New Lloyds Vantage current account

Gromitt

If you accepted upto 18K, you can guarantee a large number of accounts would have exactly 18K in them. Make it 6K and you have to be interested enough to go and apply for the additional accounts, find a reason why you want the additional accounts, transfer 1K into each of them every month, etc. It's a lot more hassle and probably quite thin on the ground for people who don't post here.

After all, its only about £30 or so per year more than a 3% savings account, although they seem to be disappearing now as well, so people are opening more Vantage accounts!

I know someone at work today who asked for an account dedicated to his pet bills. He has a hamster.

Richchad

Gromitt wrote: »

After all, its only about £30 or so per year more than a 3% savings account, although they seem to be disappearing now as well, so people are opening more Vantage accounts!

I think it is a bit more than £30 a year extra, 5k at 3% = £150
6k at 4% = £240 so about £90 a year extra if my sums are right.

innovate

Richchad wrote: »

I think it is a bit more than £30 a year extra, 5k at 3% = £150
6k at 4% = £240 so about £90 a year extra if my sums are right.

You'd probably have got some interest on the extra £1K elsewhere, so the difference is a little less - probably more like half after basic rate tax. But still worth it, particularly if you have multiple accounts.

Richchad

innovate wrote: »

You'd probably have got some interest on the extra £1K elsewhere, so the difference is a little less - probably more like half after basic rate tax. But still worth it, particularly if you have multiple accounts.

Ah yes, quite right, forgot about that, most of my accounts are in OH name tax free.

Dustykitten

Gromitt wrote: »

I know someone at work today who asked for an account dedicated to his pet bills. He has a hamster.

Filing away for future reference.

Steve_xx

Wig wrote: »

But they do limit it to 3, so they could equally say only 1 account up to 18K @ 4% it would be so much simpler for them and us.

So before did they limit it to 5 accounts or was there no limit? Who here has the most vantage accounts?

You're missing the point here. They don't actually want you to have 3 accounts. They would prefer you to have one account with 18k in it. There used to be no limit to the number of accounts you could have. But then, savvy people of our ilk starting opening multiple accounts to overcome the limits on balances interest, which in those days was 4% on 7k, and so they quelled that by reducing it down to 3% on balances of just 5k and limiting the amount of account you can hold.

Steve_xx

Wig wrote: »

I'm not going to wade through 650 posts, I just went through 60 posts to see this post from you...

What do you mean "internal codes' can we see somehow online which accounts are upgraded without using the 'press the upgrade button' trick?

There is no viewable indicator on the online accounts that will show you that your account is upgraded to the 4% rate. The only indicator is the increase in interest paid each month as far as I know.

Gromitt

Richchad wrote: »

I think it is a bit more than £30 a year extra, 5k at 3% = £150
6k at 4% = £240 so about £90 a year extra if my sums are right.

Based on 6K
Amount I'd get if I put it in my savings account: £190.20
Amount I'd get if I put it in a TSB current account @ 4%: £235.8
Difference: £45.6
Minus basic rate tax: £36.48

So about £30/year, like I said

Megabloks

Steve_xx wrote: »

There is no viewable indicator on the online accounts that will show you that your account is upgraded to the 4% rate. The only indicator is the increase in interest paid each month as far as I know.

...or clicking on the upgrade now blue button on the online banking and seeing if you get an error message. If you do, you have been upgraded.

Steve_xx

Megabloks wrote: »

...or clicking on the upgrade now blue button on the online banking and seeing if you get an error message. If you do, you have been upgraded.

In that case I've been upgraded.