Life after LTSB Vantage

KTF

The Incentive Saver is showing on my online banking now. Any way to check the rate before I transfer the money into it?

johnmoney05

KTF wrote: »

The Incentive Saver is showing on my online banking now. Any way to check the rate before I transfer the money into it?

interest rate and account details shown under account number


Interest rate: 2.96% AER

I think you have to put something in first, or overnight...

KTF

Ah, thanks. Didnt realise you have to select the statement page then expand that to see the details.

It was opened this morning using £1 from one of the current accounts so ideal timing really.

I will just move the contents of the current accounts into that to save doing the monthly 'money shuffle'...

whu

Just opened the incentive saver on the phone - hopefully it will show up tomorrow

Thanks for the information everybody

bwebba

Per the conditions online:

2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).

So do you lose all interest for that month if you take money out at all?

Thanks

opinions4u

bwebba wrote: »

Per the conditions online:

2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).

So do you lose all interest for that month if you take money out at all?

Thanks

Not on this "special edition" version of the account. The letter issued covers it off.

thepearce

KTF wrote: »

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....

Ditto - with 2k skimmed from a vantage. 0800 731 0242 in case anyone needs it.

I queried withdrawal penalty (after I'd googled the [old] terms) and was told there was none. Others have indicated the printed t&cs show no penalty so that's good.

whu

whu wrote: »

Just opened the incentive saver on the phone - hopefully it will show up tomorrow

Thanks for the information everybody

My incentive saver was set up today

DocProc

I understand there are some differences between an 'invited' Incentive Saver Account and an 'uninvited or 'regular' Incentive Saver Account. I haven't got my letter yet so could someone please advise on the following:

1. Is there a monetary ceiling above which the 'invited' or 'special' Incentive Saver does not earn interest? (I note for the 'regular' ('uninvited' or 'non-special') Incentive Saver accounts this is £50k).

2. Obviously, the interest is paid into the account itself. How frequently? I would expect 'monthly' is the answer to this question.

PS. Isn't HAVING TWO ACCOUNT TYPES WITH THE SAME NAME quite ridiculous and open to confusion, both with staff, who are going to be expected to answer questions on it, and also customers too? And also then there are those 'regular' Incentive Saver Accounts opened before or after 02/05/2010 which also have difference to each other. Aaaargh!

KTF

1. 50k limit.
2. Monthly.