Lloyds Vantage Current Account

LemonTree_3

Folks,
I've "upgraded" my Classic Plus Account to a Vantage Current Account
to benefit from the interest rate 4%.
I intended to put in £7K and pay in £1K each month (and withdraw £1K
right away).
But now I've just realised that was a mistake - the 4% interest
is only paid for my balance between £5K and £7K. I would get a much lower
rate of interest for the balance below £5K, right?
I thought interest of 4% would apply to the whole balance...
Could you just confirm that this correct?

Thanks!

apt

Yes 4% does apply to the whole balance in the circumstances you outline. Vantage seems to be taking the place of Egg Money on this board as the subject about which people keep asking the same questions.

lpgm

whu wrote: »

The 4% only applies to the balance between 5k and 7k - anything less or more gets 0.1%

You get 4% on everything up to £7k, if your total balance is more than £5k.

snarffie

I've seen some onerous criteria recently, but this takes the biscuit!

You have to have a balance of BETWEEN £5k and £7k to get the 4% interest, but anything over £7k qualifies for nearly NO interest, so a daft £2k 'window of opportunity' there...

Ah, and you MUST put £1k in each month, which means you have to withdraw it every month, because you'll go over the £7k (assuming you want to maximise the offer).

Shenanigans, I tell you!:eek:

nicko33

I haven't seen it specified anywhere, but is the interest calculated daily?
i.e.
if on day 1 the balance is 6000 you get 4% for that day
on day 2 the balance is 4000 you get 3% for that day
etc.

I think i'm better off with the Classic+Plus and putting any excess against my offset mortgage

It doesn't want to let me upgrade online anyway - keeps giving me
"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."

simax

Interest is calculated daily, yes.

And if, for example, your balance is £7,000.01, you'd get 4% on the £7,000 and 0.1% on the spare penny