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Vantage - How long before use (online app)
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Almost immediately, as I already had other accounts and online banking access with LTSB.
I guess that you meant upgraded from Current to Vantage. Yes, you can change it immediately.
It will take 3 working days to apply a new current account even you have online banking with them.
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I guess that you meant upgraded from Current to Vantage.
No, just their FRISA (I had closed my Classic account of 23/24 years standing some months previously, after major issues with LTSB's customer service) - the account was set up by my next log-in (the same day) and I transferred funds into it immediately via FP.
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No, just their FRISA (I had closed my Classic account of 23/24 years standing some months previously, after major issues with LTSB's customer service) - the account was set up by my next log-in (the same day) and I transferred funds into it immediately via FP.
You beat me for that. I have 4 classic vantage accounts. Added one last month, took exact 3 working days to come live. Added another one during this weekend, still no sight of it today.
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You beat me for that. I have 4 classic vantage accounts. Added one last month, took exact 3 working days to come live. Added another one during this weekend, still no sight of it today.
Hi, I'm not currently with Lloyds but am thinking of joining for this vantage account. Can i ask what the point is of opening more than one? as i thought you need a balance in there of 5-7k per month? so would you have to have that in all 4 accounts?
Hi, I'm not currently with Lloyds but am thinking of joining for this vantage account. Can i ask what the point is of opening more than one? as i thought you need a balance in there of 5-7k per month? so would you have to have that in all 4 accounts?
The point of having more than one Vantage account is if you have more than £7k in savings. If you only have £5k, there's no benefit to having more than one. But if, for example, you have £12k saved, you'd only get the 4% on the first £7k in one account - but by splitting it between two accounts, you can get 4% on the whole amount.
The point of having more than one Vantage account is if you have more than £7k in savings. If you only have £5k, there's no benefit to having more than one. But if, for example, you have £12k saved, you'd only get the 4% on the first £7k in one account - but by splitting it between two accounts, you can get 4% on the whole amount.
Hi,
Thanks, i understand what you're saying but wouldnt you earn more interest if you put say 20k into an account as a lump sum earning about 3-4% than earning interest on 3 separate smaller amounts?
Thanks, i understand what you're saying but wouldnt you earn more interest if you put say 20k into an account as a lump sum earning about 3-4% than earning interest on 3 separate smaller amounts?
Say you had £14k to put into savings, and the savings account was paying 4%.
If you put it all into one account, at the end of the year, you'd have:
14000*0.04 = £560
If you split it between two accounts (both paying 4%), then at the end of the year, you'd have:
So the interest you get is the same whether you split it into smaller lumps, or leave it all in one big chunk. This is because it's a percentage, or a proportion, of the money that you have.
But you earn the 'standard interest rate' on anything over £7000
Quote:
Current Accounts with Vantage
Balance Interest Paid MonthlyAER %Gross %Net % £1+ 0.10 0.10 0.08
£1,000+ 2.00 1.98 1.59
£3,000+ 3.00 2.96 2.37
£5,000 up to £7,000 4.00 3.93 3.14
These interest rates are correct as at 02/02/2009.
To get these higher rates of interest paid each month, all you need to do is:
stay in credit during the month, and
pay in at least £1,000, for example your salary, each month.
The first £7,000 of your balance will earn the interest rate in the table above. Any balance over £7,000 will receive the standard interest rate for your type of account.
Thanks, i understand what you're saying but wouldnt you earn more interest if you put say 20k into an account as a lump sum earning about 3-4% than earning interest on 3 separate smaller amounts?
No.
A percentage is just a particular kind of fraction. Half of 100 is 50. Now split the 100 into two - you have 2 x 50. Half of the first 50 is 25. Half of the second 50 is 25. Add the two 25s together and you get 50 - exactly the same as half of the 100.
4% of £10k = £400.
4% of £5k = £200
4% of a second £5k = £200
Add the two £200s together and you have £400 - exactly the same as if you'd had the full amount in one place.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
Vantage - How long before use (online app)
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