Lloyds Vantage

Lokolo_2

Brendan_Ashford wrote: »

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

Hi, please see my reply to your original post.

Yes, you can open 3 Vantage accounts, however if you are a taxpayer then ISA's may be more beneficial to you.

You can only open 3 Vantage accounts but that doesn't stop your partner from opening up to 3 of them too. :beer:

G_M

You'll find the answer here!

But for more detailed advice, see here.

Consumerist

simpleguy_blr wrote: »

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 . . .

Ts&Cs normally give the circumstances in which a bank can close an account. Unless you had breached any of the Ts&Cs, I suspect they would have been hard-pressed to defend a complaint to the FOS. If, however, you agreed to their request to close the account then you probably have no cause for complaint.

simpleguy_blr

Consumerist wrote: »

Ts&Cs normally give the circumstances in which a bank can close an account. Unless you had breached any of the Ts&Cs, I suspect they would have been hard-pressed to defend a complaint to the FOS. If, however, you agreed to their request to close the account then you probably have no cause for complaint.

Thanks,

As far as my knowledge goes, I did not break any Ts&Cs, I was just using it as a savings account, rotating £1000 on a monthly basis. So I am not sure what triggered them to not like my account. I might give it another go sometime later and see what happens.

Cheers

cherub2008

I have 3 Vantage accounts funded by rotating £1000 from one to the other. For the next tax year only,I will be a non tax payer so was thinking of submitting an R85 for payment of interest gross, but I think it may be better to fly under the radar and get the tax paid refunded by HMRC at the end of the year.

What do others think?

Consumerist

Would it be too much of an inconvenience to transfer a direct debit to one of the accounts?

I haven't seen any other reports of Vantage accounts being closed by Lloyds, it's possible that simpleguy_blr was just unlucky. Having now been flagged-up, though, I think a direct debit from one of the accounts should satisfy any undisclosed requirements.

kar999

cherub2008 wrote: »

I have 3 Vantage accounts funded by rotating £1000 from one to the other. For the next tax year only,I will be a non tax payer so was thinking of submitting an R85 for payment of interest gross, but I think it may be better to fly under the radar and get the tax paid refunded by HMRC at the end of the year.

What do others think?

Mrs KAR is a non-taxpayer and when we opened our 6 accounts in branch the manager assisted her fill in the relevant R85 forms to have her interest paid gross so I wouldnt worry. The responsiblilty is with HMRC and you personlly to declare your tax position accurately not the banks.

BTW the manager did ask how we intented to service the accounts with £1000 in each and I politely told him that was my problem to address and not his to concern himself about. :cool:

adonis10

Once one has registered and logged on to internet banking for the first time, is it then possible to apply for 2 more accounts?

cherub2008 wrote: »

I have 3 Vantage accounts funded by rotating £1000 from one to the other. For the next tax year only,I will be a non tax payer so was thinking of submitting an R85 for payment of interest gross, but I think it may be better to fly under the radar and get the tax paid refunded by HMRC at the end of the year.

What do others think?

If you're going to be under the limit and not pay tax, you may as well fill out the form and save the hassle of having to re-claim tax at the end of the year.

Noktok

If you have internet banking with Lloyds then you can apply for the other two accounts and upgrade them both to Vantage online. That's what I did. No need to speak to anybody. I recommend waiting for confirmation that the first account is opened before applying for the second.

adonis10

Noktok wrote: »

If you have internet banking with Lloyds then you can apply for the other two accounts and upgrade them both to Vantage online. That's what I did. No need to speak to anybody. I recommend waiting for confirmation that the first account is opened before applying for the second.

Yeah, received confirmation a few days after applying. WIll wait until interweb banking is set up before applying for the others.