Lloyds TSB 4% interest rate bank account

superstar_2

When do you make your first payment once the acc is opened and can you pay in more than £1000/month (still within 5-7K)?

isofa

You can pay in as much as you like (it's just a current account), but need to pay in a minimum of 1K a month to get the vantage interest, obviously if you have a balance over 7K it's not very good as the rate drops dramatically.

You open a normal current account and then apply for Vantage interest.

mary

So if you have say £7100 in the account temporarily, does it mean that you get 4% on the £7,000 and a pittance on the £100, or is the whole lot then at a pittance because it exceeds the £7,000.

Secondly, I already have 2 vantage accounts, can I simply open another online without having to go into a branch as I have a few regular savers maturing this month and can fill up at least another?

00ec25

mary wrote: »

So if you have say £7100 in the account temporarily, does it mean that you get 4% on the £7,000 and a pittance on the £100, or is the whole lot then at a pittance because it exceeds the £7,000.

read message #17 and follow the link, its already been answered on the other thread

dazeruk

mary wrote: »

So if you have say £7100 in the account temporarily, does it mean that you get 4% on the £7,000 and a pittance on the £100, or is the whole lot then at a pittance because it exceeds the £7,000.

Secondly, I already have 2 vantage accounts, can I simply open another online without having to go into a branch as I have a few regular savers maturing this month and can fill up at least another?

You get 4% on the £7,000 and 0.1% on the £100.

I opened my second current account and then converted to vantage all online. Give it a go!!

Don't forget that apart from filling it up, you have to have £1,000 credited each month.

LesU

It looks like Lloyds TSB have closed the multiple account loophole. When you apply for a Classic or Classic with Vantage account,you now have to confirm:- 'I do not have an existing current account?' If you have, you have to go into a branch to apply for a second or third...... Presumably to be refused unless you have a good reason.

mary

I opened nos 3 and 4 in branch last week. No questions asked but was assured that plenty of other people had done the same.

zzzLazyDaisy

I have some money that I'll need to keep in easy access as it will be going out again in a few months.

The Vantage account is ideal, but here's the thing - I already have a fixed cash isa with Loyds TSB, and this money will take me over the £50k threshold until it goes out again.

I'm inclined to think that because the govt has a stake in LTSB it is unlikely to go under - but Martin's article doesn't list it alongside NR & NS&I as 'safe'.

I have done a search but I can't find anything about this - am I barking up the wrong tree?

D1zzy

We have a joint acc with LL - not much money in it, and several vantage accounts in my name only used for savings.
Since each account holders is covered for 50K, I'm working on the assuption that if a crisis was brewing I'd have time to shove everythng into the joint account so we are effectively covered to 100K

(in all honesty I think savings in the major banks will be OK - but I'm still cautious)

JYK

I have had a joint a/c with Vantage for more than a year, last week I opened a solo Vantage A/c and today tried to open another solo A/c but their computer system failed to give this as an option. A call by a very helpful Manager .to Lloyds Procedures Dept resulted in the information that only one Vantage A/c was allowed. A recent policy decision obviously. Glad I got two opened beforehand