LloydsTSB Vantage Account - too good to be true?

10_66

kiboy6 wrote: »

Thanks for the peace of mind

The 1000 pounds requirement is definitely per calendar month right?

Yes, it's calendar month. I do mine by standing orders on the 5th of the month (to avoid any possible complications that may arise from bank holidays/week ends at the beginning of the month).


.

Chadsman

kiboy6 wrote: »

Thanks for the peace of mind

The 1000 pounds requirement is definitely per calendar month right?

It is from the day after the first banking day in the month to the last day of the month.

gt94sss2

Chadsman wrote: »

It is from the day after the first banking day in the month to the last day of the month.

Are you saying that that if you paid money in by faster payment on the 1st May (a saturday), that doesn't qualify for the 4% rate?

As thats what I did this month.. and the transaction appears online dated the 4th May though the description includes a reference to the 1stMay..?

Regards
Sunil

savetilibleed

gt94sss2 wrote: »

Are you saying that that if you paid money in by faster payment on the 1st May (a saturday), that doesn't qualify for the 4% rate?

As thats what I did this month.. and the transaction appears online dated the 4th May though the description includes a reference to the 1stMay..?

Regards
Sunil

1 May was a Saturday and the next banking day was 4th as Monday 3rd was BH

Chadsman

gt94sss2 wrote: »

Are you saying that that if you paid money in by faster payment on the 1st May (a saturday), that doesn't qualify for the 4% rate?

That is my understanding of matters.

gt94sss2

Chadsman wrote: »

That is my understanding of matters.

Can I ask why?

Looking at the Vantage T&C, I can't see any reference to this..

(though I guess in future I could make a tranfer mid-month just in case.)

Regard
Sunil

Chadsman

IIRC someone on here said they paid in £1000 on the 1st of a month but didnt get the vantage rate.
It is unclear exactly what they mean from the link- it says...

"For each month that you meet the Vantage conditions we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and add it to your account at the end of the first working day of the next month."

I thought that meant money paid in on the 1st banking day of the month would not count towards the £1000 funding requirement but you could interpret it otherwise.

medic1978

Chadsman wrote: »

IIRC someone on here said they paid in £1000 on the 1st of a month but didnt get the vantage rate.
It is unclear exactly what they mean from the link- it says...

"For each month that you meet the Vantage conditions we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and add it to your account at the end of the first working day of the next month."

I thought that meant money paid in on the 1st banking day of the month would not count towards the £1000 funding requirement but you could interpret it otherwise.

I've just checked my online statement. Paid in 1000 on 1st Mar and 1st Apr. Received correct interest in Apr & May without any problems

Chadsman

Then I stand corrected!
Do you know what they mean by their T&Cs?

MarkFromCornwall

Chadsman wrote: »

Then I stand corrected!
Do you know what they mean by their T&Cs?

I think you have to read the t&c literally. The second day of the month is the day when they do their calculations - a fact that is of interest to some but which doesn't affect when in the calendar month you have to pay in (but in case I'm wrong I still make sure my payment is not near the beginning or the end of the month!)

Mark