LloydsTSB Vantage Account - too good to be true?

adindas

Thank you for your valuable information and your time. .
This confirm that this Vantage account is probably the best current a/c in term of interest rate, as it is a curent account with Instant Access Saving A/C benefits/features.

I just opened the second one and I am wating for approval whihc I thnik the problem with a/c opening. In Halifax I opened "Web Saver Extra", it just took me a few minutes to open it and displayed in my online banking.

I will keep you all informed. I will open the third vantage a/c next month as I do not want to be under the radar, and tried the 4th the following one if they allow me to do so, to benefit from this loopholes.

ADINDAS
Together we could help each other to beat the system.

10_66 wrote: »

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.

gusmelv

I decided to go to a branch to open my (our) accounts.

I explained exactly what I wanted and was able to open a total of five accounts in conjunction with my wife! 2 sole accounts each plus a joint account.
5 accounts at £7000 in each - better than any savings account I can find.

Being straight about the purposes of the accounts, I asked if it was "acceptable" to switch funds between the separate accounts, to meet the £1000 per month qualification and was given a rather ambiguous answer - obviously they are aware of this loop-hole.

I suppose the only way to get to the bottom of this would be to try it for a month but I will find it easy enough to fund from another account each month (till my pensions start to be paid) by setting up regular bill payments (or standing orders) between the relevant banks.

All I need to sort now is my Halifax clarity account and I am up and running........who needs Nationwide!!

adindas

I applied my 2nd Vantage a/c online 2 days ago. I have not heard any news. But today I apply the 3rd a/c by phone it is just take about 10 minutes to open it. I want to cancel the 2nd that I have applied online so I could applied pararel with my 3rd a/c but he said I need to cancel the online a/c first before I could apply for the 2nd.

So if you have not done yet, better to apply by phone rather than online. Here is the the phone no that you need to call 0800 015 4000.

ADINDAS

knightfox

Do you get a choice of which branch you can open the account at when applying online?

charlieboycat

knightfox wrote: »

Do you get a choice of which branch you can open the account at when applying online?

Yes you do.

knightfox

charlieboycat wrote: »

Yes you do.

Thanks for your help

Wammer

gusmelv wrote: »

I decided to go to a branch to open my (our) accounts.

I explained exactly what I wanted and was able to open a total of five accounts in conjunction with my wife! 2 sole accounts each plus a joint account.
5 accounts at £7000 in each - better than any savings account I can find.

Being straight about the purposes of the accounts, I asked if it was "acceptable" to switch funds between the separate accounts, to meet the £1000 per month qualification and was given a rather ambiguous answer - obviously they are aware of this loop-hole.

I suppose the only way to get to the bottom of this would be to try it for a month but I will find it easy enough to fund from another account each month (till my pensions start to be paid) by setting up regular bill payments (or standing orders) between the relevant banks.

All I need to sort now is my Halifax clarity account and I am up and running........who needs Nationwide!!

I arranged the SO's to move the £1000 between 6 accounts (OH and I) over the phone with an advisor. At no point did they say I couldn't do that.

Just had my first month's interest added and am more than happy with it.

Also received my first £5 reward from the Halifax.

gusmelv

Cheers Wammer...........I may just give that a go.

tobiascurious

what do you reckon, if I pay in a cheque at the end of the month which takes me out of overdraft, when is the point at which I am considered as being in credit for the purposes of Vantage interest? Day 0, day 2, day 4 after paying the cheque in?

thanks

DocProc

At about 11:30 pm last night (Friday) I went online and accessed my main Lloyds TSB Vantage current account and saw there was actually £6,900 in it. This was correct because I had actually taken out £100 in cash earlier in the day from an ATM.

Now I like to keep the account at exactly £7,000 so I proceeded to Transfer a top up of £100 from my ESaver account into the Vantage account. This is just a 'habit' sort of thing, which I regularly like to do.

Strange observations this time! After doing the transfer, the new balances on the two accounts seemed to show as corrrect (ie, Vantage now at £7,000 and E-saver now down by £100), but the transactions were not evident or visible.

I have just checked the two accounts again this morning (Saturday) and I now see the transactions thmselves are in place. However, as I have already explained, I did my work on the accounts with these Transfers on Friday evening, 3rd August . But they are listed as transactions to be done on the two accounts on Monday, 6th August.

ie, It seems Lloyds TSB are now treating these 'Transfers' between accounts as 'Payments' and hanging onto the money, which is at a better rate for them, rather than for us.

From my previous experience, these Transfers between my accounts used to be instant, even at weekends. This does not now seem to be the case. Can anyone else confirm and agree with this?