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  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ColdIron wrote: »
    You can only have 1 sole and 1 joint Club so converting them all isn't an option if you have more than 2. Whether to remain at 1.5% is your choice, they can't make you stay :)
    Yes I take your point. Will have to review it in July. In fact there's not that many accounts that currently pay much over 1.5% so it may be best to leave them inact for now.
  • Mr._H_2
    Mr._H_2 Posts: 508 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    The new Club Lloyds account requires two direct debits. There are some savings accounts that allow deposit by direct debit. So, those considering the new Club Lloyds account may find the following thread useful:

    https://forums.moneysavingexpert.com/discussion/4168667

    Between the new TSB and Lloyds accounts, you should be able to save almost as much - but at an overall higher interest rate - as you can in Lloyds Vantage accounts. However, the direct debit thing is more annoying hoops to jump through!
  • ColdIron
    ColdIron Posts: 9,871 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    edited 29 March 2014 at 11:17AM
    Steve_xx wrote: »
    In fact there's not that many accounts that currently pay much over 1.5% so it may be best to leave them inact for now.
    I dunno, Santander, TSB, BoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ColdIron wrote: »
    I dunno, Santander, TSB, HBoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind

    From that lot, only Santander offer, without any guarantee though, any sort of account longevity. The rest is 1 year or less, and I think it will be safe to assume BOS and TSB will announce changes to their Vantage and Enhance quite soon. TSB Enhance has already been withdrawn for new applications. And a lot of people will have missed the boat on multiple Santander 123s.
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ColdIron wrote: »
    I dunno, Santander, TSB, BoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind
    Yes sorry, I meant accounts apart from those current accounts that you mentioned.
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I think what's happened here is that Santander have stolen the march with their 20k limit 123 account. So other banks have no doubt seen substantial withdrawals to Santander. Hopefully this is the case and maybe others will follow suit and offer something better interest wise. Though the problem of the amounts of direct debit mandates required to service these multiple accounts is becoming a real problem.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Steve_xx wrote: »
    Though the problem of the amounts of direct debit mandates required to service these multiple accounts is becoming a real problem.
    It doesn't have to be. See Mr. H's post a few minutes ago.
  • badger09
    badger09 Posts: 11,605 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hmmm

    Reduction of Lloyds Vantage rate to 1.5% is very bad news, and the introduction of a single Club account (yes, I know there is also a joint account option) is no consolation :mad:

    I suspect this is the beginning of the end for multiple decent rate current accounts :(

    Oh well, it was probably too good to last. Now where did I put that cruise brochure :p
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    badger09 wrote: »
    Hmmm

    Reduction of Lloyds Vantage rate to 1.5% is very bad news, and the introduction of a single Club account (yes, I know there is also a joint account option) is no consolation :mad:

    I suspect this is the beginning of the end for multiple decent rate current accounts :(

    Oh well, it was probably too good to last. Now where did I put that cruise brochure :p
    Definately bad news. With 6 Lloyds Vantage accounts, that's £30K that will need a new home....well, 25 after opening a new Club Lloyds.

    Magazine subscription? Big deal! :rotfl:
  • Dustykitten
    Dustykitten Posts: 16,507 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I wonder if they will offer some kind of new ISA when the allowances increase in July to try to keep some of the funds from the Vantage accounts.
    The birds of sadness may fly overhead but don't let them nest in your hair
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