LloydsTSB Vantage Account - too good to be true?

stphnstevey

I am thinking of transfering all my banking here, but don't like to keep swapping accounts for the best rates - how long has Vantage been offering this higher than average interest rate?

10_66

stphnstevey wrote: »

I am thinking of transfering all my banking here, but don't like to keep swapping accounts for the best rates - how long has Vantage been offering this higher than average interest rate?

I've had my Vantage accounts with them since June 2009, and the rate of 4% for balances between £5k to £7k hasn't changed since then.

premierfella

10_66 wrote: »

I've had my Vantage accounts with them since June 2009, and the rate of 4% for balances between £5k to £7k hasn't changed since then.

There is also no reduction in the 4% Vantage rate mentioned in the 2DEC10 current account changes. Given that a reduction on the rate on Plus accounts is included in the 2DEC10 changes, that also seems to be an indicator that the 4% Vantage rate is safe for the time being. Although of course nothing is guaranteed.

Baldur

stphnstevey wrote: »

.....how long has Vantage been offering this higher than average interest rate?

At least since August 2008, when the top tier rate was 5% AER - dropping to the current 4% AER in January 2009.

ernie-money

lesleymarr wrote: »

Ive got 5. Most have got £5000 and a quid or 2 in..

I've got one vantage account, but was just about to open a second one. Before you get on the application page, you have to answer the following questions with a yes:
I do not have a current account with Lloyds TSB.
I am aged 18 or over.
I am a UK resident.
I will pay £1000 or more into my account each month (for example, my salary).
I am an EU national OR I have permission to stay in the UK for at least 12 months.
Has this changed recently, or did you just ignore it - I'm just worried what will happen if I just pretend I didn't see it - would they penalise me for opening a second account...?

KTF

Just ignore it.

10_66

I've recently set up a regular saver with firstdirect and the payments have to go by standing order from my firstdirect 1st Account on the 4th of the month. However, the money for this is going to be drip fed from my LTSB Vantage account, and so I don't lose interest by transferring the money too early from my Vantage account I was going to make a manual transfer from it on the 3rd of the month. My only concern is that I might forget to do the manual transfer, so would then incur a penalty on my first direct 1st Account if the money is not there. If I set up a standing order from my Vantage account to LTSB for the 3rd of the month, would the standing order go by faster payments, so making sure it's in the 1st Account for the standing order on the 4th?

Post Script: I've just spoken to LTSB who said that their standing orders don't go by faster payments. If I made a faster payment on a Sunday, it would go through on a Monday, but if I made it on a Saturday, it would go through on the Saturday. Can anyone confirm that this is correct, please (I know that the advice given by bank customer service can't always be relied upon)

Mikeyorks

10_66 wrote: »

Post Script: I've just spoken to LTSB who said that their standing orders don't go by faster payments.

According to the CHAPS Co site (usually reliable) LTSB CS fell at the first hurdle? Whilst you may not have mentioned the value .... as it's an RS then I suspect that will be under £1k? In which case the SO will go via FP (2nd table) :-

http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

BUT ....... FP or not ...... you can't rely on SOs for specific dates. As they don't work weekends / Bank Holidays (unless within the same Bank where they're usually d/w as 'internal transfers'). I would always do the manual transfer, as you're in charge and can see what's happening? A PC based diary is my salvation for such things!

adindas

According to this site
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

LTSB is doing FP, the limit for SO is £1000,00 per day. This is what I have done as I also have FD 1st a/c. Because FD requires £1500.00, I do 2 seperate SO each of £750 from two seperate vantage a/c on the same day, I do on the 1st day each month.

For transfer back from FD to LTSB, I am using manual FD, as I want to see the money is booked into the FD account before I transfer it back. By this I minimise the risk that I might forget to transfer £1500. To transfer back I do it the 2nd o f the day each month.

If anyone find a better solution, it will be greatly appreciated.

ADINDAS

10_66 wrote: »

I've recently set up a regular saver with firstdirect and the payments have to go by standing order from my firstdirect 1st Account on the 4th of the month. However, the money for this is going to be drip fed from my LTSB Vantage account, and so I don't lose interest by transferring the money too early from my Vantage account I was going to make a manual transfer from it on the 3rd of the month. My only concern is that I might forget to do the manual transfer, so would then incur a penalty on my first direct 1st Account if the money is not there. If I set up a standing order from my Vantage account to LTSB for the 3rd of the month, would the standing order go by faster payments, so making sure it's in the 1st Account for the standing order on the 4th?

Post Script: I've just spoken to LTSB who said that their standing orders don't go by faster payments. If I made a faster payment on a Sunday, it would go through on a Monday, but if I made it on a Saturday, it would go through on the Saturday. Can anyone confirm that this is correct, please (I know that the advice given by bank customer service can't always be relied upon)

Baldur

adindas wrote: »

........I also have FD 1st a/c. Because FD requires £1500.00, I do 2 seperate SO each of £750 from two seperate vantage a/c on the same day, I do on the 1st day each month.

For transfer back from FD to LTSB, I am using manual FD, as I want to see the money is booked into the FD account before I transfer it back. By this I minimise the risk that I might forget to transfer £1500. To transfer back I do it the 2nd o f the day each month.

If anyone find a better solution, it will be greatly appreciated.

The 1st account doesn't require a £1,500 monthly deposit UNLESS you intend to try closing the account for the £100 payment under the 'service guarantee', in which case you need to pay in £1,500 monthly for at least 6 months within the first year.

The requirement for the £100 payment for transferring to FD is that you pay in £1,500 within the first 3 months, not that you continue to pay in that sum.

FD waive the monthly £10 fee for the account if you have a qualifying additional product with them - £1 in a savings account (other than Regular Saver/RS ISA, of less than 12 months standing) will suffice.