LloydsTSB Vantage Account - too good to be true?

pjread

seeya23 wrote: »

i get the same

Does anyone know the reason behind this? I get the same, also doesn't let me 'upgrade' to a paid-for account (wasn't going to, just hit the link by mistake...)

I got it, popped to my branch to query and they basically said "looks fine, dunno...."

10_66

kiboy6 wrote: »

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

It's positively, definitely ok. You could even just transfer the £1,000 from Vantage account #1, to #2 to #3 then back to #1.

simax

pjread wrote: »

Does anyone know the reason behind this? I get the same, also doesn't let me 'upgrade' to a paid-for account (wasn't going to, just hit the link by mistake...)

I got it, popped to my branch to query and they basically said "looks fine, dunno...."

Not even a Silver account?

Although I have the dreaded "CPD marker of Death (TM)", it'll still let me upgrade to Silver.

apt

The Vantage rate has been going for about a year. Of course it could be cut at anytime, but I think what is most likely to happen is that the rate will stay the same, but won't go up when base rate rises to the more usual 4-5%. As for using Vantage as a current account I think that is a good idea as it rules out the possibility of slipping into the red inadvertantly and incurring bank charges.

iilg

Cook_County wrote: »

Yes 7 is the most popular number - ie 7 x £7,000 = £49,000 so covered by the FSA limit of £50,000.

If someone goes over 50k FSA limit with LTSB now how 'unsafe' is that bearing n mind the bank is part-govt owned? How much can you transfer out of the account on one single day? sorry if it sounds a dumb question but how much warning would ppl get that the bank was about to cease to be able to continue operations?

Thanks.

pjread

simax wrote: »

Not even a Silver account?

Although I have the dreaded "CPD marker of Death (TM)", it'll still let me upgrade to Silver.

Nope, generally a mid 4-digit sustained balance, ~3k a month inward, account open ten years, and a full cash ISA alongside... 1.5k OD that I never use (well, briefly in march for 2 days) and used to be employed by them about 7 years back, wonder if one of these is somehow an issue. keep meaning to speak to them but so rarely go to a branch or phone them...

savetilibleed

apt wrote: »

The Vantage rate has been going for about a year. Of course it could be cut at anytime, but I think what is most likely to happen is that the rate will stay the same, but won't go up when base rate rises to the more usual 4-5%. As for using Vantage as a current account I think that is a good idea as it rules out the possibility of slipping into the red inadvertantly and incurring bank charges.

I have three Vantage accounts, the third being new and only recently funded. I use my 38 year old current account, which became Classic then last year, thanks to MSE's, upgraded to Vantage. The second account was opened soon after upgrading the first.

So I still use my original account as my everyday current account.

I do have a Halifax Reward account too and count use that as my current account, but can't be bothered changing everything over. So that is solely for the Reward .

10_66

iilg wrote: »

...how much warning would ppl get that the bank was about to cease to be able to continue operations?...

In the case of Icesave, by the time savers knew Icesave were in trouble it was too late to move the money. Came back via FSCS.

FB13

I have a silver account, which I use as my main account. While I do value some of the benefits, I think that £7.95 is probably too much for what I get out of the account. However, the phone and travel insurance is probably worth £3 a month.

I was wondering if anyone knows if Lloyds would extend (or reinstate in my case) the promo £3 rate? Would I be more successful trying over the phone or in branch?

kiboy6

10_66 wrote: »

It's positively, definitely ok. You could even just transfer the £1,000 from Vantage account #1, to #2 to #3 then back to #1.

Thanks for the peace of mind

The 1000 pounds requirement is definitely per calendar month right?