LloydsTSB Vantage Account - too good to be true?

Biggles

lindos90 wrote: »

Thanks for replies, going slightly of topic biggles, what was the issue with the monthly saver? as ive also opened one of them today, wondering if they have given me 'selective and percieved' information on this too!

This was the thread http://forums.moneysavingexpert.com/showthread.html?t=1713307

G_M

Branches seem to be reluctant to open multiple Vantage accounts now - new policy. My local manager even rang for advice and was told 'no'.
But telephone sales will still open as many as you want (though only one per 24 hour period!).
0500 179 050

charlieboycat

G_M wrote: »

Branches seem to be reluctant to open multiple Vantage accounts now - new policy. My local manager even rang for advice and was told 'no'.
0500 179 050

Pretty much the same thing happened to my wife this morning. They would open one more (making two in total) but she was told two was the limit.

Haven't tried phone yet - will wait for second a/c to appear first.

johnmoney05

Had 2 already. Just applied another one on the phone. Very difficult to understand the accent of the staff, she told me it was a call center in Glasgow. She did ask why I needed another one when I had two. I told her I had a part-time job, so I wanted to have different accounts for the income going in.

stphnstevey

Hidden gem this!

Note that people say internal transfers between accounts are instant, but surely the money has to clear? ie couldn't transfer between all 7 in one night?

Also, why 7 credit checks? Surely once they have one check and your are an existing customer, no need to check again?

D1zzy

Internal transfers are instant. I do all mine in a couple of mins, and get my interest OK

exel1966

To answer a few points raised - The monthly £1K can come from any other account, internal or external or a cash deposit, it does NOT have to be a salary payment as many accounts stipulate. There's absolutely nothing in the T&C's to prevent recycling of money through multiple accounts which is exactly what I have been doing for a few months without problem.

I currently have 5 of these with the intention of opening another 2 hopefully. I do get some strange questions each time I open one, but just say I need an additional account and nothing more, though the CSA do try to get me to elaborate, which I don't.

Internal transfers between Lloyds Accounts like this are instant and DO show instantly on your internet banking page.

Remember to also open a monthly saver at 5% AER to gain a little more interest and move the funds from one of the Classic Vantage accounts, though only £250 can be deposited each month.

Also open an A&L Prem Direct Current account to use as a savings account to get 6.00%AER up to £2.5K

savetilibleed

I've been away from the forums for a little while, so apologies if this is answered somewhere here.

I have a Classic Vantage account (upgraded last month). On the account overview page there is a link to open another current account to help manage your money. I only want another Vantage account. It looks like it will open a Classic account, but can that be then upgraded afterwards (or even in the process) or is there a better way of doing it.

D1zzy

Many moons ago I had a classic acc
I upgraded it on-line to classic plus
Sometime later I tried to upgrade/change it on line to vantage and could not do it.

I thought it was 'cos I'd already done an upgrade to plus - but maybe its not possible to do a vantage upgrade online.

Anyway - the branch upgraded it to vantage without issue & I believe telephone banking will do the same

simax

AFAIK, you can only have one Vantage account per person.