LloydsTSB Vantage Account - too good to be true?

exel1966

iilg wrote: »

Sorry, is that really tried & tested?

No interest paid on any balance over £6,000 (£5,000 from 1 November 2013).

That doesn't mean you get no interest at all if your balance goes OVER 6k, right?

Yes I've had my 7 Vantage for two years now. The £1k just gets bounced from account 1-2 2-3 3-4 4-5 5-6 6-7 7-1. Simple.

iilg

KTF wrote: »

Yes, I transferred 1k out from Lloyds Vantage, cycled it round Halifax (for the free £5) then back to Lloyds and cycled it round my Vantage accounts, ending up in the account it started from.

Even from Vantage to Vantage? wow! To the layman that does seem too good to be true. I'd assumed the whole thing was based on LTSB getting ppl to deposit their salary in there & keeping their custom. Mind you it is pretty much a state owned bank.

Steve_xx

Thanks folks. I wonder why I hadn't heard about that? How long has it been available?

exel1966

The New Vantage, Since Today ! Always rely on these forums for the most up to date news.

Steve_xx

exel1966 wrote: »

The New Vantage, Since Today ! Always rely on these forums for the most up to date news.

Ah right I see.

Now the problem is these two Direct Debits that are required on each account. I'll struggle with that.

So, can I set up a Direct debit to myself from one of my other bank accounts? Or does it have to be a company?

innovate

Steve_xx wrote: »

Ah right I see.

Now the problem is these two Direct Debits that are required on each account. I'll struggle with that.

So, can I set up a Direct debit to myself from one of my other bank accounts? Or does it have to be a company?

Steve_xx. move over to the "Savings and Investments" board. You will find all all sorts of useful info over there, incl some ideas on the DDs.

KTF

iilg wrote: »

Even from Vantage to Vantage? wow! To the layman that does seem too good to be true. I'd assumed the whole thing was based on LTSB getting ppl to deposit their salary in there & keeping their custom. Mind you it is pretty much a state owned bank.

Vantage > Halifax x6 > Vantage x5

The money never left the 'institution', just shuffled around internally.

Steve_xx

innovate wrote: »

Steve_xx. move over to the "Savings and Investments" board. You will find all all sorts of useful info over there, incl some ideas on the DDs.

Ok Thanks for the information on this.

I guess that adding this offer to my accounts I would still get the 3% as long as the balance was maintained between 3 and 5K.

innovate

iilg wrote: »

Mind you it is pretty much a state owned bank.

Doesn't matter who owns the bank, the principle works with all of them (incl Building Societies).

Only thing you have to do is

1. find the ones worth doing
2. find the money to cycle round - multiple times if need be
3. cycle the money round

innovate

Steve_xx wrote: »

I guess that adding this offer to my accounts I would still get the 3% as long as the balance was maintained between 3 and 5K.

Correct - and you'd get that under the same conditions as applied in the past, i.e. don't need any DDs for it.