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LLoyds TSB Vantage loophole

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  • D1zzy
    D1zzy Posts: 1,500 Forumite
    yes
    chris1 wrote: »
    And they weren't bothered about it?

    Do you know whether it can be done online, or by phone?

    Thanks

    Thay weren't bothered at all - I told them exactly what I was going to do and they said "your not the first" and just set up 6 accounts.
    You can set up on line but you don't have the option for no cheque book or card. You will also have to add "vantage" at a later date and may need to contact the bank to do that. I was unable to add vantage to my original account online but that may have been because I already had plus
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    edited 28 April 2009 at 1:32PM
    yes
    How long does it take for an existing customer to get the new accounts opened and changed to Vantage?
    Dagobert
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    yes
    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.

    Confirmed with bank manager - you do not have to have an existing LLoyds account - just turn up with identity/money laundering docs (eg passport + any bank statement) and they will set up accounts for you. This is a current account.
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    yes
    Dagobert wrote: »
    How long does it take for an existing customer to get the new accounts opened and changed to Vantage?
    Took me 10 mins in the bank - by the time I got home I could put money into the accounts online
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    yes
    I just looked at their site: This is not an interest rate that expires after one year?
    Dagobert
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    yes
    No - but they can pull it/change it when they want. BM checked if there was anything in the pipeline - nothing at the mo.

    If they change it - I'll just close 'em and move the money. I'm planning to use the accs as holding accounts for maturing fixed rate bonds -until I can find somewhere better to put it. Hope fully there will be few more improved 1 year Fixed rate bonds as the year progresses
  • dazeruk
    dazeruk Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 4 May 2009 at 7:10PM
    yes
    For existing LloydsTSB customers:-

    Log in online, under 'Apply Online' select 'Current Accounts'
    Easy application process, only additional information I was asked for was employment details. The account was created overnight and was available the following morning.
    Now log in again and select 'Upgrade' next to the new account.
    You will now be presented with the option to upgrade to one of their chargable accounts.
    Don't select 'Upgrade' from this screen, select 'View our other accounts'
    Select 'Classic account with Vantage'
    Upgrade is instant.
    Transfer your money and enjoy the interest.
    As pointed out the terms and conditions state £1,000 must be deposited into the account each month, but doesn't place any restrictions on the source of this money.
    I set up two standing orders transferring £1,000 between my two accounts and back again.
  • D1zzy
    D1zzy Posts: 1,500 Forumite
    yes
    The downside of this process is that there is no option not to have a cheque book and debit card"
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    yes
    D1zzy wrote: »
    The downside of this process is that there is no option not to have a cheque book and debit card
    That's if you don't want either.

    For anyone who wants to use these as instant access accounts (without dropping below £5K!) cheques and card would be very handy, particularly seeing as Faster Payments are not working, not reliably anyway.
    Dagobert
  • chris1
    chris1 Posts: 582 Forumite
    Part of the Furniture 100 Posts
    Dagobert wrote: »
    That's if you don't want either.

    For anyone who wants to use these as instant access accounts (without dropping below £5K!) cheques and card would be very handy, particularly seeing as Faster Payments are not working, not reliably anyway.
    Seven would be a bit of an overkill though... Has anyone found how to open online (or by phone) without generating cheque books and debit cards?
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