Lloyds TSB Incentive Saver

bobpat_2

Can any of this banks employees who use this site, throw any light on why only certain people are being invited to open this account please?.

adindas

Yeep good to know this, although for 3% there are other offers available elsewhere

bobpat wrote: »

Can any of this banks employees who use this site, throw any light on why only certain people are being invited to open this account please?.

xrjtg

I gather that it's to try and keep hold of the deposits of those who had significant sums lodged in Vantage current accounts taking advantage of the excellent 4% interest that will stop being paid in June.

ChiefGrasscutter

xrjtg wrote: »

I gather that it's to try and keep hold of the deposits of those who had significant sums lodged in Vantage current accounts taking advantage of the excellent 4% interest that will stop being paid in June.

I've got the max £7K in several accounts and ain't been offered anything
so this seems unlikely.

kidmugsy

The offer of the Incentive Saver account popped up once when I visted my Vantage account on the web. Just once: never again. What can it mean?

Milarky

It seems it only pays 2.75% monthly - and then only if you make no withdrawals whatever - which is less than (for example) Tesco's current Internet Saver. Why bother to have one?

Baldur

Milarky wrote: »

It seems it only pays 2.75% monthly - and then only if you make no withdrawals whatever - which is less than (for example) Tesco's current Internet Saver. Why bother to have one?

That's the 'standard' Incentive Saver, not the enhanced version which has been offered to some Vantage account customers (3%, instant access, no penalties for withdrawals - confirmed verbally but I've yet to receive the Ts & Cs).

exel1966

xrjtg wrote: »

I gather that it's to try and keep hold of the deposits of those who had significant sums lodged in Vantage current accounts taking advantage of the excellent 4% interest that will stop being paid in June.

I've held 7 vantage accounts for nearly two years now, all having the max £7K in them since day one. Lloyds says the incentive saver is only for customers who have regularly kept £5K or more in their accounts..........The question is, Why haven't I been offered one then ?

Yorkie1

If you read the main thread on the Budgeting and Bank Account thread, you'll see that different people have received different explanations, none of which hold water when you apply them to other posters' situations ...

Saints2011

Depends on the different products you hold with Lloyds, account is simple £1.00 to £50,000 3% fixed for 12 months with no loss of interest

LittleVoice

Milarky wrote: »

It seems it only pays 2.75% monthly - and then only if you make no withdrawals whatever - which is less than (for example) Tesco's current Internet Saver. Why bother to have one?

What you found was the interest rate information for an account named Incentive Saver but which is no longer available. The monthy rate of 2.75% is 2.85% AER. It wasn't a bad rate when it was originally on offer (May 2010) but had been higher before that.