Lloyds Vantage Accounts

James_Lahey

Popped into branch today and asked - nobody knew how to do this. Signed a consent form and waiting for a call back when done.

System

It seems clear from their wording that the appropriate interest applies to the entire balance, not just the balance falling between two bands:

• Each rate applies to your whole balance.

BUT

• No interest paid on any balance over £6,000 (£5,000 from 1 November 2013).

Logically that should mean that if you inadvertantly have £6,000.01 at any moment then you get no interest whatsover on the entire sum. Is that correct?

kennyfong

No. I have the account and on months where I exceeded maximum balance, interest was received capped at the maximum

System

Thanks for that information.

Then their wording is incorrect. When they say "balance" they mean to say "amount".

jonesMUFCforever

deutsch wrote: »

can you open more than one and how or whats the best way? can they be all individual accounts?

You can have one sole account, your partner can have a sole account and you can have a joint account.
So to answer your question - NO you cannot have 3 vantage accounts in your sole name.

innovate

jonesMUFCforever wrote: »

So to answer your question - NO you cannot have 3 vantage accounts in your sole name.

I believe you can, and plenty of people do have 3 sole accounts in their name (me being one of them). Is says on http://www.lloydstsb.com/current_accounts/vantage4.asp (on the "How to apply" tab)

Customers are limited to a total of 3 Vantage Accounts.

BugsyBrowne

Surely theirs got to be better saving accounts out there then sticking 18k into 3 vantage accounts for around £500 interest it's a pi*s take really if you look at it.

Yes £500 is £500 but it won't even buy a family holiday to butlins.

innovate

BugsyBrowne wrote: »

Surely theirs got to be better saving accounts out there then sticking 18k into 3 vantage accounts for around £500 interest it's a pi*s take really if you look at it.

The next best instant access savings account is 2.8% AER now.

Nine_Lives

BugsyBrowne wrote: »

Surely theirs got to be better saving accounts out there then sticking 18k into 3 vantage accounts for around £500 interest it's a pi*s take really if you look at it.

Yes £500 is £500 but it won't even buy a family holiday to butlins.

Depends on your requirements.

If you can lock it away, there is better. If not then this is about the best you can do really.

The other choice is however, to say "i can't be bothered to do it for £500".

BugsyBrowne

K_P83 wrote: »

Depends on your requirements.

If you can lock it away, there is better. If not then this is about the best you can do really.

The other choice is however, to say "i can't be bothered to do it for £500".

Oh yeah £500 is not to be sniffed at but 18k is a hell of a lot cash to put away for an average weekly wage for a year.

What's wrong with 4.5% 4 year fixed.