Lloyds tsb Vantage

cbassno3

Good evening

I opened a Lloyds tsb account on the phone today and was accepted etc. I have opted to have the silver account due to the extra's like phone insurance aa cover etc. Im possibly thinking of upgrading to the vantage. If i had my salary go in to my lloyds account which would be about £1350 per month would i earn enough interest to make it worth while? I would'nt go overdrawn and my salary would stay almost untouched until my direct debits came out within a few days? I would really appreciate your advice and comments.
Thank you :beer:

Chadsman

Did you really want the phone insurance aa cover etc or did you open that after the CS rep told you how much you needed it?
To get the most from a Lloyds vantage account (ie 4% interest) you need a balance between £5k and £7. Do you have that?

Baldur

cbassno3 wrote: »

.....If i had my salary go in to my lloyds account which would be about £1350 per month would i earn enough interest to make it worth while? I would'nt go overdrawn and my salary would stay almost untouched until my direct debits came out within a few days?

You would earn 1.59% per annum, after deduction of basic rate tax on any daily balance between £1,000 and £3,000, so if you had a daily balance of £1,350 for the whole year, you would only earn £21.47 in interest

cbassno3

Chadsman wrote: »

Did you really want the phone insurance aa cover etc or did you open that after the CS rep told you how much you needed it?
To get the most from a Lloyds vantage account (ie 4% interest) you need a balance between £5k and £7. Do you have that?

I have an IPhone so the insurance is to be on the safe side. I currently have the current account plus with barclays £5 a month with a couple of other things so im cancelling that for the lloyds sliver account better value for money in my OP. I don't currently have any substantial savings like £5k-£7 so perhaps it maybe not so worth while having advantage?

payless

surely it costs no more to go vantage, so if meet criteria - even if low interest I think you should go for it