Lloyds Incentive Saver Account

badger09

MoneySaverLog wrote: »

The AA are taking 10 days to make a transfer back to Lloyds, not exactly fast. Hence I'm not impressed in terms of instant access. Hence I'm going to use a Lloyds account for instant access.

3% for £3,000 with vantage or whatever is in the incentive saver until it comes to a end.

Strange.
I have the AA @ 3.2% and xfers to my Co-operative account (admittedly only £1000 - £1500) arrive the following working day so no complaints.

frugalfran

Thanks for all the advice - have checked out Skipton and will probably go there unless Lloyds change their mind and look after my "interests" better. Wouldn't do Post Office given the sate of the Irish economy and Ing has a foreign 'safety net' - I count myself lucky I got out of IceSave in one piece!

bobthedambuilder

Just a thought - you could open a Lloyds Classic current account with Vantage. Interest rates on that are 1.5% up to £1000, 2% up to £3000 and 3% up to £5000. So if you've between 3K and 5K you'll get a very competitive rate (on the full amount) + all the benefits of a current account (instant access, cashcard, DD's, chequebook, etc)

frugalfran

Thanks - I thought these had closed and were no longer available - do you still get them on-line or do you have to go to the bank?

They are certainly good - is there a max you can have?

psychic_teabag

I've just noticed that Coventry are now offering 3.15% instant access, but with only 4 withdrawals per year. Again, I don't know their status on faster payments.

psychic_teabag

frugalfran wrote: »

Thanks - I thought these had closed and were no longer available - do you still get them on-line or do you have to go to the bank?

They are certainly good - is there a max you can have?

Still seems to be available on web site. The limit was 3 when I got mine - I think you could have more classic current accounts, but only 3 with the vantage option. I got my first online, but subsequent ones didn't seem to work for me (and some others). But could open them by phone.

I think there was a mass exodus when they removed the 4% interest band - I think that was when the 3% incentive saver became available ..?

MoneySaverLog

psychic_teabag wrote: »

I think there was a mass exodus when they removed the 4% interest band - I think that was when the 3% incentive saver became available ..?

They used to pay 4% between 5 to 7K and you could have 3 Vantage accounts. They lowered the bandings so the max you could have in your Vantage account now is £5K and the interest on that is 3%

Not heard that you could have a seperate classic account without vantage along with 3 with vantage. I thought the limit was 3 current accounts.

They then offered the Incentive Saver account, probably as a result of people moving their extra £6K of savings elsewhere as anything over 5K in these accounts does not earn any interest.

ajbell

Have i missed something? I have had an Incentive saver account for over a year now and thought it was a permanent account.
What are these letters people are getting, is it closing or are they changing the interest rate.

MoneySaverLog

Yes the interest rate was fixed for 12 months. So if you've held if for more than 12 months I'd check what interest rate they are paying you.

ajbell

Just had a look at the terms and conditions and the way i read it i get the rate it was when i opened it. The new rate only applies to accounts being opened now. What are these letters that people have got. I see no mention of a 12 month term.