LTSB - Vantage Account - worth it?

isofa

I'm considering upgrading my standard LTSB current account to "Vantage" i.e. 5% interest on balances up to 7K, providing to deposit 1K per month.

I often don't put that much money into my current account, so it appears on months I don't it'll just get the standard low interest rate.

All seems fine, any other hidden catches, anyone using it now and happy with it?

Paul_Herring

You need to deposit £1,000 per month in order to get those interest rates, not just have the tiered amount in there.

isofa

Paul_Herring wrote: »

You need to deposit £1,000 per month in order to get those interest rates, not just have the tiered amount in there.

Yeah I got that, and months you don't you just get the basic low rate, but no other hidden catches I assume?

MrTGB

There is a catch if you have a older premium account where there are normally monthly charges but if you opened the account before a certain date and keep above a set balance all month you get free banking.

If you convert to a Vantage, you have to start paying the monthly charges. This includes Gold, Platinum and Premier accounts. Basically they will not give you interest (other than 0.1%) and free premium services.

You also only get interest on the first £7,000.

If you have a standard Classic account it is worth having the Vantage.

isofa

Thanks Mr TGB, that's exactly what I have, I'll convert it over!

payless

if you don't think tou are likely to have the 5-7K in the account ( as need at least £5k to earn the full 5% ) , you might be better off with the plus account 4% ( and a internet saver on the side)

isofa

Thanks guys, switched it over this afternoon, I try not to keep large sums in it, but usually a couple of thousand and occasionally a bit more. I didn't really want the extra fee based accounts, because I don't need their extras.

Will see how it goes.

BTW converting was very simple, sign a quick form, and all done, usual good LTSB service!