Vantage pays interest on your current account balance. The more money you have in your account the more interest you can earn, on balances between £1,000 and £5,000.
Vantage variable interest rates are tiered on balances up to £5,000. To get interest paid each month, all you need to do is pay at least £1,000 into your account during the calendar month, pay at least two different direct debits from your account each calendar month, and keep your account in credit during the monthly billing period. No interest will be paid if any of the 3 conditions above are not met or if you have a balance less than £1,000 or more than £5,000.
||Interest Calculated Daily, Paid Monthly
|£1 - £999
|£1,000 - £2,999
|£3,000 - £5,000
Net rate is the rate of interest the account pays after lower rate tax has been deducted. If you are a non-taxpayer, you can reclaim the tax by completing an HMRC R85 form. As the rate of tax may vary, the net rate is given for illustration only and is rounded to two decimal places.
This illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.uk. Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service. We subscribe to the Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
Account opening is subject to our assessment of your circumstances. You must be 18 or over to apply.
For each month that you meet the Vantage conditions, interest is calculated daily on the balance of your account at the relevant Vantage interest rate from the second working day of that month. The interest is paid into your account at the end of the first working day of the next month. Rates are correct as at 27 June 2011. AER (Annual Equivalent Rate) – the rate if interest was paid and compounded once a year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. Net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the rate specified by law.
To earn Vantage interest you must pay in at least £1,000 each calendar month (for example, your salary) and stay in credit during your monthly billing period. In months you don’t meet these conditions, you won't earn interest that month. There is no interest on any amount over £5,000.
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