LloydsTSB Vantage Account - too good to be true?

D1zzy

Don't know - but if applying for lots of accounts messes up your credit rating mine nust now be nil (don't tell OH) - but I've never (yet) been turned down for an account/credit card

duggie1982

It shows on your report each time you are searched, also if you have multiple accounts they will also show on your credit report. As long as he keeps them paid ontime eg. overdraft etc then it should be ok (apart for the applying part as this goes against you when other lenders see this)

whitenoise19

This has been a useful thread so thanks everyone! With the recent drop in the M&S isa rate to 2.45% (very sneaky) I've been thinking about removing this money to somewhere else. I've already got the classic plus, so I'm thinking about upgrading my account to vantage, and then moving the isa money back to this account. This will then get me above the 5k limit. Then each month I will be paying into this account, instead of the isa. I'll re-evaluate the isa situation next year I think.

Didn't know you could move the £1000 between accounts - thats cool! For those who have set up multiple accounts - did you recieve a card/cheque book etc for each one? If you've got 7 doesn't mean loads of cards, or is it just opened online only?

10_66

whitenoise19 wrote: »

For those who have set up multiple accounts - did you recieve a card/cheque book etc for each one? If you've got 7 doesn't mean loads of cards, or is it just opened online only?

You can ask not to have cards, cheque books, o/d etc, if you don't want them.

whitenoise19

Thanks 10_66, worth knowing.

I still think its an odd thing that a taxed account will give you more interest than an tax-free (isa) account!

KTF

The cash ISA has the advantage that it is a tax free lump sum that can be built up over time. If you transfer 3600 out of an ISA that you have already paid in to this year then next year you will have an ISA starting balance of 0 rather than 3600.

Rates for ISAs might be low at the moment but they will probably rise in the future when a larger amount can make a difference to the interest earned.

whitenoise19

Thanks KTF, very well explained for confused people like me! I can see that ISAs can be good for people who have bigger amounts, but I only started the ISA in March this year. So at the moment I see its a bigger benefit to transfer the money to a higer paying account.

artha

How do you open several current accounts with the same bank in your own name?

KTF

You contact the bank and ask them to open them for you.

lindos90

Well im confused, and the branch staff are no wiser!

I am already a TSB customer, went in today to open a vantage and a regular saver.

When it was all done, she asked me where I was funding the new vantage account from, as I only have a few days before the end of the month to put in the £1000 to qualify the account.

I explained I had a reg saver coming to an end in a couple of weeks at the halifax, but for this month I would just transfer 1K from my other TSB current account...

She said that she understood that the £1k had to come from an external account, and be 'new money' to TSB!!!! (her assumption appeared to be based on the conditions where it says 'funded by at least a £1000, eg your salary'

I told her that my other current account (was a classic plus, just upgraded to vantage online) has been working with a £1k transfer from my husbands TSB current accountso was there a difference between how the classic plus and classic vantage should be funded?

She said that the staff at the branch had a big debate about this and the terms are not clear one way or the other, and they had no confirmation from head office, so she and a number of other staff had decided to tell people it had to be a an external transfer!

Her only advice for me, if I wanted to test it out, was for me to keep the account open for a month and see how much interest im given, and then for me to work out if the 'qualifying interest rate' has been applied, if it is applied, then the internal transfer is acceptable....

She also said it may depend on how the account is set up (but she set it up while I was there!!!:rolleyes:)