Lloyds TSB Vantage - Multiple accounts

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Are these accounts credit checked or not ?

What do they check up on ?

DocProc

What do they check up on ?

Here's a link to an explanation article:

http://www.onlinecreditcheck.org.uk/node/7

Notice that one of the things they check up on when doing a general credit check, is whether or not the individual concerned is on the Electoral Register.

Note at the bottom of the article the following links:

Credit Advice

• How does my credit score affect my mortgage rate? Is it important to increase my rating to get the best deal?
• An Introduction To Credit Scores
• 15 Tips for improving your credit score
• How does a mobile phone contract affect my credit score?
• How to run a credit check on a tenant
• Why is a credit score important? Is it worth trying to improve it?
• How to obtain a free copy of your credit report
• What is my credit score?
• What is a good credit score?
• Does closing unused accounts improve my credit score?

kar999

Apologies for not reading the whole of the thread so my question may have been answered...

I've had a Gold Account for years and as a pre 2005 customer, with a min balance of £2k, I've never paid the monthly fee of £12 per month. I understand I would lose this £144 pa savings if I converted to a Vantage account. There's usually about £4-8k in my account.

Could I set up an additional new classic current account (which doesn't have a fee I beleive) and convert this to a Vantage and keep moving money into there?

noh

Could I set up an additional new classic current account (which doesn't have a fee I beleive) and convert this to a Vantage and keep moving money into there?

Yes you can.

DocProc

Yes. That does sound like an excellent idea for you. Classic is a free to operate account too.

I would think that 'messing' with your existing Gold account is definitely likely to put you into the land of 'brand new terms and conditions' and so this would cause you to start incurring charges.

kar999

Not so simple.... online application.....

"Current accounts
Sorry, we can't offer you a secondary current account.
Ungrade your existing current account....."

Which in my case is a Gold Account and you are right....

"If you are presently a Gold Service, Platinum or Premier account customer on a fee waiver facility, that facility will not apply and we will charge you the normal account fees if you choose to upgrade to ‘Vantage’ as we pay you interest on the balance instead."

I'm never going to earn the equivalent in waived fees of £144 in interest on £7k!!

Oh well..... maybe I can persude them to let me upgrade me to a Platinum and still waive the fees and I'll get better AA cover.....

(I doubt it ... they never replied to my letter when I asked them when they were going to repay the loan I gave them as a taxpayer when they were bailed out. I tried to charge £40 for the letter as the loan was unauthorised. - Just kidding).

pawlala

kar999 wrote: »

I'm never going to earn the equivalent in waived fees of £144 in interest on £7k!!

You will, but it will take approximately 7 months to do it!

kar999

pawlala wrote: »

You will, but it will take approximately 7 months to do it!

A tad longer as a 40% taxpayer:think:

Mrs KAR has a classic account (currently having reached £6k+) but an irregular income rarely over £1000. Can I transfer £1000 each month into her account and then she transfer it back to me each month to satisfy the conditions?

pawlala

sounds good!

D1zzy

kar999 wrote: »

A tad longer as a 40% taxpayer:think:

Mrs KAR has a classic account (currently having reached £6k+) but an irregular income rarely over £1000. Can I transfer £1000 each month into her account and then she transfer it back to me each month to satisfy the conditions?

Or - As the £1000 does not need to be "new money" Mrs Kar, can open (on-line) an E-savings account with £1 and simply move £1000 from the Vantage acc to the Esaver and immediately back, using the Quick transfer facility.