New Lloyds Vantage current account

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  • plunt
    plunt Posts: 525 Forumite
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    went into a branch just under a year ago and they kept opening them up till i got rejected (at 6 i told them to stop as i didnt want to risk getting rejected!)

    been happy ever since. A month or two afterwards they changed the conditions to say only 2 per a customer.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
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    I understand having a Vantage account for the interest and keeping 3 - 4K in there, but 3 of them? I really don't see the point.

    So 15K @ 3% would be £450/year gross.
    But in a 3.2% savings account with no 1K transfer each month, you'd get £480/year gross.

    That's £360 / £384 net basic tax. Sure, thats only £24/year, but this is a money savings site! You'd be getting more money for doing less!
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
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    Gromitt wrote: »
    I understand having a Vantage account for the interest and keeping 3 - 4K in there, but 3 of them? I really don't see the point.

    So 15K @ 3% would be £450/year gross.
    But in a 3.2% savings account with no 1K transfer each month, you'd get £480/year gross.

    That's £360 / £384 net basic tax. Sure, thats only £24/year, but this is a money savings site! You'd be getting more money for doing less!


    It has full current account facilities though and could be used to drip feed a higher paying regular savings account.
  • exel1966
    exel1966 Posts: 4,978 Forumite
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    Gromitt wrote: »
    I understand having a Vantage account for the interest and keeping 3 - 4K in there, but 3 of them? I really don't see the point.

    So 15K @ 3% would be £450/year gross.
    But in a 3.2% savings account with no 1K transfer each month, you'd get £480/year gross.

    That's £360 / £384 net basic tax. Sure, thats only £24/year, but this is a money savings site! You'd be getting more money for doing less!

    Vantage used to pay 4.00% AER up to £7K so at the time was an extremely good account to use. Rates have since dropped meaning it's not such a good account, but it's still very reasonable.

    I still keep my 7 accounts running in the vein hope that the account will once again be at the top of the charts.
  • savetilibleed
    savetilibleed Posts: 1,363 Forumite
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    Gromitt wrote: »
    I understand having a Vantage account for the interest and keeping 3 - 4K in there, but 3 of them? I really don't see the point.

    So 15K @ 3% would be £450/year gross.
    But in a 3.2% savings account with no 1K transfer each month, you'd get £480/year gross.

    That's £360 / £384 net basic tax. Sure, thats only £24/year, but this is a money savings site! You'd be getting more money for doing less!
    I keep my three 'full' using only one of them as my regular current account for DDs etc.

    If, when a fixed interest account is coming to maturity somewhere, and maybe three weeks before I see a good replacement for it, I sometimes use the money in these Vantage accounts for the new offering, plus a bit from somewhere else. Then top the Vantage accounts back up once the old fixed rate funds, having matured, become available.
  • missile
    missile Posts: 11,689 Forumite
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    Gromitt wrote: »
    I understand having a Vantage account for the interest and keeping 3 - 4K in there, but 3 of them? I really don't see the point.

    So 15K @ 3% would be £450/year gross.
    But in a 3.2% savings account with no 1K transfer each month, you'd get £480/year gross.

    That's £360 / £384 net basic tax. Sure, thats only £24/year, but this is a money savings site! You'd be getting more money for doing less!

    My wife and I have a total of 8 Vantage accounts. Where are you getting 3.2% on instant access?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
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    There were a few instant access accounts a while back that were paying 3.2% but not anymore. The AA was one.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
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    missile wrote: »
    My wife and I have a total of 8 Vantage accounts. Where are you getting 3.2% on instant access?

    As stated, they don't exist any more, but I think 5K instant access is sufficient, and now keep the other in a PO Savings account @ 3.2%, some in ISAs at various rates upto @ 4.25% and other savings accounts. Getting any money over 5K by the next working day is enough for me.
  • missile
    missile Posts: 11,689 Forumite
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    edited 27 August 2012 at 10:30PM
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    Gromitt wrote: »
    As stated, they don't exist any more, but I think 5K instant access is sufficient, and now keep the other in a PO Savings account @ 3.2%, some in ISAs at various rates upto @ 4.25% and other savings accounts. Getting any money over 5K by the next working day is enough for me.

    PO online saver account is currently paying 3.01% including the 12 month bonus. Please note this is a variable interest account and rate may drop further. I don't feel it is worth the hassle for +0.01% and I do not feel comfortable saving with the Bank of Ireland.

    I also have maxed out our ISA allowances and we have fixed rate bonds paying up to 4.8% :j
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • Gromitt
    Gromitt Posts: 5,063 Forumite
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    Issue 5 is still 3.17% AER, it's the Issue 6 thats plummeted (down to 3.01%)

    But yes, like I said earlier, the difference is only marginal, and if you don't like BOI, then Vantage is good alternative if you don't mind the transfers each month.
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