Lloyds TSB Vantage - Multiple accounts

anna42hmr

YorkshireBoy wrote: »

None that would be to your detriment...

https://forums.moneysavingexpert.com/discussion/comment/35756591#Comment_35756591

thanks, will apply for the 3rd one now, really puzzled as to what i did with the letter lol!!

tuggy12

Have opened one account for my OH and have applied for a second - she's a non tax payer.

Anyone found a way of doing the R85 on line, or must you go into a branch?

DocProc

Re: Making these accounts into 'Joint Accounts':

Providing they already have your signature from another existing joint account, does anyone know if the both of you have to go into a branch of the bank to do this conversion - or can you convert it into a joint account without needing to go into a branch?

DocProc

The following stuff might be useful:

Partner A has a joint account with Partner B. Let's say it's a Premier Vantage account.

Partner A opens two Classic Vantage accounts.

Partner B opens two Classic Vantage accounts.

Partner A goes into bank with Partner B and converts Partner A's Classic Vantage accounts into joint accounts with Partner B.

Partner B goes into bank with Partner A and converts Partner B's Classic Vantage accounts into joint accounts with Partner A.

So now Partner A has access to 5 Vantage accounts in total and so does Partner B.

Correct?

10_66

I must be incredibly thick tonight, 'cause I can't see what you'd gain from that. If A's 2 Vantage accounts are converted to joint, and B's 2 Vantage accounts are converted to joint then what's the gain? The max limit to achieve the 4% remains £7k whether or not it's in sole name or joint (it's not doubled to £14K just because it's in joint names), there are still only 5 accounts.

steady__eddie

"was there any changes planned for vantage interest rate??"

Currently they pay 0.1 % gross on any amount that you may have in your a/c. IN EXCESS OF £7k. From December, the rate payable on any amount IN EXCESS OF £7K in your a/c. will be zero, nothing, nowt, b*gg*r*ll.

pawlala

10_66 wrote: »

I must be incredibly thick tonight, 'cause I can't see what you'd gain from that. If A's 2 Vantage accounts are converted to joint, and B's 2 Vantage accounts are converted to joint then what's the gain? The max limit to achieve the 4% remains £7k whether or not it's in sole name or joint (it's not doubled to £14K just because it's in joint names), there are still only 5 accounts.

The benefit to creating joint accounts is not in the %rate or the £limits - it is to allow instantaneous transfer of £1000 through all vantage accounts and be able to see it carried out from one account, rather than two people browsing through two online accounts. That's the benefit to me anyway.

10_66

pawlala wrote: »

The benefit to creating joint accounts is not in the %rate or the £limits - it is to allow instantaneous transfer of £1000 through all vantage accounts and be able to see it carried out from one account, rather than two people browsing through two online accounts. That's the benefit to me anyway.

I do mine with standing orders going in a cycle from one Vantage account to the next and so on, and then back to the first. I don't have to do anything, it's all automatic.

DocProc

Having more than three Vantage accounts breaches the Terms and Conditions which have to be agreed to, in order to apply for and gain such an account.

However, Lloyds TSB have never been seen to be too bothered about enforcing this particular rule. And I think you can now see why?

Simply, it's a daft rule.

Let's use an example:

One husband goes off and gets his three Vantage accounts and then so does his wife. Next, the couple confer and decide to make them joint accounts. Nothing wrong with any of that.

However, they each now have access to six Vantage accounts and thus are in breach of the T&Cs.

Would Lloyds TSB say to them, "Sorry, we cannot allow you to do that."? I could be wrong but I think not. To disallow this is a bit too overly beaurocratic.

Assuming the joint accounts were created, at what point would Lloyds TSB tell this couple that they then have to close three of these joint Vantage accounts down, with the inevitable outcome that the couple would:

1. Quite surely remove the '3 x £7,000' away from the bank to a better interest paying account elsewhere.
2. Possibly become so mentally affronted by such an instruction, they might become so alienated as to then leave Lloyds TSB altogether.

I cannot think any Lloyds TSB manager would want to become involved with customers in anything like this. Neither would one want to be seen to ask an underling to do it instead.

Michael_Corleone

I guess there would be little point in LTSB forcing a joint account holder to relinquish three accounts, because the account holders could simply close the accounts and open three each separately. It would only create an administrative overhead, with no real change in circumstance.