We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Top Easy Access Savings Discussion Area
Options
Comments
-
Can you open a 2nd & third 'classic vantage 4% account' without actually visiting one of their branches?
I don`t know, but do you really want to spend time setting up four accounts and every month jiggle £1k in and out plus setting up and leaving at least two DD in each account for the sake of getting £13-33 after tax a month.
(if you tie up £20k in 4 accounts)
If you only set up one account, this gives you £3-33 a month after tax.
You might as well get a Halifax current account, which gives you £5 clear every month and you don`t need to leave anything in it.
OK, there`s no harm in having another current (vantage)but all this juggling is a bit extreme for the little you get.0 -
I don`t know, but do you really want to spend time setting up four accounts and every month jiggle £1k in and out plus setting up and leaving at least two DD in each account for the sake of getting £13-33 after tax a month.
(if you tie up £20k in 4 accounts)
If you only set up one account, this gives you £3-33 a month after tax.
You might as well get a Halifax current account, which gives you £5 clear every month and you don`t need to leave anything in it.
OK, there`s no harm in having another current (vantage)but all this juggling is a bit extreme for the little you get.
Lloyds will only allow 3 Vantage accounts. The maximum sensible amount to keep in there is £6K each - a total of £18K.
3 Vantage accounts can add about £150 a year to a basic rate taxpayer's interest takings. Setting up the required DDs isn't a massive job - see the dedicated Vantage thread.
Exploiting the Halifax £5/mth offer is a good idea - £60 a year for a basic rate tax payer. But this doesn't have to come at the expense of making the best from the Vantage promo.0 -
Exploiting the Halifax £5/mth offer is a good idea - £60 a year for a basic rate tax payer. But this doesn't have to come at the expense of making the best from the Vantage promo.
Are Halifax under the same banking licence as Lloyds? This idea of handing out free dosh to punters came from where?0 -
Why not? You can't get more "instant access" than a current account!
Plenty of MSEers are using them purely for savings purposes, though.
I think dar2008 was being sarcastic!
I have used Vantage accounts as savings accounts in the past, but this new requirement for two DDs does feel like a few too many hoops to jump through.0 -
northerner77 wrote: »Are Halifax under the same banking licence as Lloyds? This idea of handing out free dosh to punters came from where?
They are separately licensed.
The idea of handing out free dosh came from HBOS0 -
I think dar2008 was being sarcastic!
.
Indeed:)I have used Vantage accounts as savings accounts in the past, but this new requirement for two DDs does feel like a few too many hoops to jump through.
It is my belief that you'll only need the DD's set up at the outset, to get the 4% applied. I suspect after it is up and running you could move the DD's to a different bank and / or account, and still retain the Vantage 4%. I've experienced this in the past both with Santander and my current HSBC offer.
On the wider point of the hastle factor of having to move money around every month to benefit from the rates, I agree this is frustrating, but at the same time rewarding:)0 -
Lloyds Vantage account.
* a bit of hastle to set up, but then no hastle thereafter
* call it a current account, savings account, whatever - it's still 4% instant access!
* I have 6 of these (though new applicants are limited to 3)
* A standing order on each one circulates £1000 round them all automatically each month - I log in every 6 months or so to check the interest hasn't pushed the balance over the limit.. That's a hastle?
* the direct debits are an additional hoop, but again, once set up they manage themselves. An annual DD transfer of £1.00?
People come to this thread to find the best place to put their cash with instant access - you can't beat this anywhere.0 -
But I take it that you have only had the 4% rate applied to three out of your six accounts?canaldumidi wrote: »Lloyds Vantage account.
* a bit of hastle to set up, but then no hastle thereafter
* call it a current account, savings account, whatever - it's still 4% instant access!
* I have 6 of these (though new applicants are limited to 3)
* A standing order on each one circulates £1000 round them all automatically each month - I log in every 6 months or so to check the interest hasn't pushed the balance over the limit.. That's a hastle?
* the direct debits are an additional hoop, but again, once set up they manage themselves. An annual DD transfer of £1.00?
People come to this thread to find the best place to put their cash with instant access - you can't beat this anywhere.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards