Lloyds Vantage

adonis10

WHen applying it asks what the account will be used for. I will be using it as a savings account and just transferring £1,000 in and out each month. Is it wise to put 'savings' given that it's a current account? It won't affect their decision to pay the 4% at all?

Rollinghome

adonis10 wrote: »

WHen applying it asks what the account will be used for. I will be using it as a savings account and just transferring £1,000 in and out each month. Is it wise to put 'savings' given that it's a current account? It won't affect their decision to pay the 4% at all?

I'd guess they want the info for marketing purposes or possibly anti-money laundering. Don't say 'for stashing drugs money'.

It won't effect the payment of interest.

steady__eddie

I have a fairly close relationship with the black horse brigade, visiting them 3 or 4 times every week to deposit cash to cover the regsave payments. A few months ago when I opened my last Vantage a/c. (with notes of the realm), the teller enquired as to the source of funding, I replied that it was from the proceeds of drug dealing and prostitution. A wry smile followed followed by the obligatory, "Is there anthing else that I can help you with ?"
The account was opened successfully.

adonis10

steady__eddie wrote: »

I have a fairly close relationship with the black horse brigade, visiting them 3 or 4 times every week to deposit cash to cover the regsave payments. A few months ago when I opened my last Vantage a/c. (with notes of the realm), the teller enquired as to the source of funding, I replied that it was from the proceeds of drug dealing and prostitution. A wry smile followed followed by the obligatory, "Is there anthing else that I can help you with ?"
The account was opened successfully.

Haha.

My mind is at rest!

VT82

I said as innocently as I could muster 'one as my current account, one for eBay trading and one for work expenses'. He completely ignored me and reminded me of my need to cycle £1k through and keep between £5-7k in there to 'get the interest'. I felt cheated out of the sport - he knew the system better than I did!

adonis10

What happens if there is over 7k in the account for a few days? Do you lose all interest in that month, or just get nothing on the bit over 7k?

Just wondering in case one of these accounts is used as a nominated account for another e-saver, whereby transfers would be sent to the lloyds account/

YorkshireBoy

adonis10 wrote: »

...just get nothing on the bit over 7k?

...is the correct answer.

simpleguy_blr

Apologies for hijacking this thread.

I had a Vantage account last year and was using it purely as a savings account and recycling £1000, all was fine for about 10 months and then suddenly I was unable to access my account online and on calling them was asked to go to my branch and the manager said that LTSB are not happy with my account and want to close it and return back all the monies in the account, no reason given whatsoever, It has been about 5 months since...
The manager said If I wanted to I could reapply after a while.

I had decided not to, but the 4% is really tempting!

I really liked the LTSB account, would it be worth reapplying for it again, would it effect my credit rating if I were turned down?

Appreciate any inputs.. please

D1zzy

steady__eddie wrote: »

I have a fairly close relationship with the black horse brigade, visiting them 3 or 4 times every week to deposit cash to cover the regsave payments. A few months ago when I opened my last Vantage a/c. (with notes of the realm), the teller enquired as to the source of funding, I replied that it was from the proceeds of drug dealing and prostitution. A wry smile followed followed by the obligatory, "Is there anthing else that I can help you with ?"
The account was opened successfully.

Ahh but they could then have submitted a money laundering report. Had they given you any indication of this they would have been laying themselves open to committing the offence of "Tipping Off" -

G_M

adonis10 wrote: »

What happens if there is over 7k in the account for a few days? Do you lose all interest in that month, or just get nothing on the bit over 7k?

You don't get the interest for the bit over £7K for the few days in question.

You get 4% for the 1st £7K for the full month.

Brendan_Ashford

Hi all!

Sorry I am a bit green on all this saving lark! My self and my partner will have £18,000 profit after the sale of our house, can we open up 3 Vantage accounts and get 4% intrest on each? and another because we want to save £500 per month?

Thanks