LloydsTSB Vantage Account - too good to be true?

adindas

Thank you for the update.
I have payed £1500 once, for 1 month, and expect to continue it to another 2 months. Once I get the £100 incentive, I will just need to transfer £300 to feed my high interest Regular Saver.

I will make sure that there is a gap about 5 days (e.g. aprox 3 working days) between Inward transfer into my FD a/c and the date the RS SO that I set up. By doing this I am just loosing very few interest rate. What do you think ?

ADINDAS

Baldur wrote: »

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.

Baldur

adindas wrote: »

I have payed £1500 once, for 1 month, and expect to continue it to another 2 months.

According to the requirements stated on the website, there should be no need to make another two deposits of £1,500 - if you have made one, you should receive the incentive payment, the key word is 'within 3 months', rather than 'for 3 months':

Open a 1st Account and transfer your monthly salary/income of at least £1,500 within three months and we will add £100 to your account.

sloughflint

Baldur wrote: »

According to the requirements stated on the website, there should be no need to make another two deposits of £1,500 - if you have made one, you should receive the incentive payment, the key word is 'within 3 months', rather than 'for 3 months':

Haven't read the previous posts but I think you might get stung for the monthly fee??? Not sure whether the RS is on the list of allowed secondary accounts for the fee to be waivered if you don't fund the current account with enough.

Baldur

sloughflint wrote: »

Haven't read the previous posts but I think you might get stung for the monthly fee??? Not sure whether the RS is on the list of allowed secondary accounts for the fee to be waivered if you don't fund the current account with enough.

That was covered in my earlier post:

Baldur wrote: »

....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.

pqrdef

adindas wrote: »

I will make sure that there is a gap about 5 days (e.g. aprox 3 working days) between Inward transfer into my FD a/c and the date the RS SO that I set up. By doing this I am just loosing very few interest rate. What do you think ?

A BACS payment can take up to 7 days, including a weekend and two Bank Holidays. Christmas at least comes on a fixed date, but Easter can happen any time in the month.

Interest on £300 at 8% is 5.26p a day after basic rate tax. Not really worth the risk of cutting it too fine. There is that overdraft, but only the first £250 is free.

adindas

I have got this confirmed ovet the phone. Also ther are already a thread where some people have confirmed about this. Also available on their website.
So as long as you have another product e.g. eSaver the fee £10.oo will be waived.

But certainly, a good idea if could reconfirm it again to FD and report it in this forum, so we get more info.

ADINDAS

sloughflint wrote: »

Haven't read the previous posts but I think you might get stung for the monthly fee??? Not sure whether the RS is on the list of allowed secondary accounts for the fee to be waivered if you don't fund the current account with enough.

adindas

Thank you again for this info

ADINDAS

Baldur wrote: »

According to the requirements stated on the website, there should be no need to make another two deposits of £1,500 - if you have made one, you should receive the incentive payment, the key word is 'within 3 months', rather than 'for 3 months':

pqrdef

But it does say "monthly income".

Baldur

pqrdef wrote: »

But it does say "monthly income".

It actually says "to qualify you need to transfer your salary/income", no mention of 'monthly' or source of income.....

dougz_2

I have just got my first vantage account set up online, but I am still not sure if it is based at the branch I requested. There are only central office addresses on all the paperwork I have so far. Using http://www.lloydstsb.com/branch_locator/details.asp suggests the sort code I have been given does not match any at the branch I requested, but does match at least a few smaller branches a bit further away, however I dont know how accurate a test that is?

Does it actually make any difference where your branch is anyway? I expect to operate it mostly online, but I dont want to have to travel out the way if they need me to call there in person.