Life after LTSB Vantage

DocProc

My wife and I have 8 Joint Classic Vantage and 1 Joint Premier Vantage and she also has 1 personal Classic Vantage for herself. I guess all that adds up to about a spare £20k or so, that we now more clearly know what to do with.



I guess somewhere along the way, we must have ticked the 'No - we don't want marketing material' box so hadn't heard of this Incentivised Account until I read this thread.

Thanks for this thread and your contributions to it, guys. I intend to go back and tick the 'Thanks' box for each of you. DONE!

DocProc

Wifey has just organised an Incentive Saver Account in her name.

The Welcome Pack comes out to you within 3-5 days and the pack includes a form for you to convert the account into a Joint Account. Apparently, this has to be sent back to Lloyds TSB by post.

Apparently, one can only participate in ONE Incentive Saver Account, be it either a Joint or a Personal Account so we will be deliberating on what to do here. I understand, but am not sure on it, but our Phone Adviser told my wife that the interest rate is a Fixed Rate and fixed for 1 year, rather than it being Variable rate.

I might feel it best that we leave it as it is, ie. only in her name for the time being, and then organise one in my name a few months down the road. We'll have a read of the Welcome Pack when it comes.

Although she only rang up about it and opened it today, the account should be up and running on Monday, 27th June, and accessible Online, and also able to be additionally funded with Transfers from the other Vantage Accounts on Monday too.

TheMatrix_2

You could have one incentive saver each, holding upto £50K each. The 3% is supposed to be fixed, but my letter said it is variable.

If rates go up that's fine, but if the rate drops I guess there will be a few complaints as what was verbally agreed is not what was in the conditions on the account.

MME_2

10_66 wrote: »

When I asked LTSB about non activity on the Vantage accounts, I was told that if there wasn't any activity on it for "a while", it would be suspended. When I asked them if "a while" is around a year, they said about that.

The dormancy period is actually 3 years. If there are no customer generated transactions in this period (i.e credit interest isn't activity) then the account becomes dormant.

Rollinghome

DocProc wrote: »

I might feel it best that we leave it as it is, ie. only in her name for the time being, and then organise one in my name a few months down the road.

The letter said: "This offer will be available to you from 26 April to 31 July 2011." so presumably that time limit still applies.

oldagetraveller

Are LTSB still offering this Incentive Saver a/c? I 'phoned them over a different matter three days ago and also asked about the I.S.. The rep. said it was no longer available.:cool: All he could suggest was that I closed my existing eSaver (£1 !) in branch and then open another eSaver online, which would then qualify for the current 2.5%AER including a 12 month 1.5% bonus rate.
I declined because although there's a maximum the Vantage still offer 3% after tomorrow!

adindas

To keep the LSTB vantage account alive, I will try to do 1p SO each month instead of £1.00.

Could people confirm about this whether it is feasible, please ?

I prefer 1p SO because I could just do one way SO (do not need to transfer it back) with no risk for overdrawn from the origin A/C even I do not check it at all for several years.

Rollinghome

oldagetraveller wrote: »

Are LTSB still offering this Incentive Saver a/c? I 'phoned them over a different matter three days ago and also asked about the I.S.. The rep. said it was no longer available.:cool:

They might have meant the older account with the same name and not be aware of the newer one. Should be available until 31/7. Try phoning on the 0800 731 0242 number given in the letter.

TheMatrix_2

I did something very similar but with a pound just to keep all my accounts active, one feeds the next, which feeds the next and so on until it arrives back in the original account ;-)

KTF

I didnt get a letter but have just finished opening an Incentive Saver via the 0800 number now.

The person I spoke to asked if I had a letter and when I said no they then asked where I had heard about it and I mentioned the Times article mentioned on the first page. That was enough to get the account opened and it will be visible within 24 hours on the online banking.

The longest part was listening to all the legal stuff that they have to go through....