Lloyds with vantage

jblakes

I've got a few current accounts and am thinking of opening one of these as i have 6k im wanting to get interest on. My question is i know you can have I believe 3 lloyds with vantage and 3 with BOS. My question is will these be around for a while as i will be using then as saving accounts. Would it be better to open as I save or open them all and move 1k between then each month.

I don't want to end up with 4 of them for example and they pull the plug on new customers.

Thanks in advance

James

Consumerist

The vantage option has been around for a few years now but there is no way anyone can know if it is likely to be pulled or whether the rates will change again. You'll just have to take your chances, I'm afraid.

innovate

Lloyds Vantage may or may not continue to pay the same, or any, interest in the future. I doubt even Lloyds know, and if they do, they'd probably not tell us.

This is nothing peculiar to Lloyds - - you have to be prepared to interest rates changes, regardless of bank your account is with, and regardless of the kind of account you have.

Lloyds Vantage is not the best interest payer at present - - have you exhausted your 2012-2103 ISA allowance? And/or looked at http://www.money.co.uk/savings-accounts/instant-access-savings.htm?

jblakes

cheers for replies. Yeah i have used my isa allowance up. I haven't looked at the link you gave me. I will have a look into other accounts. I was just wondering if it was wise to open them while i can and cirlce 1k round them to keep then open and active just incase they pull them or just open as needed and hope if they close another current account becomes available with the same advantage

thanks James

innovate

Just open them then and if they change it, change your banking.

But as mentioned before, there's probably other alternatives. The savings accounts I have already linked, or the Halifax £5/month current account (plus £100 to open account if you are prepared to use their switcher service), First Direct Regular Saver (plus £100 to open account if you are prepared to use their switcher service), Santander 1-2-3 (better interest than Lloyds Vantage and cashback if you switch certain Direct Debits) etc etc etc. Search the forums for the relevant threads.

Sticking with the same bank with all your money forever is rarely your best option.

Ignore anybody who suggests staying with the same bank for years will earn you any loyalty bonus of any description - - - it doesn't work like that. They'll at any one point in time just look at how much money they can make from you, and you will never get anything other for your deposits than the rates their head office has determined.

OK, may be you get a an extra smile from your branch staff if you help them achieve their targets - but that's about all.

You have to keep a constant eye on how your money performs in the accounts, and move it if you get better elsewhere.