Lloyds TSB Vantage - Multiple accounts

elektra

spike87 wrote: »

So just to confirm:

• Currently you can have as much as you want in the account but only the first £7k will earn interest

Is that correct?

No the first 7k will earn higher interest rates and the amount over £7k will earn standard rate 0.10%.

spike87 wrote: »

So just to confirm:

• Later this year if you go over £7k you will not receive any interest on any of the balance

Is that correct?

No, later this year the amount over £7k will earn 0% but the first £7k will still earn tiered interest rates.



see below info from Lloyds website for rates and conditions



Balance Interest Paid MonthlyAER %Gross %Net %
£1+ 0.10 0.10 0.08
£1,000+ 2.00 1.98 1.59
£3,000+ 3.00 2.96 2.37
£5,000 up to £7,000 4.00 3.93 3.14

These interest rates are correct as at 02/02/2009.
To get these higher rates of interest paid each month, all you need to do is:

• stay in credit during the month, and
• pay in at least £1,000, for example your salary, each month.

The first £7,000 of your balance will earn the interest rate in the table above. Any balance over £7,000 will receive the standard interest rate for your type of account.
You will also earn the standard interest rate for your account when you don’t meet the conditions above.
Interest rates are variable.

xyz123

Hi i have two vantage accounts and OH has one vantage account. How do i open a third one and OH open two more. When we try to do online it doesnt allow us to do it.

After i opened my first account and i went into branch to open a second one i had to give such a detailed description to them to as to why i want it. Staff seemed daft and in cooperative.

Are there any alternatives to this?

regards
X

slinga

I had a similar problem ish.

Did it all by telephone.

Quite simple and fast except they HAVE to read out a few T&Cs.

Jimmy-p_3

opened my accounts online no problems, opened one for my daughter around 10 days ago,same thing online and no problem

pawlala

Paulee wrote: »

Is there anything to stop me legitimately having 3 accounts in my name, 3 accounts in wife's name and 3 accounts in joint names - total 9 accounts?

Your limit is now 3 - therefore your first three can only be joint. You would not be able to create a fourth, neither would your wife. Therefore it is possible to have 6 accounts between you, but not nine.

hethmar

We have one joint plus 2 in my name - have applied for another one in OH's name and received a letter saying they are "considering it"!!

smudge450

Hi All
Very interesting thread. Hope someone can help me with a few questions regarding opening 3 accounts.

(1) I know it’s possible to open the accounts either in Branch, phone,or online any advantages or disadvantage with either one of them ?

(2) How does one then put money in to the account,? Reason for asking is I cannot transfer money from Barclays online without updating to PINsentry,I don’t want to do that, and don’t fancy walking into my local branch with £5000 for each account.

(3) Is it possible to open 3 accounts on the same day ?
Thanks in anticipation




P.S. On checking out the online application form it's got a section asking what the account be used for?
1, Salary or pension
2,Bills/Expenses
3,Savings
4,Benifit payments
5,Spending money
6,Credit
Now i would not be paying my pensions into the accounts,so if i said option 2,Bills /expenses that would sort the first account out but what reason do people give for their second and third option?

KingL

1) it didn't like me online & made me goto a branch. Don't worry about it too much. Online would be the easiest and most distant from the spanish inquistition if you can get away with it. If you do have to go into a branch, they'll be so happy to see a walk-in that doesn't have 25 CCJs, they'll roll our the red carpet for you! Post-branch, my subsequent 2 were easy over the phone.

There are many reports on this thread of online difficulties and little-hi7ler-dom in branch for 2nd and 3rd accounts. Phone seems easiest (at least for the 2nd & 3rd). I've had hassle having to get (& not wanting) the cashpoint cards for accounts 2 & 3, but it's a small problem in the great scheme of things.

2) Same as any other current account. I'm sure a cheque would suffice.
3) No. One per 24 hours.
4) it doesn't matter (in branch or over the phone, anyways). It's just a field they have to fill-in. You don't care, they don't care. I don't think they even ask, post account #1

.

basiaking

Hi, can someone please help me. I opened a Lloyds Classic Current Account with Vantage today over the phone. I understood the interest rates to mean that if you had a balance of between £5,000 and £7,000 in the account you would earn 4% AER ON THE WHOLE AMOUNT BELOW £7,000. However, the lady on the phone explained that this is not the case. You only earn 4% AER literally on the amount between £5,000 and £7,000 so if you have £7,000 in the account, you would only earn 4% AER on £2,000 of it and the lower interest rates on the lower amounts of your £7,000. My maths is not great but if you work this out the interest on the whole of the £7,000 you are earning is more like 2.5%. Oh, and I asked her what happens if you have more than £7,000 in the account and she said you don't earn any interest at all on any amount exceeding £7,000. Is this right?

spike87

The Lloyds TSB website says:

"The first £7,000 of your balance will earn the interest rate in the table above. Any balance over £7,000 will receive the standard interest rate for your type of account."

I'm pretty sure it's the whole £7,000 that earns 4% interest.