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Lloyds Vantage
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apt
Posts: 3,232 Forumite
After the latest changes Lloyds have still kept interest rates for their Vantage current account at 5% on balances between £5,000 and £7,000. It's hard to match that in the current climate unless you have the Egg or HBOS fixes that allow additional deposits. Plus if and when Lloyds do slash the rates you can very quickly move the money elsewhere. You do need to pay in £1000 per month by you can meet that by just doing a faster payment in and out.
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Interesting one this. The Vantage rates haven't changed since August, but the Plus rate came down today by 1%, to 2.5%.
I took up the 2% bonus they offered last summer, for 12 months, making a total rate of 4.5% now. So it might be worth moving to Vantage and treating it like a savings account for £7k, like you say.0 -
Hi
I am also interested in the Lloyds Vantage account. Currently paying 4% gross. As stated above, you need to keep a certain amount in there for the 4% to "kick in"
I would value your opinions on this account, its very tempting....0 -
The only catch that I could find is that they draw you in and then in say 3 months time drop the rates to what the market is paying.0
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Hi that 4.00% is only up to the first £7000,after that it drops to the variable rate,you also have to have between 5-7k in the account to get the 4.00%;)0
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What does it happen if the balance is more thann £7.000?Hi that 4.00% is only up to the first £7000,after that it drops to the variable rate,you also have to have between 5-7k in the account to get the 4.00%;)
I though nothing, just earning 4% until 7k and then a very low interest, but I was speaking to the phone banking for another reason and an employee made me note that the account balance has to be under 7k to earn the 4%. Is that true?0 -
What does it happen if the balance is more thann £7.000?
I though nothing, just earning 4% until 7k and then a very low interest, but I was speaking to the phone banking for another reason and an employee made me note that the account balance has to be under 7k to earn the 4%. Is that true?
Yes, as soon as your balance goes over £7K the rate drops on the entire balance. Similarly if your balance goes below £5K the rate drops. And you can't just stuff 7K in and leave it there. It's a condition that you have to credit £1K per month (it's a current account after all) so you need to constantly juggle the balance to maintain the high rate. Too much hastle for me!0 -
Thank you, that is important to know! yes we have to play with it, what a catch they made up.If I look in the rates, I findYes, as soon as your balance goes over £7K the rate drops on the entire balance. Similarly if your balance goes below £5K the rate drops. And you can't just stuff 7K in and leave it there. It's a condition that you have to credit £1K per month (it's a current account after all) so you need to constantly juggle the balance to maintain the high rate. Too much hastle for me!
"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."0 -
Yes, as soon as your balance goes over £7K the rate drops on the entire balance.
No it doesn't.
Only the balance above 7K is subject to the lower rate, anything between 5 and 7K still gets the good rate, even if you have many thousands in the account!Similarly if your balance goes below £5K the rate drops. And you can't just stuff 7K in and leave it there. It's a condition that you have to credit £1K per month (it's a current account after all) so you need to constantly juggle the balance to maintain the high rate.
It drops relative to the balance, not straight back to the lowest amount, e.g: £1+ gets 0.1% (i.e. £1 to £999), £1000+ and above gets 2%, £3000+ gets 3%, between 5K and 7K 4%.
I just setup an internet saver with them and move in 1K at the end of each month and if it's over 7K, I move it back out again in a few days. Easy to check a couple of times a month to keep topped up, money moves instantly between the two. Always been impressed with LTSBs current accounts (just not impressed they screwed up and bought HBOS).0
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