Lloyds TSB Vantage - Multiple accounts

10_66

hethmar wrote: »

I think that its always been 3.

Definitely was not limited when they first introduced it. Unfortunately, I can't remember when, but it was a while afterwards that they mentioned the restriction on their website.

bettz

I'm looking for a good saving account i've about £6,500 to save at the moment.Is the limit on this £7,000 ??? If that's the case will i still have to save £1,000 a month

oldfella

7 was no problem in June 2009

10_66

bettz wrote: »

I'm looking for a good saving account i've about £6,500 to save at the moment.Is the limit on this £7,000 ??? If that's the case will i still have to save £1,000 a month

The 4% AER is for balances of between £5K to £7K. You don't have to save £1,000 per month, you have to pay in £1K per month. This can come from any source, and a lot of us do internal transfers between our Vantage accounts to qualify. If you don't have another account elsewhere that you can transfer the £1K from, open another account with Lloyds just so that you can make an internal transfer of £1K out of your Vantage account, and then transfer back into it again straight away.

Funkyfreddy

bettz wrote: »

I'm looking for a good saving account i've about £6,500 to save at the moment.Is the limit on this £7,000 ??? If that's the case will i still have to save £1,000 a month

There is no limit to the balance - it is a current account.

You will though only earn tierd interest on the balance upto £7,000
if you deposit £1,000 each month (it can come back out but the fact you put it there to start with is the critical factor). Any money over and beyond £7K earns 0.1% (zero from December).

For maintaining a balance of between £5K-£7k you will earn 4% gross.

FF

bettz

Funkyfreddy wrote: »

There is no limit to the balance - it is a current account.

You will though only earn tierd interest on the balance upto £7,000
if you deposit £1,000 each month (it can come back out but the fact you put it there to start with is the critical factor). Any money over and beyond £7K earns 0.1% (zero from December).

For maintaining a balance of between £5K-£7k you will earn 4% gross.

FF

Ah so if i leave £6,000 in one vantage account i could open another account and start to save in that account to build it up could i put £1,00 in the 2nd account and do a standing order everymonth into account 1 & then transfer it back into account 2 say a day or 2 later?

Funkyfreddy

bettz wrote: »

Ah so if i leave £6,000 in one vantage account i could open another account and start to save in that account to build it up could i put £1,00 in the 2nd account and do a standing order everymonth into account 1 & then transfer it back into account 2 say a day or 2 later?

Pretty much except you don't need to leave it for a day or two - just do it the same day as internal transfers are immediate.

You are also adding an extra hop if you do as above - put the £1k in Account 1 then move it to account 2. You have then funded each account by £1k. You need to that each month.

If you don't have enough external funds any particular month to circulate the £1k just move £1k from 1 to 2 then back to 1.

If you look at some of the other threads on here you will see people move £1k through several accounts such as Lloyds, Halifax and Santander (!) to comply with "funding rules" to maximise interest/rewards. The £1k ends up back where it started.

FF

10_66

bettz wrote: »

Ah so if i leave £6,000 in one vantage account i could open another account and start to save in that account to build it up could i put £1,00 in the 2nd account and do a standing order everymonth into account 1 & then transfer it back into account 2 say a day or 2 later?

You mentioned earlier that you have around £6,500 to save at present. It wouldn't be to your advantage to leave the £500 in another, say, vantage account as you would only be earning 0.10% on it (for balances of £1 up to £1K). You'd be better off putting the full £6,500 in the 1st vantage account, and then, as I mentioned earlier, moving £1k out and then back in again straightaway, to satisy their terms and conditions of the £1K being paid in.

Tatterdemalion

I applied online for a "Classic Account with Vantage" but received a postal rejection. The refusal letter said that the pack it came in - offering a "Cash Account" as an alternative - would include a "Your Guide to Credit Scoring" leaflet revealing the reasons for the bank's negative response.

That document was absent so I wrote to "Senior Manager" Wendy Broome detailing my intention to open as many "Classic with Vantage" Accounts as could be contained within the FSA-secured limit.

The second response was again a refusal (ended with a graphic of a very pixellated pseudo-signature that suggests I may STILL have received a "Cut 'n' Paste" Form Letter - despite my having opted to write to a NAMED INDIVIDUAL).

The dismissive missive relayed no proper explanation as to WHY I am barred from opening one (let alone multiple instances) of these
4% interest-paying accounts.

This is the first time I have been rejected when trying to open any kind of account.

I am looking for somewhere to put my SAVINGS. I do not want to apply for a loan so I don't understand the Credit Reference Hurdle as I don't see how I am a risk to Lloyds TSB when I am proposing to lend to THEM !

Is it likely that something bad (but unknown to me) has been recorded on my Credit Report or is it more likely that the bank are just referring to that Score, in a totally oblique way, because there was something ELSE on my application that caused them to decline my money and Lloyds TSB nodding to Experian is the easiest way for them to swiftly terminate our dialogue and distract from the fact that acceptance, or its opposite, is ultimately WHOLLY THEIR DECISION and not that of any outside body?

LittleVoice

Tatterdemalion wrote: »

I applied online for a "Classic Account with Vantage" but received a postal rejection. The refusal letter said that the pack it came in - offering a "Cash Account" as an alternative - would include a "Your Guide to Credit Scoring" leaflet revealing the reasons for the bank's negative response.

That document was absent so I wrote to "Senior Manager" Wendy Broome detailing my intention to open as many "Classic with Vantage" Accounts as could be contained within the FSA-secured limit.

The second response was again a refusal (ended with a graphic of a very pixellated pseudo-signature that suggests I may STILL have received a "Cut 'n' Paste" Form Letter - despite my having opted to write to a NAMED INDIVIDUAL).

The dismissive missive relayed no proper explanation as to WHY I am barred from opening one (let alone multiple instances) of these
4% interest-paying accounts.

This is the first time I have been rejected when trying to open any kind of account.

I am looking for somewhere to put my SAVINGS. I do not want to apply for a loan so I don't understand the Credit Reference Hurdle as I don't see how I am a risk to Lloyds TSB when I am proposing to lend to THEM !

Is it likely that something bad (but unknown to me) has been recorded on my Credit Report or is it more likely that the bank are just referring to that Score, in a totally oblique way, because there was something ELSE on my application that caused them to decline my money and Lloyds TSB nodding to Experian is the easiest way for them to swiftly terminate our dialogue and distract from the fact that acceptance, or its opposite, is ultimately WHOLLY THEIR DECISION and not that of any outside body?

The account you were trying to open was, of course, a current account not a savings account.

Credit scoring is not just about what a credit reference agency tell them.