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  • FIRST POST
    • Mark Beech
    • By Mark Beech 1st Jun 09, 3:10 PM
    • 77Posts
    • 103Thanks
    Mark Beech
    LloydsTSB Vantage Account - too good to be true?
    • #1
    • 1st Jun 09, 3:10 PM
    LloydsTSB Vantage Account - too good to be true? 1st Jun 09 at 3:10 PM
    I was considering moving my current account away from LloydsTSB because of their stupid system of auto deleting my list of regular payees on internet banking.
    Anyway .... I was thinking of moving to Halifax with their new 5 per month if you pay in 1000 per month. So I rang LloydsTSB and asked what I was presently getting for my Current Plus account and the answer is 1.99% net.
    The the guy says that if I upgrade to Vantage I would get 1.59% for 1000 or more, 2.37% for 3000 and a whopping 3.14% for anything between 5000 and 7000 (all net figures).
    I do tend to keep too much in my current account ....... but 3.14% is better than some of the higher interest savings accounts at the moment.
    There are no charges for the account and it seems like a really good deal if I'm prepared to keep a balance of 5000+.
    Is this too good to be true? Am I missing something?

    Cheers
    Mark
Page 1
  • withnell
    • #2
    • 1st Jun 09, 3:44 PM
    • #2
    • 1st Jun 09, 3:44 PM
    Nope,. it's 4% gross on the entire balance if you keep between 5k - 7k - many people on this site use a Vantage account as a savings account!
  • mm79
    • #3
    • 1st Jun 09, 5:03 PM
    • #3
    • 1st Jun 09, 5:03 PM
    I opened one of these last week as it sure beats most instant access savings accounts right now!

    One question though - does anyone know when they pay interest on the account? I assume it's monthly but have yet to receive a payment as you would normally expect at month-end??
    • lindos90
    • By lindos90 1st Jun 09, 5:20 PM
    • 2,870 Posts
    • 20,083 Thanks
    lindos90
    • #4
    • 1st Jun 09, 5:20 PM
    • #4
    • 1st Jun 09, 5:20 PM
    Im about to do this with my account, as its going to give me 4%, which is more than if I reinvested my maturing bond at 3.5% with the derbyshire, and its instant access!

    two things to remember though:

    1)although it looks like a good rate, it is variable, and so they could quitly cut the rates, so you need to keep checking its still a good rate.

    2)there are several versions of Vantage, some of which are fee paying, so make sure, and triple check which one you are opening, (unless ofcourse you want to pay a monthly fee for mobile insurance/holiday insurance/etc!)
    • lindos90
    • By lindos90 1st Jun 09, 5:28 PM
    • 2,870 Posts
    • 20,083 Thanks
    lindos90
    • #5
    • 1st Jun 09, 5:28 PM
    • #5
    • 1st Jun 09, 5:28 PM
    One question though - does anyone know when they pay interest on the account? I assume it's monthly but have yet to receive a payment as you would normally expect at month-end??
    Originally posted by mm79
    Just found this on the TSB site:
    1. For each month that you meet the Vantage conditions we will work out interest on a daily basis at the relevant Vantage interest rate from the second working day of that month and add it to your account at the end of the first working day of the next month.
    HTH
    • jonesMUFCforever
    • By jonesMUFCforever 1st Jun 09, 6:41 PM
    • 25,906 Posts
    • 13,098 Thanks
    jonesMUFCforever
    • #6
    • 1st Jun 09, 6:41 PM
    • #6
    • 1st Jun 09, 6:41 PM
    I was considering moving my current account away from LloydsTSB because of their stupid system of auto deleting my list of regular payees on internet banking.
    Anyway .... I was thinking of moving to Halifax with their new 5 per month if you pay in 1000 per month. So I rang LloydsTSB and asked what I was presently getting for my Current Plus account and the answer is 1.99% net.
    The the guy says that if I upgrade to Vantage I would get 1.59% for 1000 or more, 2.37% for 3000 and a whopping 3.14% for anything between 5000 and 7000 (all net figures).
    I do tend to keep too much in my current account ....... but 3.14% is better than some of the higher interest savings accounts at the moment.
    There are no charges for the account and it seems like a really good deal if I'm prepared to keep a balance of 5000+.
    Is this too good to be true? Am I missing something?

