LloydsTSB Vantage Account - too good to be true?

Chadsman

I see what you mean!

savetilibleed

I just looked online today (1 June) to see my interest has been added for the two Vantage accounts I have had fully funded all month. One that has had a balance well over £7000 has paid £16.91, the other account that has had exactly £7000 all month earned £16.88.

Last month will have been for April but paid on 4 May I got £19.93 for the more than fully funded account and £19.90 for the one with exactly £7000 in all April.

April was a 30 day month, May a 31 day month. I don't know how they arrived at these figures unless I was overpaid in May (for April) and this compensates. Far as I can see it ought to be £18.09 for 30 days and £18.69 for the 30 day month for £7000.

noh

savetilibleed wrote: »

I just looked online today (1 June) to see my interest has been added for the two Vantage accounts I have had fully funded all month. One that has had a balance well over £7000 has paid £16.91, the other account that has had exactly £7000 all month earned £16.88.

Last month will have been for April but paid on 4 May I got £19.93 for the more than fully funded account and £19.90 for the one with exactly £7000 in all April.

April was a 30 day month, May a 31 day month. I don't know how they arrived at these figures unless I was overpaid in May (for April) and this compensates. Far as I can see it ought to be £18.09 for 30 days and £18.69 for the 30 day month for £7000.

Exactly the same figures for me £19.90 on 4th May £16.88 on 1st June.

This is the relevant part of the T+Cs
"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."

The payment on 4th May was for the period April 2nd ( second working day of month) to May 4th (first working day of next month) inclusive a total of 33 days.
The payment on 1st June was for the period 5th May to 1st June inclusive a total of 28 days.

Michael_Corleone

These accounts make me so, so happy!

savetilibleed

noh wrote: »

Exactly the same figures for me £19.90 on 4th May £16.88 on 1st June.

This is the relevant part of the T+Cs
"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."

The payment on 4th May was for the period April 2nd ( second working day of month) to May 4th (first working day of next month) inclusive a total of 33 days.
The payment on 1st June was for the period 5th May to 1st June inclusive a total of 28 days.

THanks for that - I ought to have checked myself

SPUDDY

Hello everyone , I have around £20k which im looking to get a decent rate from i wont need to touch the money in the near future ( i hope )

Is it just as simple as opening three different vantage accounts and putting £7k in each ?

This would not be my main account no moneys going in so is it again just as simple as transfering £1k from account a to b to c ?

Thanks for the help.

Mikeyorks

SPUDDY wrote: »

Is it just as simple as opening three different vantage accounts and putting £7k in each ?

Yes .... but you may need to go into Branch to open other than the 1st one.

This would not be my main account no moneys going in so is it again just as simple as transfering £1k from account a to b to c ?

Yes, again. But you do A > B > C > A ..... in order to get back to where you started. And you remove any excess over £7k as that would only attract interest of 0.1%. So it's best to apportion the >£20k fairly equally among the accounts. And leave a bit of headroom - rather than 2 x £7k and then one with the balance?

hethmar

I opened two on line but they said I had to go to branch for the third?

Michael_Corleone

I didn't want to start a new thread and I failed to find an exisiting one, but my question sort of relates:

Does anybody know whether the interest is calculated daily on the Lloyds TSB eSavings Account?

savetilibleed

hethmar wrote: »

I opened two on line but they said I had to go to branch for the third?

I opened my third one on the phone easily.