LloydsTSB Vantage Account - too good to be true?

debtfreein4years

thanks, that explains what just happened when i tried to upgrade my joint account to vantage.

stphnstevey

Was in branch today to give ID for my 1st account opened online - asked Bank Manager who was doing it for me (it's a small branch!) and he said only one per customer. My wife can open one though

superstar_2

exel1966 wrote: »

For info, as of today 23/07/09 Lloyds customers who wish to open an additional current account must now do so in branch. Telephone openings are no longer permitted for existing customers and internet applications are only for NEW customers also.
If you try to open over the phone you will be asked to make an appointment at your local branch which they can sort for you during the call.
This a directive which has been issued by Lloyds-TSB HQ.

I think they may have cottoned on to those of us with multiple accounts.

Saem reason was given today to me. :mad:

KTF

Just to let people know that I have just opened another current account via the online banking and upgraded it to Vantage where previously I was getting a screen saying that it was not possible to open another one online.

Even though I now have 2 accounts up and running, I can still get to the current account application screen via the online banking to open a third. I did not have to call anyone up or go to a branch to open up the second account.

Will give it 24hrs then apply for a third one and see how many I can get open before they realise

exel1966

KTF wrote: »

Just to let people know that I have just opened another current account via the online banking and upgraded it to Vantage where previously I was getting a screen saying that it was not possible to open another one online.

To have opened another account online you would have had to have submitted a false declaration in the process as it clearly states the following when applying ;-

Before you start


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

• I do not have a current account with Lloyds TSB.
• I am aged 18 or over.
• I am a UK resident.
• I am an EU national OR I have permission to stay in the UK for at least 12 months.

By continuing you’ll be confirming that the statements above are true.

I wonder whether LLoyds will have noticed that and what, if any action they will take with regard to your latest account ? The application may not be cross-checked, but if it is ? Ok, you could put it down to a 'genuine' error, but isn't it a little risky declaring something which is then run through the CRA's ?
A little extreme, but you certainley wouldn't want to find a CIFAS marker on your file.

KTF

When I click on the 'Current Account' menu item from the online banking I get the following disclaimer:

Why open another Current Account?

• Help organise your money
  • e.g. you could use it to pay your bills from

• It's a Classic Account so comes with the following:
  • A debit card
  • Free everyday banking as long as you stay in credit
  • Access to your money 24/7

• It's easy to apply

Find out more about the Classic Account

Then by pressing the continue button I see:

It should take only a couple of minutes to fill in our simple Current account application form. You'll just be asked to confirm a few details.
What you’ll need

• We’ll be sending the account confirmation to the address we currently hold for you. If you think these details might be out-of-date please check them. You can do this by going to ‘Personal details’ in the left hand menu in Internet Banking.
• You’ll also need details of your employment.

Are you eligible? By continuing, you confirm that you are:

• a UK resident
• aged 18 or over
• an EU national OR you have permission to stay in the UK for at least 12 months.

Please be aware that we may refer your details to a credit reference agency as part of the application process. If for some reason you don’t qualify for this account, we’ll look at your details and we might be able to offer an alternative account to meet your needs.

Nothing 'fraudulent' going on there as I meet all the criteria thats being displayed.

johnmoney05

You are lucky. My online banking shows like this:-
Sorry. We can't process your account application online.

However, we may be able to process your application in a Lloyds TSB branch but we need to talk to you further about your application.
Simply call into any Lloyds TSB branch with;

• An original document confirming your identity e.g. passport or driving licence.
• An original document confirming your address e.g. utility bill or bank statement.

premierfella

As per KTF.

I have 2 Vantage accounts and am still seeing a link to "set up another Current Account to help manage your money" and, for this reason, I have applied for a third.

The current account is not opened immediately (unlike savings accounts such as Easy Saver), so no doubt my application will be reviewed and approved/rejected depending on the current Lloyds TSB policy.

Update: the third account showed up on online banking next day.

gazelle8760

D1zzy wrote: »

I've been doing internal transfers between my 7 accounts for a couple of months and have received my interest OK

Why would anyone want 7 accounts with the same organization? Lloyds TSB stated that the more cards you have with them, for current accounts, the greater the risk you are to them, I am surprized they have let you have that many.

10_66

gazelle8760 wrote: »

Why would anyone want 7 accounts with the same organization? Lloyds TSB stated that the more cards you have with them, for current accounts, the greater the risk you are to them, I am surprized they have let you have that many.

You don't have to have cards, you can request no cards, cheque books, o/d. They're paying 4% Gross AER, which makes it one of the best variable interest rates around for amounts between £5,000 to £7,000.