    Cheers
    Originally posted by Mark Beech
    You do have to pay in a minimum of 1000per month into the account.
    What goes around - comes around
    give lots and you will always receive lots
    • michaels
    • By michaels 1st Jun 09, 9:33 PM
    • 22,564 Posts
    • 103,731 Thanks
    michaels
    • #7
    • 1st Jun 09, 9:33 PM
    • #7
    • 1st Jun 09, 9:33 PM
    Any idea if you are allowed multiple accounts
    Cool heads and compromise
    • Cook_County
    • By Cook_County 1st Jun 09, 10:17 PM
    • 2,986 Posts
    • 2,098 Thanks
    Cook_County
    • #8
    • 1st Jun 09, 10:17 PM
    • #8
    • 1st Jun 09, 10:17 PM
    Yes 7 is the most popular number - ie 7 x 7,000 = 49,000 so covered by the FSA limit of 50,000.
    • D1zzy
    • By D1zzy 1st Jun 09, 10:51 PM
    • 1,482 Posts
    • 628 Thanks
    D1zzy
    • #9
    • 1st Jun 09, 10:51 PM
    • #9
    • 1st Jun 09, 10:51 PM
    You do have to pay in a minimum of 1000per month into the account.
    Originally posted by jonesMUFCforever
    But it doesn't have to stay there and internal transfers are OK. If you have more than 1 you can just move the 1000 through each of the accounts and back to the start, either manually or by SO
    • jonesMUFCforever
    • By jonesMUFCforever 1st Jun 09, 11:16 PM
    • 25,906 Posts
    • 13,098 Thanks
    jonesMUFCforever
    But it doesn't have to stay there and internal transfers are OK. If you have more than 1 you can just move the 1000 through each of the accounts and back to the start, either manually or by SO
    Originally posted by D1zzy
    I never said it had to stay there.
    What goes around - comes around
    give lots and you will always receive lots
    • D1zzy
    • By D1zzy 1st Jun 09, 11:20 PM
    • 1,482 Posts
    • 628 Thanks
    D1zzy
    I never said you did..
  • cash-magnet
    An excellent (savings) account to have. I got my interest payment the other day and a balance of 6999 pays basic rate tax payers a nett monthly return of 18.72.
    • COOLTRIKERCHICK
    • By COOLTRIKERCHICK 3rd Jun 09, 3:28 PM
    • 10,422 Posts
    • 58,358 Thanks
    COOLTRIKERCHICK
    so if i constantly kept 5k in the account how much would i get a month?

    sorry to sound a bit dim, but its only recently that i have been having money to save, and am i right in thinking that its best to put my money into this account before my ISA which 3.61% which is with barclays
    Work to live= not live to work
  • Baldur
    so if i constantly kept 5k in the account how much would i get a month?

    sorry to sound a bit dim, but its only recently that i have been having money to save, and am i right in thinking that its best to put my money into this account before my ISA which 3.61% which is with barclays
    Originally posted by COOLTRIKERCHICK
    Around 13.33 nett per month - remember that you have to pay 1,000 into the account every month, as per above posts.
    • COOLTRIKERCHICK
    • By COOLTRIKERCHICK 3rd Jun 09, 4:05 PM
    • 10,422 Posts
    • 58,358 Thanks
    COOLTRIKERCHICK
    Around 13.33 nett per month - remember that you have to pay 1,000 into the account every month, as per above posts.
    Originally posted by Baldur
    thank for working the interest out for me, i was thinking of putting 5k in and then just putting in 1k in every month and hten a few days later sending it to my Halifax account and my BOS account, and my HSBC account so it will be the same 1k going around and around..lol..

    why i am doing the HSBC is to get the 50 cashback, once that is in my account, then use this account to take advantge of the A&L 100 cashabck for swopping, oooo ye and get 50 cashback for quidco
    Work to live= not live to work
    • Biggles
    • By Biggles 3rd Jun 09, 7:39 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    I was considering moving my current account away from LloydsTSB because of their stupid system of auto deleting my list of regular payees on internet banking.
    Originally posted by Mark Beech
    I have a Classic Plus account and have never had any of my payees deleted or removed in the many years I've been operating it online.

    DDs certainly, after 12/12 of non-use, but that's the DD system and applies to all banks AFAIK.
    • Mark Beech
    • By Mark Beech 5th Jun 09, 2:28 PM
    • 77 Posts
    • 103 Thanks
    Mark Beech
    I have a Classic Plus account and have never had any of my payees deleted or removed in the many years I've been operating it online.

    DDs certainly, after 12/12 of non-use, but that's the DD system and applies to all banks AFAIK.
    Originally posted by Biggles
    According to LloydsTSB they were deleted because I hadn't used them for more than 12 months. I'm sure that I have within that period ..... although I have been ill and in hospital for a few weeks. Either way I'm stuffed because there is no way that I can prove when they were last used.
    I contacted Halifax who said that they do not delete payees from their internet account holders history.
    Mark
    • Biggles
    • By Biggles 5th Jun 09, 2:51 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    I've got several payment details I haven't used for well over a year and they're still there. I can't recall ever having one deleted but, in any event, I wouldn't make a payment after that length of time without checking with the recipient whether the a/c details were still the same.

    If it's a DD, it disappears after a year whoever you bank with, see 'dormancy period':-
    http://www.apacs.org.uk/resources_publications/faqs/bacs_22.html
    • humfer
    • By humfer 5th Jun 09, 3:34 PM
    • 1,759 Posts
    • 289 Thanks
    humfer
    Had a Classic Plus account for a few years and got a 2% bonus offer last year so have been getting 4.5%, but this runs out on 11th June. Therefore looking to the Vantage as looks ok

    One quick question and apologies as its probably a stupid one. Say I have a balance of 6k do I get 4% on the entire balance, or do they break it down each month, so pay 0.10% between 1 and 1k, 2% between 1k to 3k, 3% between 3k and 5k and then just the 4% on the bit between 5k and 7k?

    IGNORE the last question. Found some more detail on Lloyds site which confirmed that you get 4% on the entire balance when you have between 5-7k in there
    Last edited by humfer; 05-06-2009 at 3:45 PM.
    • Biggles
    • By Biggles 6th Jun 09, 12:15 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    A couple of questions for anyone who's had one of these accounts for a while:-

    Are Lloyds OK with recycling the 1,000 between your accounts, ie you don't actually need to change your BACS credits to the Vantage acount?

    And, if so, do you need to keep the money there for a day to qualify the account for the high interest that month, or is just moving it in and out sufficient?
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