Lloyds TSB Vantage - Multiple accounts

Baldur

DavidAC wrote: »

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.

Do you have a link to that requirement, or is that your interpretation?

From memory, interest has been paid on all three of my Vantage accounts as per my post above.

DavidAC

Link below.

http://www.lloydstsb.com/current_accounts/vantage_ts_and_cs.asp

Each month you must keep your account in credit. I presume that means the whole month.

Baldur

DavidAC wrote: »

Link below.

http://www.lloydstsb.com/current_accounts/vantage_ts_and_cs.asp

Each month you must keep your account in credit. I presume that means the whole month.

You should know better than to presume anything when dealing with financial institutions. It means during the month covered by your statement period, if it meant for the whole month, it would specify the whole month.

xrjtg

I interpret that to meant that you mustn't go overdrawn. I've had interest paid on accounts that I emptied part way through the previous month.

Jake'sGran

KingL wrote: »

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

I opened three of these A/cs on line, each
with £7k, and £1000 leaves each a/c on the
same day each month to be deposited in one of the others. One of their staff helped me to sort this out on the telephone.

I had forgotten about the interest on the amounts above £7k. If it is a very low rate I could transfer it out to the AA or Saffron BS I suppose. Bit messy!

Baldur

Jake'sGran wrote: »

I had forgotten about the interest on the amounts above £7k. If it is a very low rate I could transfer it out to the AA or Saffron BS I suppose. Bit messy!

It is a very low rate currently (0.10%) - see http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=VIR0609#currentaccountsvantage

KingL

.... going down to 0.0% on 2nd December

you’ll no longer receive 0.1% AER/Gross* credit interest on amounts over £7,000

http://www.lloydstsb.com/current_accounts/changes_to_our_accounts.asp

adindas

If you just want to keep your money on the amount higher than 7k, just open eSaving Account with Lloyd TSB, you could open it instantly within a few minutes. It earns a variable rate of 1.60% AER/Gross from £1 to less than 10k and withdrawal is unlimited, anytime.

You could use eSaving as a buffer for your money in excess of 7k in Vantage a/c.

ADINDAS

Jake'sGran wrote: »

I had forgotten about the interest on the amounts above £7k. If it is a very low rate I could transfer it out to the AA or Saffron BS I suppose. Bit messy!

D1zzy

[QUOTE=Jake'sGran;37366504
I had forgotten about the interest on the amounts above £7k. If it is a very low rate I could transfer it out to the AA or Saffron BS I suppose. Bit messy![/QUOTE]

Or open the new Natwest Esaver (2.89 AER) - FP both in and out between Natwest and Lloyds

G_M

D1zzy wrote: »

Or open the new Natwest Esaver (2.89 AER) - FP both in and out between Natwest and Lloyds

But remember you don't get the 2.89 immediately - See the long thread here. Could be 2 to 7 weeks before the bonus rate kicks in.