LLoyds TSB Vantage loophole

at1cadmen

Open as many as you like.
There does not seem to be any information on this site about the LLoyds tsb vantage account. This account pays 4% interest if you keep between £5000 and £7000 in the account and transfer £1000 in each month.
Sounds like a good idea as where else can you get tht sort of interest. After much discussion with telephone banking, aborted visits to the branch and discussions with the bank manager I have now opened 7 accounts which I have £7000 in each account up to the safe £50000 limit.
I just move £1000 to each account and out again each month and bingo 4%. It appears that unlike Halifax/bank of Scotland where the maximum number of reward accounts is 3 Lloydstsb do not actually have a restriction on the number of accounts you can have. However you will have to be persistent and when they tell you they only allow 2 accounts which is "in the spirit of things" just tell them that you are not interested in the spirit you just want them to open x number of accounts.
I think I have researched this sufficiantly but if I have missed something then feedback is gratefully recieved.

Jonbvn

yes

Seems like a lot of hassle, and you have to open a current account with LTSB. Worth considering if you already have an account with them.

apt

If people did this on a substantial scale Lloyds would either limit the number of accounts or reduce the interest rate or both.

ozzage

Hadn't even thought of it. I've just opened a second current account on-line...

Thanks!

at1cadmen

Jonbvn wrote: »

Seems like a lot of hassle, and you have to open a current account with LTSB. Worth considering if you already have an account with them.

Once the accounts are open ( and the bank manager opened them all for me after a complaining) you just set up auto transfers and the system does it all for you.

[Deleted User]

yes

You may want to change the word Advice to information in your poll. The word advice seems frowned upon since the Icelandic Bank chaos.

Frogletina

yes

at1cadmen wrote: »

Open as many as you like.
There does not seem to be any information on this site about the LLoyds tsb vantage account. This account pays 4% interest if you keep between £5000 and £7000 in the account and transfer £1000 in each month.
Sounds like a good idea as where else can you get tht sort of interest. After much discussion with telephone banking, aborted visits to the branch and discussions with the bank manager I have now opened 7 accounts which I have £7000 in each account up to the safe £50000 limit.
I just move £1000 to each account and out again each month and bingo 4%. It appears that unlike Halifax/bank of Scotland where the maximum number of reward accounts is 3 Lloydstsb do not actually have a restriction on the number of accounts you can have. However you will have to be persistent and when they tell you they only allow 2 accounts which is "in the spirit of things" just tell them that you are not interested in the spirit you just want them to open x number of accounts.
I think I have researched this sufficiantly but if I have missed something then feedback is gratefully recieved.

I have just looked at the details for opening one of these accounts on the Lloyds tsb website

You'll need to be able to confirm all of the statements below. If you can't, please contact any Lloyds TSB branch to talk through your account options.

• I do not have a current account with Lloyds TSB.

Surely this first statement indicates that you cannot have more than one account

premierfella

yes

I think Frogletina that is because you have clicked a link under the following:
Online
If you’re new to Lloyds TSB fill in our simple online application form...

Existing customers attemting to open accounts online are expected to apply by logging into their account online (although it appears to me that there is extra legwork to be done to apply Vantage to the secondary account once it is open).

Frogletina

yes

premierfella wrote: »

I think Frogletina that is because you have clicked a link under the following:
Online
If you’re new to Lloyds TSB fill in our simple online application form...

Existing customers attemting to open accounts online are expected to apply by logging into their account online (although it appears to me that there is extra legwork to be done to apply Vantage to the secondary account once it is open).

Thanks for reply premierfella - I have logged onto my account but I cannot apply there either

Note says 'Sorry. We can't process your account application online'

Looks as though my only option if I want a second account is to apply in the branch

Kez100

Can you have Vantage on a normal current account? We have a chargeable current account at £17 a month and have Vantage added but I don't know if you can add it to the normal free banking account, can you?

Xinpei

Kez, I have what is called the Classic Vantage account. So yes you can have Vantage added with no extra fee to pay monthly.