as a savings account. So I politely aborted the phone conversation.

Looks like the new Northern Rock at 3% is the next best option.

caper7

I went into my local branch of Lloyds and was able to open 3 classic accounts, all with vantage, and then set up all three standing orders between the accounts.

My question is that with £7000 in each account you only get 3.93% interest not the 4% AER since there is no interest payable on amounts over £7000, mathematically is there any advantage in putting a little less in and therefore allow room for the interest?

What does everyone else do with the interest?

G_M

ericpode wrote: »

I think you are right. I phoned them and was eventually put through to someone who proceeded to ask me loads of questions about my personal circumstances and income etc. Way more hassle than I expected to open what I effectively wanted to use as a savings account. So I politely aborted the phone conversation.

Looks like the new Northern Rock at 3% is the next best option.

Depending on the likeihood of needing the cash and reason for an instant access account, you could look at the M&S 3 year bond. Pays 3.5%. You can get the cash back any time with a penalty: £100
For me that works fine. I don't think I'll need the money so 3.5% is good, but I have the reassurance that for a nominal £100 I have the option to close the account early.

ahai1

Do I get a account number and sort code with Post Office or is it all done by direct debit?

DLetter

Do Nationwide want to keep OLD customers, or just get new ones.

The Saga:
Both of us had difficulties with signup. Gave them ALL our details (incl Passport # & Driving license # !!) but they didn't find us - even though Nationwide is our BANK!.

Eventually sent them (their own) statement & got an a/c, but you have to login separately and the new Mysave a/c doesnt show up in the list of a/cs in their (old) Internet Bank system - though they say it should.
When I contacted them to say in hadn't appeared after more than 3 days.
They replied with "... it if doesnt show up in 3 days, please contact us"

Transferring from money from the old a/c to the (new) MySave a/c is also cumbersome and open to error. Rather than risk error - we have opened an account elsewhere - and moved the money there.

slush

ericpode wrote: »

Is there any problem with opening the extra 2 Vantage accounts and transferring the qualifying 1k INTERNALLY between the accounts?

Also I already have a A+L current account which I got a few years ago and probably getting very little interest on. Can I tell A+L to convert it to one of the new current accounts giving 5% for 12 months?

I know I won't qualify for the introductory £100 cashback as I am already a A+L customer, but the notes on their web site aren't very clear about existing customers converting their current accounts to the new 5% type, or opening a new 5% account.

The extra Vantage accounts will be fine with internal transfers. You'll find loads of us on here that have no problems doing it.

I dont think you can convert your existing A&L account, but you can certainly have multiple current accounts running with A&L (now Santander) all at the same time, paying 5% on a max of £2500 in each one. The OH and I currently have a total of 7 of them open. You need to keep an eye on the limits to get the best from them, e.g. pay in £1000 monthly right up until account closure (not just the end of the high interest period) and get you head around their Faster Payments.

I expect someone will argue that its not worth it for the extra interest...