New Lloyds Vantage current account

exel1966

I posted the correct internal codes in an earlier post. They'd be on about page 4/5 of this thread. I'll see if I can find it.

Here you go : http://forums.moneysavingexpert.com/showpost.php?p=55815699&postcount=159

New 4% Vantage = 380/13
Old 3% Vantage = 380/05

slopemaster

Just took 2 quick phone calls - one to move DDs on old credit cards; one to Lloyds to get the 4%.

Was feeling quite pleased until I realised I will only make an extra £10 a year
(as I've got other instant access accounts paying 3% anyway)

So the £5/month from Halifax is actually much better

innovate

You should net more than just a tenner a year from a single account.

Gross interest:
£6,000 @ 3%: £180
£6,000 @ 4%: £240

Your net return depends on how much tax you need to pay, but should be anything from £30 upwards.

You are right, a basic rate tax payer will get a few pounds more from Halifax, with a lot less capital requirement - - but that is only relevant if it is a case of "either or", rather than one of "as well as".

slopemaster

innovate wrote: »

You should net more than just a tenner a year from a single account.
Gross interest:
£6,000 @ 3%: £180
£6,000 @ 4%: £240
.

I don't think it works like that.
i initially assumed it would be about 50 quid. BUT
If I understand right, its 3% on £5000, then 4% on the last £1000.
So only a tenner extra!

Steve_xx

slopemaster wrote: »

I don't think it works like that.
i initially assumed it would be about 50 quid. BUT
If I understand right, its 3% on £5000, then 4% on the last £1000.
So only a tenner extra!

You're wrong. It's 4% on the whole balance providing that balance is maintained between 5 & 6K

zerog

innovate wrote: »

Gross interest:
£6,000 @ 3%: £180
£6,000 @ 4%: £240

To be more precise, it's 2.96% on £5,000 and 3.93% on £6,000. So £70.24 more, per account, for a basic rate taxpayer who uses the account optimally. (Lloyds' itself quotes £148/year on standard and £235.80/year on 4% offer)

innovate wrote: »

Not sure I am correct there, but I think the minimum balance in that Tesco saver needs to be £1. Would they close the account,and cancel the DD(s), if it falls below £1?

My balance is currently £1. Just tried and it won't let me send anything out of the account. Anyway my point still stands, you can still keep £1 there and send back any DD takings every month should you really feel the need to.

Before 31 October 2012 open an account with Vantage or add this offer to your existing qualifying account and switch or have two direct debits on your account

Also from this I read nothing saying you need to keep any DDs on your account(s) after 31st Oct... but there's no point taking the pⅰss here when Tesco is effectively offering DDs with a £1 "refundable deposit".

PS. I got a disparaging tone of voice from the Vantage phone team after they asked me to name a DD for "security" and I said "Tesco"

slopemaster

Steve_xx wrote: »

You're wrong. It's 4% on the whole balance providing that balance is maintained between 5 & 6K

Oh, OK, that's good then!

expatasia

badger09 wrote: »

The latest vantage offering was launched around the 9th of this month (can't remember exact date). Probably some 'creative' type's bright idea to counteract Nationwide's Flexclusive ISA, Regular Saver etc.

Just occurred to me that non ardent MSE users visiting the LTSB site on a very infrequent basis might confuse it with 'Advantage Saver' - what IS the point of that particular one?

http://www.lloydstsb.com/savings/advantage_saver.asp

iilg

adindas wrote: »

I have done mine via phone banking. I t just took abut 15 minuted to upgrade. I upgraded it from my existing Vantage A/Cs which already have more than 2 DD.

On the website now it just says that one is to visit branch. Are they fed up of fielding phone calls on this?

http://www.lloydstsb.com/current_accounts/vantage4.asp

MoneySaverLog

expatasia wrote: »

Just occurred to me that non ardent MSE users visiting the LTSB site on a very infrequent basis might confuse it with 'Advantage Saver' - what IS the point of that particular one?

http://www.lloydstsb.com/savings/advantage_saver.asp

None at all, better off having multiple classic accounts