Question about interest on Vantage

guitarman001

Hey,

I recently got the interest on my Lloyds Vantage account. £7k in there but only £18.09 in interest for the month!?!? That's 2.6% net, far less than advertised, no?
Pretty poor........... Am I wrong?

Baldur

guitarman001 wrote: »

I recently got the interest on my Lloyds Vantage account. £7k in there but only £18.09 in interest for the month!?!? That's 2.6% net, far less than advertised, no?
Pretty poor........... Am I wrong?

£7,000*3.93% (gross interest rate)/365*30 (days in September) = £22.61 gross interest - £4.52 (tax @ 20%) = £18.09 net interest.

guitarman001

Gah - I forgot about that tax.......... thanks for your help
Still... pretty poor! Not impressed!

scottishblondie

Try putting it into an normal savings account at 2.8% less tax. Even less impressive

guitarman001

OK, I agree - it's better than most other options right now. I'm just glad I got some index-linked certificates before that avenue closed.

There must be a better option - I haven't looked at my share investments for a while. Will have to get back into that to see if there's anything worthwhile.

Jonbvn

guitarman001 wrote: »

There must be a better option - I haven't looked at my share investments for a while. Will have to get back into that to see if there's anything worthwhile.

It is not an either/or situation. We do both.

Randy

I`ve just got a Vantage account after being told I could open 3 accounts.. i`ve just tried to open my second and it says "Sorry, you can`t open a second account"

Have they changed their rules in the past fortnight?

noh

Try again online in a few days or open new accounts via telephone.
You are still allowed to hold 3 Vantage accounts.

MoneyStudent

Randy wrote: »

I`ve just got a Vantage account after being told I could open 3 accounts.. i`ve just tried to open my second and it says "Sorry, you can`t open a second account"

Have they changed their rules in the past fortnight?

I had that when I first tried opening my second account. In the end I had to print off their website and take it into the branch before they'd allow me to open a second one.

fitzroy

I opened 3 Vantage a/cs on Monday but had to do it at the local branch. As I wasn't a Lloyds customer it all had to be done from "scratch" i.e. identity check, credit reference, signatures for 3 separate a/cs on numerous forms - the whole process took an hour and a half.

Rossan

Randy wrote: »

I`ve just got a Vantage account after being told I could open 3 accounts.. i`ve just tried to open my second and it says "Sorry, you can`t open a second account"

Have they changed their rules in the past fortnight?

No - you just need to go into branch and do it - I had to make an appointment but the whole process was very simple and took about 20 minutes. It was very straightforward and I didn't need to take any additional id as I already had 1 vantage account. Hope that helps!