LloydsTSB Vantage Account - too good to be true?

Yorkie1

I agree with DQ. If you are able to transfer £1K to savings every month, you are likely to be a taxpayer and therefore all your savings in an ISA will be protected from tax for as long as you keep them in there.

Look for other ISA providers which allow transfers in and have a better interest rate, then ask the new provider to transfer the money from your present ISA. Do NOT take the money out of the existing ISA and just open a new one yourself, unless the money in there is less than £5760 and you intend to put no more money into it before 5 April next year.

https://forums.moneysavingexpert.com/discussion/401374 is a useful link for interest rates (first post)

As you're able to save that sort of money monthly, do you have a wider plan for your savings? If not, this post might help too:
http://forums.moneysavingexpert.com/showpost.php?p=63108027&postcount=5

Walletwatch

Hi

I have just opened a Lloyds Vantage, a BOS Vantage, and a TSB enhance account. I have the following questions, which might seem like a repetition of previous posts tbh.

However, the main reason behind asking these is to reconfirm that some of these points that were clarified in posts until 2012 still apply today:

1. Is it true that I can technically move the £1000 from Lloyds to TSB to BOS to potentially Halifax and then back, and still be complying with the £1000 inflow per month requirement?
2. Is it true that I can still apply for multiple Vantage / Enhance accounts with the same institution, and move the £1000 between two Vantage accounts with the same bank to satisfy the £1000 pm inflow requirement?
3. I don't think I need Direct Debits on these accounts to qualify for the 3%, but do I get an incremental interest rate any more on any other variant of these accounts if I do have a DD setup?

Cheers
WW

YorkshireBoy

1. Yes (but Halifax is only £750)
2. Yes
3. No

KNJ_2

1) Is 7 the absolute maximum number of accounts, anyone managed any additional.
1a) Anyone done 7 then additional joint accounts? any limit on the number of these?


2) When does the 6000 limit offer get reduced to 5000 limit.


3) How simple is it with these accounts to have the interest amount paid in full without tax being paid ( I am a non tax payer )

Zanderman

KNJ wrote: »

1) Is 7 the absolute maximum number of accounts, anyone managed any additional.
1a) Anyone done 7 then additional joint accounts? any limit on the number of these?


2) When does the 6000 limit offer get reduced to 5000 limit.


3) How simple is it with these accounts to have the interest amount paid in full without tax being paid ( I am a non tax payer )

This thread is several years old (yours is the first post since Nov 2013)

Lloyds ceased to do their interest-paying Vantage accounts some time ago.

The interest-paying current account to go for with Lloyds now is Lloyds Club account - there are other threads that will tell you about it.