Lloyds TSB Vantage - Multiple accounts

KingL

I think that the other 371 posters on this thread are expecting/receiving 4% on the full 5-,7000.

Hopefully the lady you spoke to is misguided It'll be in the terms & conditions. I'll post it tomorrow if no-one beats me to it (Please, someone, beat me to it

superstar_2

basiaking wrote: »

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?

That is not true, 4% up to 7K as other posters have said here. She doesn't know about the product. Ring her tomorrow and take over the job from her! :rotfl:

Paulee

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?

Thanks to everyone who commented on my posting a couple of days ago; this really is a very useful and interesting thread.

I haven't tried to open more accounts as I'm worried that I may screw things up a bit. My wife and I currently have 4 accounts; we opened 3 each a few months ago and then, seeing the amount of encouragement Lloyd's were posting on their website, we took a chance on another. Lo and behold, it worked! We were intending to try for more, but I think it likely we won't push our luck and we'll stick with what we have, at least for the time being.

I did think that 3 more accounts in joint names may be legitimate, but I now tend to think it won't be. This was confirmed by customer services in our local branch, but it is true to say that the Lloyd's staff generally are not too familiar with this product.

I can confirm that all our accounts have been opened online, with no difficulty and that we have received 4% interest on the full amount in the account when maintaining a balance of £5-7k.;)

basiaking

Thanks for everyone's replies. I rang Lloyds again and spoke to someone else who confirmed that you are all right. You would earn 4% AER on the whole £7,000. This lady was just wrong - sorry to scare you all!

smudge450

A follow on from my first post of the 16/09/10
I opened my first vantage account the same day, received all the doc's 20/09, on making my first deposit into the account at my local branch I was taken into a side office to whilst a women filled a form in, apparently because of the amount it’s to ensure I’m not money laundering, she also asked a couple of questions regarding what I would be doing with the account, just got the impression it would be more difficult to open more accounts in branch rather than phone.
Within 30 minutes of leaving the branch I phoned up and opened another account, no problems at all took about 10 minutes. Once it’s up and running I’ll be making a deposit and applying for a third one.

Couple of questions.
Is there a best time of month of month to transfer the £1000 across the accounts?
I’ve got the same sort code with both accounts but obviously different account numbers, the third account when opened will be the same I imagine, I’m presuming I’ll receive a debit card with every account opened, anyone know if that’s the case?

P.S. I've just logged into my accounts and my second one is now showing, do I have to wait for postal conformation before I can pay into it?

10_66

smudge450 wrote: »

...Couple of questions.
Is there a best time of month of month to transfer the £1000 across the accounts?

I set my standing orders up for the 5th of the month, to avoid any problems with bank holidays etc.

smudge450 wrote: »

...I’m presuming I’ll receive a debit card with every account opened, anyone know if that’s the case?

You can ask them not to issue debit cards, if you don't want them.

smudge450 wrote: »

... P.S. I've just logged into my accounts and my second one is now showing, do I have to wait for postal conformation before I can pay into it?

If you can view them online, then you can add funds to them, as you know the sort code and account number.

pawlala

Lloyds have been known to send debit cards and cheque books despite being told not to. In the last 12 months I've had three of each sent to me unnecessarily because they couldn't understand a simple instruction.

DavidAC

I have just opened a Classic Advantage account. I transferred a small amout to it from it back to my non Lloyds current account. It all seems to work well going by faster Payments. Am I right in thinking that if I transfer a larger amount to get the balance between 5K and 7K it will not earn the 4% interest until next month because the balance will not have been above £0 for the whole month? If this is the case I will leave a small amount in the account and wait until early next month to transfer a larger amount.

Can I open more Classic Advantage accounts online?

Baldur

DavidAC wrote: »

I have just opened a Classic Advantage account. I transferred a small amout to it from it back to my non Lloyds current account. It all seems to work well going by faster Payments. Am I right in thinking that if I transfer a larger amount to get the balance between 5K and 7K it will not earn the 4% interest until next month because the balance will not have been above £0 for the whole month? If this is the case I will leave a small amount in the account and wait until early next month to transfer a larger amount.

Can I open more Classic Advantage accounts online?

The 4% AER/3.93% Gross/3.14% Net is paid on the daily balance, so if you pay in, for example, £7,000 on 11th of October, you'd earn interest of approximately £12.65 based on that amount, would be paid around 2nd of November.

Phone or branch applications for 2nd and/or 3rd Vantage accounts appear to be more successful.

DavidAC

The higher interest rate is only paid if the balance is above £0 for the whole month though. Since it was not open on 1st October I thought it would not earn the higher rate until next month.