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Lloyds TSB 4% interest rate bank account

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King_Drax_I
King_Drax_I Posts: 78 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Savings & investments
It's called the Vantage, and it's open to new and existing account holders alike.

Take a look:

http://www.lloydstsb.com/current_accounts/vantage.asp

It needs £1000 per month turnover and it pays 4% on balances between £5,000 and £7,000. If you already have a Lloyds TSB account, and you manage your banking online, it's worth converting to it as it doesn't cost any more to do so.

Any balance above £7,000 is simply credited at the normal, miserly rate of 0.1% - but you still get the 4% on the first £7,000.

Depending on the size of your stooz pot, it may be worth a look.
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Comments

  • ozzage
    ozzage Posts: 518 Forumite
    Part of the Furniture Combo Breaker
    Thanks for the post King Drax I.

    This seems to be free, and have no catches. What have I missed? It's paying more than the eSavings acount...
  • ozzage
    ozzage Posts: 518 Forumite
    Part of the Furniture Combo Breaker
    hmm...

    139144 - Account Upgrade : Your account already provides you with the very best benefits and savings available from Lloyds TSB on a range of banking and other services.
    Click on any of the left hand menus to continue.

    Can't see any extra criteria to indicate why this wouldn't be possible, but oh well.
  • home_alone
    home_alone Posts: 755 Forumite
    ozzage wrote: »
    hmm...

    139144 - Account Upgrade : Your account already provides you with the very best benefits and savings available from Lloyds TSB on a range of banking and other services.
    Click on any of the left hand menus to continue.

    Can't see any extra criteria to indicate why this wouldn't be possible, but oh well.


    When I tried a few weeks ago I could not do an online upgrade so I called them, they did it over the phone.

    gary
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    moved over to this a few months ago .. you can go classic ( no fee) or value added ( with extras like AA/ travel and mobile cover - but at a cost, so make you they truely add value for you !0
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • SirMount
    SirMount Posts: 16 Forumite
    I'll need to get this sorted asap!! :money:
  • zedyy
    zedyy Posts: 149 Forumite
    Few question:-

    Can this be done to a joint account?

    Whats the penality if you go below £7K?

    And are you sure it doesnt cost to upgrade from a normal current account?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Lots of discussion over in the bank accounts forum....

    Note it's a tiered rate. Drop below 5K and the rate drops so you need to keep moving cash in/out to stay between £5&7K and still meet the rqmt to credit the a/c with £1K per month.
  • steady__eddie
    steady__eddie Posts: 1,455 Forumite
    Part of the Furniture Combo Breaker Uniform Washer
    I popped into Lloyds on Saturday for a "review" well I'd got nothing better to do and I do like their coffee. I must admit that I was expecting to be shown details about life insurance, contents insurance, pet insurance etc. etc. but nothing of the kind. Vantage was suggested to me. I had transferred to Classic Plus last summer and have maintained a £2.5k balance since then. I was informed that Classic Plus is now paying 1.89% but for an extra 500 quid I could exceed this with Vantage. I'm thinking about it.
  • melbury
    melbury Posts: 13,251 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    zedyy wrote: »
    Few question:-

    Can this be done to a joint account?

    Whats the penality if you go below £7K?

    And are you sure it doesnt cost to upgrade from a normal current account?


    Yes it can be a joint account, I switched our Classic current account over to Vantage a few weeks ago. There is no penalty if you have less than £7,000, they pay 4% up to a maximum balance of £7,000. Anything over that only gets a very low rate of interest. Also, you must have at least £1,000 per month going into the account. No it doesn't cost anything to upgrade to this account.
    Stopped smoking 27/12/2007, but could start again at any time :eek:

  • home_alone
    home_alone Posts: 755 Forumite
    zedyy wrote: »
    Few question:-

    Can this be done to a joint account?

    Whats the penality if you go below £7K?

    And are you sure it doesnt cost to upgrade from a normal current account?

    Between £5K and £7K gets the 4% below is on a sliding scale down and above £7K is the normal dismal rate. The only problem (if you can call it that) is trying to keep as high as you can with all the incomings and outgoings each month.

    gary
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