LTSB Internatiional £100 incentive

starM

Hi, Just been looking through TCB and came across lloyds TSB International Banking offering £100 incentive if account opened before 27th April and maintain £2500 for 3 months + £30 through TCB. http://www.lloydstsb-offshore.com/international-current-accounts/?WT.mc_id=PIA_Aff_TD

As far as I can see £2500 should be maintained for 3 months and incentive will be paid by 31/08.

Never had an account with LTSB International Service. Any feedback?

Do you think its save enough to go ahead and apply for the account? Income eligibility
do not apply to existing Halifax or LTSB customers.

MS

jonesMUFCforever

Don't bother!
By the time you have offset lost interest in the money you put in (and look very carefully at all fees that might be levied)it will not be worth it for you.

This is of course unless you actually need an International account.

pip2012

starM wrote: »

Hi, Just been looking through TCB and came across lloyds TSB International Banking offering £100 incentive if account opened before 27th April and maintain £2500 for 3 months + £30 through TCB. http://www.lloydstsb-offshore.com/international-current-accounts/?WT.mc_id=PIA_Aff_TD

As far as I can see £2500 should be maintained for 3 months and incentive will be paid by 31/08.

Never had an account with LTSB International Service. Any feedback?

Do you think its save enough to go ahead and apply for the account? Income eligibility
do not apply to existing Halifax or LTSB customers.

MS

I have this account, I opened it last Month and went through Quidco. For me it will work out cost effective as I travel quite a bit with work, but as I have adverse credit still on my file I cannot open a full bank account "onshore". I have found the staff to be really helpful and friendly, and received a sterling, Euro and Dollar debit card 5 working days after the account was opened. I also recieved a cheque book.

I do not plan on keeping £2500 in the account for 3 Months though so I will miss out on the £100 bonus.

All together though, the experience has been good. The online system is a bit basic but it does the job.

YorkshireBoy

jonesMUFCforever wrote: »

Don't bother!
By the time you have offset lost interest in the money you put in (and look very carefully at all fees that might be levied)it will not be worth it for you.

The Sterling version pays 4% gross on £10-25K for the first 3 months, so that's almost certainly up to 1% or so more than you'll be getting elsewhere.

Even if you can only scrape together the requisite £2.5K (to waive the £20 a month fee), you'll only lose 5 months* interest of £25 (in a 3% gross account) after basic rate tax.

£100+ profit achievable (if going through a cashback site...£75 if not) for running, in effect, a savings account.


* You'll need to keep the £2.5K in there until you bag the incentive (possibly until the very end of August) to avoid the £20 per month fee.

michaels

Is it easy and quick to transfer money in and out, can it be done through the standard ltsb banking front end via your usual log in?
Is it easy to close the account once you have the bonus and TCB?
Can you do the same overnight/over the weekend stoozing you can with the standard ltsb products?
What are the tax/tax return implications?
We should probably be having this conversation elsewhere tbh.

innovate

Don't think is has the £85K FSCS guarantee

pip2012

michaels wrote: »

Is it easy and quick to transfer money in and out, can it be done through the standard ltsb banking front end via your usual log in?
Is it easy to close the account once you have the bonus and TCB?
Can you do the same overnight/over the weekend stoozing you can with the standard ltsb products?
What are the tax/tax return implications?
We should probably be having this conversation elsewhere tbh.

It is quick and easy (and free) to transfer money in and out from a bank that is part of the LTSB group. You have to set up online banking for the Lloyds TSB Premier Intenational account though.

The Sterling account is backed by the ISle of Man guarentee which is £50k per person per bank.

I don't really know about the stoozing.

Hope this helps.

Ben8282

YorkshireBoy wrote: »

The Sterling version pays 4% gross on £10-25K for the first 3 months, so that's almost certainly up to 1% or so more than you'll be getting elsewhere.

Even if you can only scrape together the requisite £2.5K (to waive the £20 a month fee), you'll only lose 5 months* interest of £25 (in a 3% gross account) after basic rate tax.

£100+ profit achievable (if going through a cashback site...£75 if not) for running, in effect, a savings account.


* You'll need to keep the £2.5K in there until you bag the incentive (possibly until the very end of August) to avoid the £20 per month fee.

I would like to add 2 cautions here.

1. This is an offshore account. Opening such an account can attract the attention of HMRC.

2. The interest is paid gross, tax free. You must declare this interest to HMRC and pay tax on it.

JJW101

YorkshireBoy wrote: »

The Sterling version pays 4% gross on £10-25K for the first 3 months, so that's almost certainly up to 1% or so more than you'll be getting elsewhere.

But there's 0% on the first £10k! 4% is only on the tranche BETWEEN £10 and 25k.

missile

Interesting account, maybe useful for those of us who need to transfer £ to euros and back avoiding bank charges and hassle of currency exchange brokers.

Correction, I have checked their charges :eek: e.g. £20 to send and £7 for BACS transfers from a.n.other bank.