Club Lloyds & BoS Vantage Interest Rates Dropping

typistretired

And my Marcus rate reduces in October too! What a pain, you would think they didn't want our savings!

adindas

surreysaver wrote: »

At this rate, it'll be worth upgrading my Santander 123 Lite to a full 123 again...

Indeed If you have £20k across LBG this is a better option.
0.3% of £20K is £60 vs (£4*12) = £48 additional fee on Santander; So net difference is £12.

Another advantage with Santander 123 is that you could consolidate all of your standing orders in one place instead of splitting it into 4 different accounts, so less risk of overdrawn if you are not careful.

Disadvantage is that you will need to reroute your SOs from LBG to Santander. But based on my personal experience you could do it quickly if you do this on PC with multiple Windows / Tabs and do copy and paste to avoid typing error in writing account number and reference.

You will need a feeder account to generate SOs to feed your Regular Savers anyway. So if you reduce the balance on LBG to a minimum you will need to find somewhere else to replace it.

Upgrading Santander lite to Santander 123 is the best option at the moment.
If anyone else have a better idea to replace LBG accounts as feeder accounts instead of Santander 123, I will appreciate that.

MiserlyMartin

1.2% is pretty poor. It's only worth keeping for the club Lloyds benefit

surreysaver

adindas wrote: »

Upgrading Santander lite to Santander 123 is the best option at the moment.
If anyone else have a better idea to replace LBG accounts as feeder accounts instead of Santander 123, I will appreciate that.

NatWest Savings Builder? I'll probably resurrect mine. You'll need a NatWest current account to funnel the money through from October, though.
Just got to make sure you empty the Savings Builder to £50 more than the previous month a couple of working days before the month end.
I'll probably send money from Savings Builder to BoS & Lloyds a few days before month end ready for all my standing orders on the 1st. That should also satisfy the minimum pay-ins for the BoS and Lloyds accounts.

xxdeebeexx

surreysaver wrote: »

NatWest Savings Builder? I'll probably resurrect mine. You'll need a NatWest current account to funnel the money through from October, though.
Just got to make sure you empty the Savings Builder to £50 more than the previous month a couple of working days before the month end.
I'll probably send money from Savings Builder to BoS & Lloyds a few days before month end ready for all my standing orders on the 1st. That should also satisfy the minimum pay-ins for the BoS and Lloyds accounts.

Hi surreysaver, so if my balance at end of month was £200 but in the lead up to the end of month was £8000 do I get the 1.5% interest on the £8000?
Then next month £250 at end of month + repeat?


tia


dx

surreysaver

xxdeebeexx wrote: »

Hi surreysaver, so if my balance at end of month was £200 but in the lead up to the end of month was £8000 do I get the 1.5% interest on the £8000?
Then next month £250 at end of month + repeat?


tia


dx

Yes. You need to take the money out before the end of the second to last working day of the month. So if last month you had £50 in it, this month you need to have £100 in it. Between the second to last working day of each month you can have as little or as much as you want in the account (but amounts over £10k you don't earn 1.5%)

dcs34

surreysaver wrote: »

Yes. You need to take the money out before the end of the second to last working day of the month. So if last month you had £50 in it, this month you need to have £100 in it. Between the second to last working day of each month you can have as little or as much as you want in the account (but amounts over £10k you don't earn 1.5%)

You ruddy genius you, I've stopped using my account when it became too unsustainable to keep growing it...

surreysaver

dcs34 wrote: »

You ruddy genius you, I've stopped using my account when it became too unsustainable to keep growing it...

When it became unsustainable, I just emptied it for a month and begun again. Don't forget a couple of years ago it was 1.5% on up to £5k, but its £10k now, so takes twice as long to become unsustainable.

stphnstevey

surreysaver wrote: »

NatWest Savings Builder? I'll probably resurrect mine. You'll need a NatWest current account to funnel the money through from October, though.
Just got to make sure you empty the Savings Builder to £50 more than the previous month a couple of working days before the month end.
I'll probably send money from Savings Builder to BoS & Lloyds a few days before month end ready for all my standing orders on the 1st. That should also satisfy the minimum pay-ins for the BoS and Lloyds accounts.

Why not Marcus at 1.5% for infinite amount?

surreysaver

stphnstevey wrote: »

Why not Marcus at 1.5% for infinite amount?

Because I already have a NatWest Savings Builder, so saves more mucking about. I have a flexible offset mortgage at 1.5%, so any surplus cash goes there, which means that it won't contribute to my taxable allowance.
Also not sure if Marcus does Faster Payments or not?