Lloyds Vantage advice please?

~Chameleon~

I've read some of the previous threads about this account, although almost all were dated 2010 (unless I didn't search properly) and I'm looking for some specific advice.

It seems most people prefer to operate this solely as a savings account but I wondered whether it was feasible to operate it as a normal current account, with the usual monthly income/expenditure etc., as long as the balance never exceeds £7k?

The balance would never drop below £4k as this is the amount I would be investing into it once my current savings interest expires.

MoneySaverLog

Yes indeed and was what the account was created for in the first place. Just as a added bonus you can save into it to and earn better rate than some savings accounts.

theianfox

I opened one 2 days ago to keep my investments and my day to day money separate. So I wasn't after anything with cashback or bonuses.

You get a Visa Debit card, paying book, internet banking and you can pay in via a post office as well as a branch.

Walked out of the branch with sort code and account number, and user ID for the internet banking.

Only downside I've experienced is that it takes a week from opening the account before you can pay out, as they phone you every time you create a new payee to make it's genuine and it phone numbers have to be listed for a week before they will ring them.

Cards and paying in book on the way.

If you want a basic account seems as good as anyone.

Gromitt

Don't forget you only get 3% on 3K upto 5K, not 7K.

You can have upto 3 of them if you want 3% on 15K

MoneySaverLog

theianfox wrote: »

Only downside I've experienced is that it takes a week from opening the account before you can pay out, as they phone you every time you create a new payee to make it's genuine and it phone numbers have to be listed for a week before they will ring them.

I actually like this feature as it does away from those card readers.

innovate

The numbers you quote are indeed ancient and no longer current. You should check the Lloyds website / T&Cs for current information.

You can of course operate the account as a combined savings/current account if that tickles your fancy. But with present limits for interest payments on the Vantage account, you might wish to consider alternatives.

~Chameleon~

MoneySaverLog wrote: »

I actually like this feature as it does away from those card readers.

Yes, so do I. I hate those card readers!

As I already have a Lloyds current account I'm assuming this would be an upgrade and all existing payees/DDs etc should remain the same?

DJBenson

I use my Vantage account as a holding account for my other savings products - my salary goes into it and then I feed various savings accounts from it so I'm always earning interest on my cash.

~Chameleon~

Gromitt wrote: »

Don't forget you only get 3% on 3K upto 5K, not 7K.

You can have upto 3 of them if you want 3% on 15K

It's £6k until November 1st 2013...

To qualify for Vantage you must:

Hold a Classic Account or one of our Added Value Accounts.
Vantage gives you the benefit of tiered credit interest on your current account if you comply with the Vantage conditions. You can have a maximum of 3 accounts with Vantage.

The Vantage conditions are that each month you must:

Pay into your account at least £1,000 during the calendar month; and
keep your account in credit (that is above £0) during the monthly billing period.
For each month that you meet the Vantage conditions, you will qualify for credit interest in that monthly billing period which runs from the second working day of a month to the first working day of the next month. This means we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and pay it to your account at the end of the first working day of the next month.

If you do not meet both of the Vantage conditions we will not pay interest on the amount in your account for that month. We also do not pay interest on any amount over the Vantage upper limit of £6,000 (£5,000 from 1 November 2013).

innovate

~Chameleon~ wrote: »

As I already have a Lloyds current account I'm assuming this would be an upgrade and all existing payees/DDs etc should remain the same?

Sure. You just "add Vantage" to your account. Should be a painless online action. Though you only get interest if you meet certain conditions - - check the Lloyds website for details.

innovate

~Chameleon~ wrote: »

It's £6k until November 1st 2013...

Only if you are on the 4% offer (which is no longer available).