LloydsTSB Vantage Account - too good to be true?

Biggles

KTF wrote: »

Does the 1k have to come from an external source or could you have 7k in several of them and just cycle the 1k around internally (even it if means it goes to 8k for the time it takes to transfer in and out again)?

See posts 9, 10, 11, 20, 21 & 24.

D1zzy

KTF wrote: »

Does the 1k have to come from an external source or could you have 7k in several of them and just cycle the 1k around internally (even it if means it goes to 8k for the time it takes to transfer in and out again)?

Yep -You can cycle it round - it just has to go in - so it can go out again immediately.

MumOf2

I stand corrected, Biggles...

MumOf2

KTF

I went to my local branch at lunchtime but they wouldnt do it on the spot (after I explained why I wanted to open another 3) as it would take too long so had to book an appointment for the weekend.

There is something not quite right when you can earn more interest on a current account than a savings account...

tobiascurious

Surely they'll drop the rate on this account soon? It's unchanged since 02/02/2009. What do you think?

D1zzy

Opened another 1 today BM - said no drop in the pipeline as far as they know- but when they do its a 4% fixed for me (if there is one) and/or an investec high 5, but might as well use it whilst its there.

KTF

D1zzy: How many have you got running at the moment as the person I saw at lunchtime gave me a very funny look when I explained what I wanted to do with them :-P

mm79_2

I've managed to get 3 so far if that helps - 1 in branch and the other 2 in separate phone calls. I must admit the advisors do seem very confused when you ask for more than one. I was told on all three occasions that I would have to wait 24hrs before opening the next one - but others have been able to open 7 in branch so I guess it depends on your luck!

Be warned though, they do a credit check for EACH account and this will show on your credit file.

Agree that it's definitely overdue a rate drop!!

KTF

I might hold off opening them if the rate looks like it is going to drop as it would be a bit upsetting to get them all up and running then not use them.

D1zzy

KTF wrote: »

D1zzy: How many have you got running at the moment as the person I saw at lunchtime gave me a very funny look when I explained what I wanted to do with them :-P

7 - I opend 6 in one go in the branch, a couple of months ago -and then another 1 today in the branch (I was gonna put some into the ICICI 4% bond - but then they dropped their rate-so needed a home for it).

(BM says will I please let him quote for my house insurance when its due!!)