The Top Easy Access Savings Discussion Area

Jonbvn

G_M wrote: »

Definately bad news. With 6 Lloyds Vantage accounts, that's £30K that will need a new home....well, 25 after opening a new Club Lloyds.

Magazine subscription? Big deal! :rotfl:

We were not happy to read this, this morning. We have 18 accounts between us (me & OH) in Lloyds, TSB & BoS.:( It was the main plank of our savings. Looking for another home as we speak.

sabretoothtigger

Can someone remind of the TSB 3% terms. Do I need to have a chunk of money in there on the last day of the month to get interest.

I really need to move that elsewhere for a couple days ideally

Steve_xx

sabretoothtigger wrote: »

Can someone remind of the TSB 3% terms. Do I need to have a chunk of money in there on the last day of the month to get interest.

I really need to move that elsewhere for a couple days ideally

I think that the interest is calculated on a daily basis. So it would not matter as long as there wasn't a zero balance,.

lolamancity

Hi... would anyone more in the know than me recommend what to do with the equity from my impending house sale? i'll be renting, hopefully short term, with a view to find a new house to put this free'd up equity in ASAP, but obviously i can't predict when this may be. This being the case, i can't lock the money away, and will need some sort of account that's easily accessible. For the record, i already have a Santander 123 current account, which has 15k in it, so cant really put much more in that due to it's 20k limit on it being worthwhile. I also have an ISA with nearly 6k in it. The problem i'm having at the moment is that i have so much going on in my life, that whereas in the past i easily kept track of all my money and where it was/what is was doing/what it was for, i can't really start splitting this lump sum up all over the shop because i'm going to end up getting in a tizz with it (my current account balance is made up of bits of redundancy pay i need to live off for a while, savings i already had but put in there for the 3% interest, my ISA is made up of other bits of specific savings, and pots of money that i've been given for my two kids from relatives at birthdays/xmas etc etc!) so basically i could do with a decent rate savings account that you can apply for and manage online - i could also do with opening it now with a minimal opening balance, so that when my house sale completes, the money can go straight in there without jeopordising any of my other accounts!

Hope someone knows the answer more than I! Thanks in advance

Steve_xx

lolamancity wrote: »

Hi... would anyone more in the know than me recommend what to do with the equity from my impending house sale? i'll be renting, hopefully short term, with a view to find a new house to put this free'd up equity in ASAP, but obviously i can't predict when this may be. This being the case, i can't lock the money away, and will need some sort of account that's easily accessible. For the record, i already have a Santander 123 current account, which has 15k in it, so cant really put much more in that due to it's 20k limit on it being worthwhile. I also have an ISA with nearly 6k in it. The problem i'm having at the moment is that i have so much going on in my life, that whereas in the past i easily kept track of all my money and where it was/what is was doing/what it was for, i can't really start splitting this lump sum up all over the shop because i'm going to end up getting in a tizz with it (my current account balance is made up of bits of redundancy pay i need to live off for a while, savings i already had but put in there for the 3% interest, my ISA is made up of other bits of specific savings, and pots of money that i've been given for my two kids from relatives at birthdays/xmas etc etc!) so basically i could do with a decent rate savings account that you can apply for and manage online - i could also do with opening it now with a minimal opening balance, so that when my house sale completes, the money can go straight in there without jeopordising any of my other accounts!

Hope someone knows the answer more than I! Thanks in advance

Unless you are prepared to jump through hoops and/or tie your cash up then there's little you're going to able to do without some work. The best you can hope for is 1.5% on an easy access account.

You mentioned that you have a Sanatnder 123 account and so you would top that up to 20k and then open another. Come July you will have another 15k ISA allowance and you could drip feed that into Nationwides new offering of a regular saver ISA that pays 2.5% (starts Sunday).

lolamancity

Thanks so much for your reply, I feared that would be the case and it wouldnt be as easy as I thought/hoped it might be. I might have to do some playing around then, my existing Santander 123 will have no job income going into it from hereon so I'm going to have to do some mega linking up of bank accounts, purely to maximise the savings but more importantly to keep the £500 deposit each month going into my Santander account so I don't lose it. Hard work this money lark!

Steve_xx

lolamancity wrote: »

Thanks so much for your reply, I feared that would be the case and it wouldnt be as easy as I thought/hoped it might be. I might have to do some playing around then, my existing Santander 123 will have no job income going into it from hereon so I'm going to have to do some mega linking up of bank accounts, purely to maximise the savings but more importantly to keep the £500 deposit each month going into my Santander account so I don't lose it. Hard work this money lark![/QUOTE

All you need here is another current account, say Lloyds, where you can have upto 5k in it earning 4%. You can then use the Lloyds account to shift the £1500 to Santander which more than satisfies that requirement per month, then as soon as it lands with Santander you logon to your account and shift it back to Lloyds which satisfies their requirement of a £1500 deposit per month. You are simply cycling the same money around. New earnings don't come into the equation.

G_M

Steve_xx wrote: »

lolamancity wrote: »

.... You can then use the Lloyds account to shift the £1500 to Santander .... then as soon as it lands with Santander you logon to your account and shift it back to Lloyds which satisfies their requirement of a £1500 deposit per month.

What a hassle! Just set up 2 standing orders to do this automatically every month.

Steve_xx

Lloyds have sent letters stating that from 2 July that Vantage accounts will have their interest tiers reduced by 1.5%. They will also require two "different" Direct Debits on these accounts from that date and the monthly deposit needs to be £1000.

In the booklet that came with the letter on Page 4, section 3, it says this:

Current accounts with Plus.
We are removing Plus from our current account range. This means that if you have any accounts with Plus, you will no longer earn credit interest on them and 'Plus' will no longer appear beside your account name.

I thought that the new account was called Plus? Surely they can't be withdrawing the interest paid on it already? Or is it some older account that they are referring to here?

socrates

Steve_xx wrote: »

Lloyds have sent letters stating that from 2 July that Vantage accounts will have their interest tiers reduced by 1.5%. They will also require two "different" Direct Debits on these accounts from that date and the monthly deposit needs to be £1000.

They can forget that

I predict Newcastle Building Society having a whole heap of money hitting their coffers