LloydsTSB Vantage Account - too good to be true?

lemonjelly

Am I right in thinking that Lloyds TSB doesn't have faster payments? If so, can I ask users how long it takes money to clear into accounts?
Can I also check, are internal transfers (ie via online banking from 1 vantage account to another) instant?

Lastly, has anyone applied for the account online? How did you find this process?

KTF

LloydsTSB does have faster payments (send and receive) and internal transfers are instant.

If you already have 1 current account with them you cannot open another one online as you are only meant to have one although if you go to a branch they will open up others.

premierfella

Something must have changed, because I have within the last month opened a second Lloyds current account online with no issues other than the need to phone up to upgrade to Vantage (indeed they have been advertising second accounts on their internet banking banners).

KTF

Did you log in to internet banking first then select the Open a current account option or did you open a current account as a 'new' customer without logging in to the internet banking?

If you log in to internet banking now and select the open a current account option it throws the error.

D1zzy

KTF wrote: »

LloydsTSB does have faster payments (send and receive)

Must before very small amounts then - my 5K transfer of yesterday is BACS 3/4 days, and I do a manual £600 transfer each month and that takes 3/4 days

premierfella

KTF wrote: »

Did you log in to internet banking first then select the Open a current account option or did you open a current account as a 'new' customer without logging in to the internet banking?

If you log in to internet banking now and select the open a current account option it throws the error.

Via internet banking. I have just tested it again to make sure, and I get no error messages using the link on the left hand side under "Apply Online" it takes me into the secure application which I successfully applied through a few weeks ago.

Re: faster payments. In my experience anything up to £500 via internet banking usually goes by Faster Payments next day.

KTF

Ah, I get:

Sorry. We can't process your account application online.

However, we may be able to process your application in a Lloyds TSB branch but we need to talk to you further about your application.
Simply call into any Lloyds TSB branch with;

• An original document confirming your identity e.g. passport or driving licence.
• An original document confirming your address e.g. utility bill or bank statement.

D1zzy

premierfella wrote: »

....Faster Payments next day.

Its a bigger bugbear than lack of FP, that you can put in any payment in to go "Today" - even by BACS.
None of the other banks I deal with had that restriction even before they introduced FP

savetilibleed

This is interesting about Vantage. I have a Classic acount with LTSB. Presently I don't have any earned income, only benefits which will stop soon. But I do have savings which I could use to fund a Vantage account with in the way it has to be with £1000/m in (then out again ). Better than the best instant saving accounts available that I'll need when some bonds mature in the next weeks.

If the Vantage account becomes disadvantageous (or just a pain in the ar*e to operate) can one revert to the standard clasic account with no change of account number? Actually that applies for the upgrade to Vantage as well - does the account number change?

D1zzy

You don't even have to revert - if you don't fulfill the conditions you just don't get the 4% so its just as a classic. Yep number remains the same.