New Lloyds Vantage current account

savetilibleed

How long does it take for heaven's sake, for the small payments from Paypal to reach my accounts? I set one Vantage account on 12/09/12 and the other on 14/09/12. Paypal say deposits were sent on 13th and 14th respectively. Maybe its the weekend that creates the hold it up??

tsb

I'm still trying to get my head round this so excuse any silly questions. I went into my Branch yesterday morning to 'mark' my three vantage accounts, the chap told me what was required but didn't actually do anything.
Anyway please tell me if I'm going about this the right way.
1. I'm going to open a Tesco Internet Saver and Tesco Instant Access Saver with £1 opening the accounts.
2. Set up a Direct Debit on each of these for £1 per month from each of my three Vantage Accounts.
3. Top up my three Vantage Accounts up to £6k.

When do the DD's have to start?
Do you leave an extra £3 in each Vantage account for this DD every month so the balance doesn't drop below £6k at any point?
Any advice welcome as Hubby will not talk to me about it any more I'm 'doing his head in'!

YorkshireBoy

tsb wrote: »

When do the DD's have to start?

The T&Cs don't specify a start date, merely that they are "set up" by the end of October. The cautious amongst us will be using them to pull funds to Tesco occasionally. The ultra cautious will be doing as you plan to do and making a monthly pull.

Do you leave an extra £3 in each Vantage account for this DD every month so the balance doesn't drop below £6k at any point?

Not necessary. So long as there's between £5K and £6K in the account you'll earn 4% on the entire balance, providing you meet all the standard criteria eg £1K per month credit.

MoneySaverLog

You also have to fund each of the vantage accounts with £1,000 per month but what you're suggesting otherwise will fulfill the requirements.

You could put £6,002 into each vantage account the £2 wont actually earn any interest but the £6,000 will get the full 4%.

I some how don't even think the monthly payment out by DD is required. Just that the 2 DD's are set up on the account and *could* call for payment from them at anytime.

psychic_teabag

tsb wrote: »

Do you leave an extra £3 in each Vantage account for this DD every month so the balance doesn't drop below £6k at any point?

Don't forget that the interest will take you over £6k each month - you could use the monthly DD's to tap that off automatically if you want to just set-and-forget.

Steve_xx

YorkshireBoy wrote: »

The T&Cs don't specify a start date, merely that they are "set up".

....but they need to be setup prior to October 31st.

Gromitt

How easy is it to create a second Vantage account? Can I do it from online banking without a credit check? I see myself setting up another 2 DDs shortly, and it seems a waste to set them up on the existing account if I can get another 4% on 6K by applying them on a new one.

(I know I can have 3, but thats just seems greedy)

Steve_xx

Gromitt wrote: »

How easy is it to create a second Vantage account? Can I do it from online banking without a credit check? I see myself setting up another 2 DDs shortly, and it seems a waste to set them up on the existing account if I can get another 4% on 6K by applying them on a new one.

(I know I can have 3, but thats just seems greedy)

Yes you can usually do it online from within your account They may do a credit check though.

MoneySaverLog

Gromitt wrote: »

(I know I can have 3, but thats just seems greedy)

My extra 2 accounts were all opened online

I have the new vantage set up on all 3. The DD's are all now in place, just in case, you never know.

In reality I'll probably end up with 2 Vantages paying 4% at some point next year. The 3rd might come into play just before the offer expires next year but who knows what LTSB will offer then?

psychic_teabag

IIRC there's a button to apply once you're logged in. However, when I was setting up mine, that didn't work for me, and there were various others on here with the same problem.

But it was easy enough to do it via the freephone number they provide.