Vantage account query, existing Lloyds a/c holder

bbmatic

Hi, this is my first post :j

My wife currently has a platinum Lloyds current account, which i think she pays £15 monthly for (it has benefits such as AA recovery, travel insurance etc so probably want to keep it)
However we have noted comments here about 4% on several vantage accounts and want to open as many as possible.
Please forgive our newbie-ness, but could someone describe in simple terms (bullet points even) how best to go about this?
Should she convert her current platinum account to a vantage, then open 2 more classic accounts, and convert those to vantage after opening? Or, should she keep her platinum account separate, and try opening 3x classic accounts, later converting all three to vantage accounts?
Trying to work out how her platinum account fits into the picture.
Lastly: Am i right in assuming that I, too, could open 3x classic accounts and then upgrading to vantage, making 6 accounts in total? And are we also allowed to open 3 joint vantage accounts, making 9?
Would that mean that theoretically, we could have 9 vantage accounts all earning about £20 per month on the 7k in each?
I'm also wondering why people refer to "between £15-20 per month" when surely, if its maintained at 7k, it would be the same amount each month from each account? Why the variation?
If anyone manages to reply on all/ some of these points we would both be truly grateful..
thanks in advance

scottishblondie

Hi bbmatic

- To open the accounts you can simply go into a branch and ask to open however many you want. I have heard that they may be limiting you to one a day, but there is nothing to stop you going back on multiple days. They are perfectly aware of how people are using them, so don't be embarassed!
- Some people have been able to do it online, but a lot have to go into a branch or phone them.
- You do not have to open them as classic accounts then change to vantage later, you can just open them as Vantage accounts.
- As to whether or not to convert the Platinum account, I suppose that depends on whether or not you actually want to keep the benefits and keep paying for it. If you change it to a Vantage it will be a free account and the benefits will go.

- You can definitely open 3 each, I don't know about joint ones, however. Open the individual ones first then see about joint ones, or maybe someone who has tried it will be along!

- The reason for the £15-£20 is that not all the month have the same number of days, hence you receive a slightly variable amount each month.

Hope all that answers your questions

Baldur

scottishblondie wrote: »

If you change it to a Vantage it will be a free account and the benefits will go.

Incorrect. Adding Vantage to an existing 'value added' account does not change it at all, other than offering the Vantage interest rate tiers - http://www.lloydstsb.com/current_accounts/vantage.asp

missile

Any LTSB current account can be upgraded to vantage

Vantage can be added to Classic, Silver, Gold, Platinum and Premier accounts.

and you can do it on line. If you go into branch, be prepared for the sales interview.

See here> http://www.lloydstsb.com/current_accounts/Added_value_accounts.asp

http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=CAIRRHN0609

To open more vantage accounts. Bullet points as you requested>

1.Open classic account(s) on line
2.Upgrade to vantage

Baldur

missile wrote: »

1.Open classic account(s) on line
2.Upgrade to vantage

Two steps are not required, you can simply apply online for 'a Classic Account with Vantage' - http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

See middle of the three 'Apply' links on the above page.

scottishblondie

My apologies, I assumed he meant to change it to a classic account and then add vantage. You can indeed just add vantage to the platinum account.

bbmatic

Scottishblondie, Baldur, & Missile - thanks for taking time to reply, really grateful.

Got to think about the Platinum and whether to retain. Ideally, we both will just open three separate Vantage accounts.
The interest from six accounts would be approaching £120 per month, £1440 annually ...not bad usage of 42k that is currently earning a lot less than that! (unless i've got me maths badly wrong...)

bbmatic

Lloyds guidance notes make no mention at all of joint vantage accounts -- so i'm guessing they don't offer them.

partlydave

bbmatic wrote: »

Lloyds guidance notes make no mention at all of joint vantage accounts -- so i'm guessing they don't offer them.

This is on the page when you start the application
Make it a joint account

If you want this account to be a joint account simply open the account in your name and then add someone else to the account at your nearest branch. Find out more

bbmatic

Thanks. You can open joint accounts then clearly - but actually i meant, can one open three joint accounts, as well as have three individual accts!

(Almost makes me sound greedy... not that. just fed up of earning zero interest!)

missile

Baldur wrote: »

Two steps are not required, you can simply apply online for 'a Classic Account with Vantage' - http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

See middle of the three 'Apply' links on the above page.

The link you reference is for new customers only

If you’re new to Lloyds TSB

Existing customers get a different screen:A

Why open another Current Account?

• Help organise your money
  • e.g. you could use it to pay your bills from

• It's a Classic Account so comes with the following:
  • A debit card
  • Free everyday banking as long as you stay in credit
  • Access to your money 24/7

• It's easy to apply

Find out more about the Classic Account