Lloyds 3% offshore account???

lesta1980

Just came across some advert on another site advertising Lloyds Bank offshore account with 3% variable, regular saver.
Anyone came across this or used it before I waste time looking through it.
Looked abit 'to good to be true' when I saw it

Archi_Bald

3% for a Regular Saver isn't actually too exciting, particularly not one that isn't covered by FSCS, and when you can get 5% in an onshore current account which is fully FSCS protected.

But anyway, did you read the eligibility critieria?

Lloyds_International_website wrote:

You have an annual income of £50,000 or have £25,000 to deposit with Lloyds Bank international banking services

lesta1980

Archi_Bald wrote: »

3% for a Regular Saver isn't actually too exciting, particularly not one that isn't covered by FSCS, and when you can get 5% in an onshore current account which is fully FSCS protected.

But anyway, did you read the eligibility critieria?

Cheers, without sounding like a big headed nob I'd pass the criteria but thanks, could you point me in the direction of the 5% stuff please?

Last time I asked on here about offshore stuff I got laughed at :-(

Gromitt

aidan1980 wrote: »

Cheers, without sounding like a big headed nob I'd pass the criteria but thanks, could you point me in the direction of the 5% stuff please?

I'm guessing Nationwide and the upcoming TSB accounts, but they both have account balance limits of £2,500 or less.

If you have £500 - £1000 to stash away each month you can get a 2.5% regular savings at Nationwide.

lesta1980

Gromitt wrote: »

I'm guessing Nationwide and the upcoming TSB accounts, but they both have account balance limits of £2,500 or less.

If you have £500 - £1000 to stash away each month you can get a 2.5% regular savings at Nationwide.

To be honest I have about £150k stuck in Virgin money which started out at 2% when it was Northern Rock, Virgin have not took the !!!! and cut the rates 3 times so looking for a lot better option now

thanks

Archi_Bald

£150K in a single financial institution? Is this a joint account? If not, it's a high risk strategy to have more than £85K in a single outfit.

As to the 5%: yes, Nationwide FlexDirect up to £2.5K for a year, and 2 x £2K in TSB. Plus there is the FD Regular Saver paying 6%, and the HSBC Regular Saver paying 4%. And a whole host of other current accounts paying 3%. All with full FSCS protection.

It has been easy over the last year to stash around £90K into FSCS protected accounts paying between 3 and 5%. Some banks seem to clamp down a bit now on how many accounts they allow but it is very easy to find homes for a £30K lump sum (£30K being the max you could dripfeed into that non-FSCS Lloyds Offshore account).

lesta1980

Archi_Bald wrote: »

£150K in a single financial institution? Is this a joint account? If not, it's a high risk strategy to have more than £85K in a single outfit.

As to the 5%: yes, Nationwide FlexDirect up to £2.5K for a year, and 2 x £2K in TSB. Plus there is the FD Regular Saver paying 6%, and the HSBC Regular Saver paying 4%. And a whole host of other current accounts paying 3%. All with full FSCS protection.

It has been easy over the last year to stash around £90K into FSCS protected accounts paying between 3 and 5%. Some banks seem to clamp down a bit now on how many accounts they allow but it is very easy to find homes for a £30K lump sum (£30K being the max you could dripfeed into that non-FSCS Lloyds Offshore account).

yes mate, got it all wedged in my Virgin account and another £30k in Premium Bonds, which have been a bit dissapointing so far tbh. Righty or wrongly figured Virgin are pretty safe, but I am not an expert
would just like to stash it all somewhere, or in 2 blocks and let the decent rates start building up, but they just dont exist :-(
when I had no dough (and BTW this is self made over the last couple of years) I always thought that once you had some it made more, but now feel really sorry for the retired lot that thought they could live of their interest

Archi_Bald

it's nigh on insane to think Virgin are pretty safe and you can ignore the £85K rule for them. No financial outfit is safe. That's why the FSCS exists.

But each to their own.

lesta1980

Archi_Bald wrote: »

it's nigh on insane to think Virgin are pretty safe and you can ignore the £85K rule for them. No financial outfit is safe. That's why the FSCS exists.

But each to their own.

to be honest, I was just being greedy getting the best return (that I know of). Saving up to buy my next house mortgage free so just taking a little gamble that I can save enough before the bank goes tits up.

but that is why I aint a financial advisor :-)

if people can see any better way to store my dough and get better returns though I'd love to hear them, and I dont mean that in a sarky way

thanks

lesta1980

any suggestions on the above at all please?

Snooping4Value

Well getting the best returns is one thing but most savers save instead of invest because they cannot afford the risk of losing that money.

If your choice is to put £150k in Virgin Money (eg put £65k at risk), then its a calculated risk you are taking. Whatever floats your boat is the idea here. To get maximum returns, can you say how accessible does this money need to be?

To be obvious, no one is going to pay alot of money to borrow yours for short term for no risk.