LloydsTSB Vantage Account - too good to be true?

savetilibleed

Michael_Corleone wrote: »

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

Yes daily but credited annually.

Rupert_Bear

I have upgraded my account today and have credited it with £7,000. I will pay in the required £1000 today but would like to know if I still qualify for interest for this month and get it the beginning of next month or would I need to wait.

KTF

Yes, the 1k only has to be in there for a matter of seconds for it to qualify.

scottishblondie

Rupert_Bear wrote: »

I have upgraded my account today and have credited it with £7,000. I will pay in the required £1000 today but would like to know if I still qualify for interest for this month and get it the beginning of next month or would I need to wait.

BTW if you've just put in the £7000 today that will count as a deposit for this month, you don't need to credit a further £1000 until next month.

gt94sss2

seeya23 wrote: »

i get the same

I got this when trying to open a 2nd account online. When I tried telephone banking, they told me I had been provisionally approved for the 2nd account but for some reason their system was wrongly showing that my identity had been verified electronically for my 1st account and not in a branch - hence, I need to go to a branch with a passport etc, for the application to complete..

Regards
Sunil

adindas

Is there any fee for closing account, if so how much ?. Hopefully not I am just afraid this is the catch that there are using to trick people as, APR is varibale which mean could drop anytime they wan to ...

Adindas

gt94sss2 wrote: »

I got this when trying to open a 2nd account online. When I tried telephone banking, they told me I had been provisionally approved for the 2nd account but for some reason their system was wrongly showing that my identity had been verified electronically for my 1st account and not in a branch - hence, I need to go to a branch with a passport etc, for the application to complete..

Regards
Sunil

JA756

Beware - they dock your interest if you use your overdraft facility.

I did some money juggling this month which meant I went overdrawn by just £40 for one day. I had £7000 in the account for the whole month other than that. They docked my 4% down to 0.1% for one lousy day - that's effectively a charge of about £15 for a loan of £40 for a few hours. I complained like hell, but they were adamant they weren't going to give me the interest back - they're sticking to their small print.

I was told that I could have three of these accounts, so I have - and I've set them all up to transfer £1000 pcm to each other - I got the 4% on the other accounts, so it obviously works ok that way. Does anybody have more than three?

adindas

I have one Vantage ac with Llloyd and about to open another 2.

Are we getting 4%APR by doing this, moving £1,000 from one vantage ac to another ?. I am asking this because I have seen that some banks already know this loophole therefore they ask that money need to come from outside those banks in other earn vantage APR.

As fas as I am understand as long as that monay in is booked we could move it directly, so it could be a matter of fe second ?

I assume that there is no fee to close a/c?

Thank you in advance for your valuable advice

JA756 wrote: »

Beware - they dock your interest if you use your overdraft facility.

I did some money juggling this month which meant I went overdrawn by just £40 for one day. I had £7000 in the account for the whole month other than that. They docked my 4% down to 0.1% for one lousy day - that's effectively a charge of about £15 for a loan of £40 for a few hours. I complained like hell, but they were adamant they weren't going to give me the interest back - they're sticking to their small print.

I was told that I could have three of these accounts, so I have - and I've set them all up to transfer £1000 pcm to each other - I got the 4% on the other accounts, so it obviously works ok that way. Does anybody have more than three?

10_66

adindas wrote: »

I have one Vantage ac with Llloyd and about to open another 2.

Are we getting 4%APR by doing this, moving £1,000 from one vantage ac to another ?. I am asking this because I have seen that some banks already know this loophole therefore they ask that money need to come from outside those banks in other earn vantage APR.

As fas as I am understand as long as that monay in is booked we could move it directly, so it could be a matter of fe second ?

I assume that there is no fee to close a/c?

Thank you in advance for your valuable advice

You can transfer £1K from one Vantage to the next and so on, and then back to the first (easiest way is to set up standing orders, so it's done automatically for you each month). The £1K doesn't need to come from an outside source.

There is no fee to close Vantage accounts.

charlieboycat

JA756 wrote: »

Beware - they dock your interest if you use your overdraft facility .... I complained like hell, but they were adamant they weren't going to give me the interest back - they're sticking to their small print.

Hardly "small" print - you don't even have to go to the T&C. It's made very obvious on the website that you have to stay in credit to get the 4% rate. See, for example, the page detailing the Classic with Vantage interest rates, which states:

With Vantage you get up to 4.00% AER (3.93% Gross) for balances from £5,000 up to £7,000 paid monthly to supplement your income. All you need to do is, stay in credit during the month, and pay in at least £1,000, for example your salary, each month.