Lloyds Incentive Saver Account

waddy80

MoneySaverLog wrote: »

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.

You can have a seperate classic account without vantage.

Just remember each vantage account has to be funded with £1000 per month.

opinions4u

ajbell wrote: »

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.

The Incentive Saver account takes various forms.

The one in question here was offered to Lloyds TSB Vantage customers around 12 months ago on an "invitation only" basis.

The rate was 3% fixed for 12 months, with unlimited withdrawals.

That rate will be expiring over the coming weeks and account automatically become an Easy Saver - as promised in the invitation letter.

MoneySaverLog

The Easy Saver taken from the Lloyds TSB site on clicking apply....

"A variable rate of interest, currently 1.60% gross/AER, including a fixed introductory bonus of 1.50% for the first 12 months from account opening. After 12 months, the variable interest rate without bonus applies, currently 0.10% gross/AER."

Will our Inventive Savers, get the introductory bonus when the account converts to the "Easy Saver" or will it pay 0.10%?

psychic_teabag

opinions4u wrote: »

The Incentive Saver account takes various forms.

The one in question here was offered to Lloyds TSB Vantage customers around 12 months ago on an "invitation only" basis.

The rate was 3% fixed for 12 months, with unlimited withdrawals.

I don't think it was invitation only. But it wasn't advertised : you had to know it was there and phone up to ask for it. I think it may have got some press coverage at the time. But it was certainly covered on here back then.

opinions4u

psychic_teabag wrote: »

I don't think it was invitation only. But it wasn't advertised : you had to know it was there and phone up to ask for it. I think it may have got some press coverage at the time. But it was certainly covered on here back then.

It was invitation only. But when the word "got out" they allowed any Vantage customer who asked for one to get one.

MoneySaverLog

Indeed I went into the branch and they did not even know anything about the account. I had to phone what was "The Specialist Savings Team" to open it.

innovate

They don't seem to want to offer anything this year - - have told them they'd be losing my Incentive Saver money and my 2-year fixed ISA (adding up to about 80K) unless they can offer me more than 3% / 4% respectively.

Been to the Branch today (who can't say anything about the Incentive Saver) and called some Savings Team - - both giving me the same story: 2 year fixed ISA @ 3.7%, 18 months tracker bond @ 3.3% currently. Neither of these two are best for me, so I'll just move on....may be they have some market leading stuff this time next year.

Though with their participation in the Loan Guarantee Scheme, they will be generally looking for cheap money, so not much room for market-leading rates.

Having said this, their 2-year fixed ISA could be quite good for people who have got a transfer to make, and also want to drip-feed their 2012/2013 subscription throughout the year.