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frugalfran

Got a letter today from Tesco - they are putting a second year bonus on my account of 1.5%. making up to 2.75 in total - I was about to move, but probably won't now..... So if you've got an account with them, wait and see, don't jump boat and go through the hassle of opening a new account to get this rate of interest.

Inerested in the Lloyds Vantage info - have worked out that the average rate on your £7000 is 2.7% - am I missing a trick, is that really so good? The 4% is only on the top £2K - please put me right if I'm wrong.

stphnstevey

frugalfran wrote: »

Inerested in the Lloyds Vantage info - have worked out that the average rate on your £7000 is 2.7% - am I missing a trick, is that really so good? The 4% is only on the top £2K - please put me right if I'm wrong.

no, think the rate is on the whole balance

"you can earn up to 4.00% AER on your whole balance if you keep between £5,000 and £7,000 in your account."

better run before the english gestapo arrive....

frugalfran

"Get 4.00% AER (3.93% Gross) interest for balances from £5,000 up to £7,000 on your current account by adding Vantage to your account."

I would think the words 'up to' are the key here - aren't we all so sceptical....

chamelion

frugalfran wrote: »

"Get 4.00% AER (3.93% Gross) interest for balances from £5,000 up to £7,000 on your current account by adding Vantage to your account."

its on your full balance if your balance is between those amounts. keep reading. it shows if you go over 7k the interest you earn on anything above 7k will be the 0.1% or whatever it is.

Mr._H_2

I have some Vantage accounts so I can confirm that the interest paid is 4% AER on the whole balance, if the balance is between £5000 and £7000.

i.e. If you had £6000 in a Vantage account for a year, you'd earn £240 in interest before tax.

frugalfran

Thanks: just phoned them - you are right - on balances between 5 and 7K you get 4% on the lot! And three accounts max - so here we go......

frugalfran

Got my account opened - the lady checked and said "you can have two", but she thought it might be going up to three. She also said - hard to keep a straight face - what some had done was open four or five and used them just for saving, putting the same money in and out, so Lloyds weren't making any money, so they had had to limit the number you can have.

Well, I said, who would believe it...... Whatever will they think of next....

10_66

frugalfran wrote: »

Got my account opened - the lady checked and said "you can have two", but she thought it might be going up to three..

You are already allowed to have up to 3. If you scroll towards the bottom of THIS link, you'll see it says "Customers are limited to a total of 3 Vantage Accounts".

murphydavid

Latest Matins Money Tips Asks

“Recession is over, inflation is back, will UK rates rise?”


My appologies if this is the wrong thread for this but the article does have links that end up here?


Having been a mortgage payer and a saver, keen on getting the best rates, for the past 40 years my opinion is that never before have I seen so much distain shown by the banks towards their customers.
I still remember many years ago the first time a building society lowered it’s interest rate to existing customers and made their accounts obsolete while introducing a new account with a higher rate for new customers and never told anyone, so that I suddenly discovered that I had been getting a miserly rate for some time and had to close my account and re-open to get it back to par. Since then it has been all down-hill.
The latest is the bank managers (not owners) can get vast sums of money to play with from the public purse via the government and quantative easing so savers are no longer so important. The real majority owners of some of the banks (us) have no say except at election time. The chancellor is building a new bubble thinking that he can enhance his party’s reputation by harvesting a big profit on our behalf from “his” bank’s profits. The problem was – too much borrowing – The solution we borrow less, the government borrows more on our behalf.
So my opinion is expect no rise in savings rates, but do expect a hike in mortgage rates.

[Deleted User]

Just going to open a loyds vantage,
is it best to do it online, or in person, do i open one then wait a few days open number 2 etc?

Or could you just open 3 online on the same day?

What do you reckon?