LloydsTSB Vantage Account - too good to be true?

savetilibleed

How did you get the image in the message body? I tried that and could see how, hence the link.

partlydave

stphnstevey wrote: »

Thats what I used to get intially. But someone on here said keep trying on different days, which I did and one day it started working. No idea why, but similiar seems to have happened for others.

Guess keep trying it whenever you log on.

I tried after about a month of opening my 3rd Vantage account and just checked online and theyve added my 4th account now 3 days after applying online.:)

lindos90

Just a little rant and a warning for those with a vantage..

Ive just found out that ive missed out on about £20 of interest from february as the 1K standing order from another TSB account was set up for 26th feb (friday), and it was not transfered until the monday (1st march) as it was a short month!! So no 1K deposit for feb, no lovely interest rate for the whole month.

Grrr. should have checked the dates, but with three kids, caring for my mum and major DIY, I just took my eye off the ball.

I know its technically correct (although dont know why it wasnt done on the friday, as 26th is the usual day, all TSB will say is 'it was a short month'

Anywho, just a heads up to watch out if your standing order is set at the end(ish) of the month, so knowone else misses out!:beer:

KTF

Why not change the date of the standing order to the middle of the month to avoid this problem? As the money is not going to be sitting in the Lloyds account then it should not matter that it is in the middle of the month...

lindos90

KTF wrote: »

Why not change the date of the standing order to the middle of the month to avoid this problem? As the money is not going to be sitting in the Lloyds account then it should not matter that it is in the middle of the month...

Good idea thank you, but I have to wait for my husband to get paid on the 25th!;) The 1K pays lots of DDs that come out on the first, so its just in ready for them. Also if I staggered the payment till the following 15th there might not be 1K left in to move, so I like it to come out as soon as he gets it:rotfl:

Its only a once a year problem really, so I'll put a note on the calender for next year, so im not caught out again. Just wanted to share with others, to possibly help someone else.

noh

lindos90 wrote: »

Good idea thank you, but I have to wait for my husband to get paid on the 25th!;) The 1K pays lots of DDs that come out on the first, so its just in ready for them. Also if I staggered the payment till the following 15th there might not be 1K left in to move, so I like it to come out as soon as he gets it:rotfl:

Its only a once a year problem really, so I'll put a note on the calender for next year, so im not caught out again. Just wanted to share with others, to possibly help someone else.

You actually use it as a current account?
How unusual:)

savetilibleed

lindos90 wrote: »

Good idea thank you, but I have to wait for my husband to get paid on the 25th!;) The 1K pays lots of DDs that come out on the first, so its just in ready for them. Also if I staggered the payment till the following 15th there might not be 1K left in to move, so I like it to come out as soon as he gets it:rotfl:

Its only a once a year problem really, so I'll put a note on the calender for next year, so im not caught out again. Just wanted to share with others, to possibly help someone else.

Another possibility is to spread it out over the month, making sure that, even if the last payment in the month gets missed in the way it did in Feb, that you've still paid enough in total in. Perhaps a series of £100 transfers.

Still perhaps now you know about the Feb problem you will simply make a diary date as you say.

lindos90

noh wrote: »

You actually use it as a current account?
How unusual:)

:rotfl:Mmm, we have a nice 6K sitting in there, so always (well nearly always...darn february!!) top it up with 1K each month, and all our DDs come out (about 1K) taking it back to 6K again....nice! (being a none tax payer too...its extra nice!)

stphnstevey

lindos90 wrote: »

:rotfl:Mmm, we have a nice 6K sitting in there, so always (well nearly always...darn february!!) top it up with 1K each month, and all our DDs come out (about 1K) taking it back to 6K again....nice! (being a none tax payer too...its extra nice!)

Thought about using it as a proper current account as well, but was easier for me to just use it as a savings account rather than keep the balance between 5-7K and swapping my fifty odd SO and DD's.

However generally keep at leat £3-4k in current account which currently only pays 1%. So missing out on 3% or around £120 a year.

Also not sure how long the Vantage rate will last - how long has it been around now?

EDIT:

Just checked and these were the previous rates
Current Accounts with Vantage

Balance Interest Paid MonthlyAER %Gross %Net %
£1+ 0.10 0.10 0.08
£1,000+ 2.00 1.98 1.59
£3,000+ 3.00 2.96 2.37
£5,000 up to £7,000 5.00 4.89 3.91

These interest rates were correct from 18/08/2008 to 02/02/2009.

So its been around at least a year and a half then? Also higher rate last year.

kiboy6

I have 3 Vantage accounts and also a Lloyds e-savings account.

Just wanted to double-check that I can simply cycle the money between these Lloyds accounts to maintain the 4% interest rate. (ie once a month shuffle 1000 from Lloyds e-savings , through each Vantage account and then back to the e-savings).

Is it definitely OK to have no external (non-Lloyds TSB) account at all involved in the shuffle?

Thanks for any advice