Lloyds TSB Vantage - Multiple accounts

Middle_Sister

When I click on the "Classic Account with Vantage" one of the stipulations is that I don't already have a current account with Lloyds - which I have. How does that work?

choc_mouse

Middle_Sister wrote: »

When I click on the "Classic Account with Vantage" one of the stipulations is that I don't already have a current account with Lloyds - which I have. How does that work?

I think that condition/page is for the new customer applications.

For existing customers, you can do it after logging in to your online banking.

yorkiebar

Upgraded my existing Gold acct to Vantage over the w/e and applied for two additional Classic accounts. Logged in to internet banking just now to see the new accounts exist so upgraded them to Vantage, that's three Vantage accounts setup with just a few clicks.

Nice one!

partlydave

yorkiebar wrote: »

Upgraded my existing Gold acct to Vantage over the w/e and applied for two additional Classic accounts. Logged in to internet banking just now to see the new accounts exist so upgraded them to Vantage, that's three Vantage accounts setup with just a few clicks.

Nice one!

I managed to open 2 vantage accounts online, but I got a message to say go to the branch when I tried a 3rd one. I just rang Lloyds, told the guy I needed another one, and he did it there and then in about 5 minutes. Maybe I'll try the branch for a 4th one and try my luck;)

ChiefGrasscutter

If you already have old existing accounts which you now want to upgrade to Vantage it seems that the system will still allow it, even if you have recently opened your max quota of 3 new Vantage ones. (I'm sure this loophole will be closed shortly)
If however you already have 3 vantage accounts and want to open a new current account which is then immediately upgraded to Vantage as part of the process then the system will block you.

Those people you have more than 3 vantage accounts will hence fall into two categories.
1. All of them opened before Lloyds realised what was going on with people opening 6+ accounts and restricted the number to 3 per person.
2. Already had a number of dormant or "other" current accounts on the system which they unpgraded to Vantage.

Middle_Sister

Let me see if I've got this right. I can open 3 vantage accounts. I can pay £3K into one of them and then set up a standing order for £1K to go into each of the other 2. So every month I'm putting in £1K into 3 separate Vantage accounts. What happens when I go over the £7K in each and am earning the max 4% interest? Do I then set up a standing order to transfer the £1K out each of the 3 accounts into another account, say with A&L?

Baldur

Middle_Sister wrote: »

Let me see if I've got this right. I can open 3 vantage accounts. I can pay £3K into one of them and then set up a standing order for £1K to go into each of the other 2. So every month I'm putting in £1K into 3 separate Vantage accounts. What happens when I go over the £7K in each and am earning the max 4% interest? Do I then set up a standing order to transfer the £1K out each of the 3 accounts into another account, say with A&L?

Ideally, you have between £5,000 and £7,000 in each account, in order to earn the 4% AER rate and set up Standing Orders for £1,000 from account A>B, B>C and C>A, which meets the monthly funding requirement.

Most of us with £7,000 in each (I suspect) will transfer the monthly interest out immediately on receipt to whichever account offers the best rate. That's certainly what I do anyway.

MarkFromCornwall

Middle_Sister wrote: »

Let me see if I've got this right. I can open 3 vantage accounts. I can pay £3K into one of them and then set up a standing order for £1K to go into each of the other 2. So every month I'm putting in £1K into 3 separate Vantage accounts. What happens when I go over the £7K in each and am earning the max 4% interest? Do I then set up a standing order to transfer the £1K out each of the 3 accounts into another account, say with A&L?

If, at present, you have less than £14k then don't open three accounts. To earn maximum interest you should keep between £5k and £7k in each account. So, for example, if you have £12k now, you can open two accounts, keep £6k in each, and if, at a later date, you have more money you can then open a third account.

I hope this helps.
Mark.

premierfella

MarkFromMullion wrote: »

If, at present, you have less than £14k then don't open three accounts.

But little to lose by opening the third just in case they decide to further restrict the number of accounts allowed in the future.

mcphail

If you open 3 different accounts, do you have to have 3 different cashline cards - not sure I want any more - too confusing!