Super-Specific
Posted: Tue 9 October, 2012 Filed under: 1BEM, Advertising, Bankruptcy, Cynicism, Thoughts 1 Comment »Another set of thoughts about advertising, I’m afraid. It’s becoming a bit of a theme at the moment – although that probably indicates I’m watching too much TV, or something.
Anyway, in this case the advert in question is for Lloyds TSB Bank, and their Vantage account.
The ad is making a big deal of their 4% AER interest rate. But take a listen, (and/or a look) at the conditions.
- To qualify for that rate, your account must have a minimum balance of £5,000, and the interest rate is payable up to a maximum balance of £6,000
- You have to open an account and have two direct debits set up by the end of October
- Your account must have at least £1,000 paid in each month, and must stay in credit
Indeed, it’s so specific, I wonder whether anyone will actually qualify for this ‘deal’ at all…
Oh, I could easily do that, if I chose to.
However, given that Halifax Reward Current Accounts give you £5 a month (with basic rate tax already deducted, so, actually £6.25) for every month you pass £1000 through them (even if it’s in and out in consecutive transactions), and given that you can get this amount twice (ie have 2 qualifying accounts), I can’t imagine why anyone would be stupid enough to jump through the hoops for Lloyds TSB.
The same one thousand pounds comes out of a 3% instant access savings account, through 4 Halifax accounts (2 each) and back into the savings account in 5 minutes on 1st of every month. £20, or £240 a year for less than an hour’s work. It’s like taking candy from, erm, bankers 🙂