LloydsTSB Vantage Account - too good to be true?

cash-magnet

An excellent (savings) account to have. I got my interest payment the other day and a balance of £6999 pays basic rate tax payers a nett monthly return of £18.72.

COOLTRIKERCHICK

so if i constantly kept 5k in the account how much would i get a month?

sorry to sound a bit dim, but its only recently that i have been having money to save, and am i right in thinking that its best to put my money into this account before my ISA which 3.61% which is with barclays

Baldur

COOLTRIKERCHICK wrote: »

so if i constantly kept 5k in the account how much would i get a month?

sorry to sound a bit dim, but its only recently that i have been having money to save, and am i right in thinking that its best to put my money into this account before my ISA which 3.61% which is with barclays

Around £13.33 nett per month - remember that you have to pay £1,000 into the account every month, as per above posts.

COOLTRIKERCHICK

Baldur wrote: »

Around £13.33 nett per month - remember that you have to pay £1,000 into the account every month, as per above posts.

thank for working the interest out for me, i was thinking of putting 5k in and then just putting in 1k in every month and hten a few days later sending it to my Halifax account and my BOS account, and my HSBC account so it will be the same 1k going around and around..lol..

why i am doing the HSBC is to get the £50 cashback, once that is in my account, then use this account to take advantge of the A&L £100 cashabck for swopping, oooo ye and get £50 cashback for quidco

Biggles

Mark_Beech wrote: »

I was considering moving my current account away from LloydsTSB because of their stupid system of auto deleting my list of regular payees on internet banking.

I have a Classic Plus account and have never had any of my payees deleted or removed in the many years I've been operating it online.

DDs certainly, after 12/12 of non-use, but that's the DD system and applies to all banks AFAIK.

Mark_Beech

Biggles wrote: »

I have a Classic Plus account and have never had any of my payees deleted or removed in the many years I've been operating it online.

DDs certainly, after 12/12 of non-use, but that's the DD system and applies to all banks AFAIK.

According to LloydsTSB they were deleted because I hadn't used them for more than 12 months. I'm sure that I have within that period ..... although I have been ill and in hospital for a few weeks. Either way I'm stuffed because there is no way that I can prove when they were last used.
I contacted Halifax who said that they do not delete payees from their internet account holders history.

Biggles

I've got several payment details I haven't used for well over a year and they're still there. I can't recall ever having one deleted but, in any event, I wouldn't make a payment after that length of time without checking with the recipient whether the a/c details were still the same.

If it's a DD, it disappears after a year whoever you bank with, see 'dormancy period':-
http://www.apacs.org.uk/resources_publications/faqs/bacs_22.html

humfer

Had a Classic Plus account for a few years and got a 2% bonus offer last year so have been getting 4.5%, but this runs out on 11th June. Therefore looking to the Vantage as looks ok

One quick question and apologies as its probably a stupid one. Say I have a balance of £6k do I get 4% on the entire balance, or do they break it down each month, so pay 0.10% between £1 and £1k, 2% between £1k to £3k, 3% between £3k and £5k and then just the 4% on the bit between £5k and £7k?

IGNORE the last question. Found some more detail on Lloyds site which confirmed that you get 4% on the entire balance when you have between £5-7k in there

Biggles

A couple of questions for anyone who's had one of these accounts for a while:-

Are Lloyds OK with recycling the £1,000 between your accounts, ie you don't actually need to change your BACS credits to the Vantage acount?

And, if so, do you need to keep the money there for a day to qualify the account for the high interest that month, or is just moving it in and out sufficient?

COOLTRIKERCHICK

Biggles wrote: »

A couple of questions for anyone who's had one of these accounts for a while:-

Are Lloyds OK with recycling the £1,000 between your accounts, ie you don't actually need to change your BACS credits to the Vantage acount?

And, if so, do you need to keep the money there for a day to qualify the account for the high interest that month, or is just moving it in and out sufficient?

i would have thought it would have had to be in the account for at least 24 hours

another question... what happens if you got more than 7k in the account? do you get any interest on the amount above the 7k?