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  • FIRST POST
    • MSE Luke
    • By MSE Luke 11th Oct 16, 11:06 PM
    • 182Posts
    • 41Thanks
    MSE Luke
    MSE News: Halifax and Lloyds to slash rewards and interest on flagship accounts
    • #1
    • 11th Oct 16, 11:06 PM
    MSE News: Halifax and Lloyds to slash rewards and interest on flagship accounts 11th Oct 16 at 11:06 PM
    Two of the country's best-paying current accounts will dramatically cut the interest and rewards they pay...
    Read the full story:
    'Halifax and Lloyds to slash rewards and interest on flagship accounts'

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Page 1
    • Yorkshire Pud
    • By Yorkshire Pud 12th Oct 16, 9:45 AM
    • 623 Posts
    • 344 Thanks
    Yorkshire Pud
    • #2
    • 12th Oct 16, 9:45 AM
    • #2
    • 12th Oct 16, 9:45 AM
    Down down deeper and down

    The only way is up.

    I mean down down deeper and down
    • steve65e
    • By steve65e 12th Oct 16, 10:42 AM
    • 76 Posts
    • 39 Thanks
    steve65e
    • #3
    • 12th Oct 16, 10:42 AM
    • #3
    • 12th Oct 16, 10:42 AM
    Lloyds Group and TSB make the same announcement on the same day, but they are completely separate banks in competition with eachother, and can't collude in any way.

    Hmmmm
    • DJ Mike
    • By DJ Mike 12th Oct 16, 11:29 AM
    • 235 Posts
    • 212 Thanks
    DJ Mike
    • #4
    • 12th Oct 16, 11:29 AM
    • #4
    • 12th Oct 16, 11:29 AM
    No mention of BoS Vantage accounts - curious.
    • Heng Leng
    • By Heng Leng 12th Oct 16, 11:58 AM
    • 3,501 Posts
    • 1,047 Thanks
    Heng Leng
    • #5
    • 12th Oct 16, 11:58 AM
    • #5
    • 12th Oct 16, 11:58 AM
    It's in direct competition to TSB in Scotland.
    TSB isn't a small challenger bank here.

    No mention of BoS Vantage accounts - curious.
    Originally posted by DJ Mike
    • xnoxxnox
    • By xnoxxnox 12th Oct 16, 12:20 PM
    • 61 Posts
    • 13 Thanks
    xnoxxnox
    • #6
    • 12th Oct 16, 12:20 PM
    • #6
    • 12th Oct 16, 12:20 PM
    Where are the TSB changes?! I didn't see that.

    Never mind noticed it now..... sad.
    • GingerFurball
    • By GingerFurball 12th Oct 16, 12:51 PM
    • 791 Posts
    • 775 Thanks
    GingerFurball
    • #7
    • 12th Oct 16, 12:51 PM
    • #7
    • 12th Oct 16, 12:51 PM
    The thread title is inaccurate.

    People who keep less than £2k in a Club Lloyds account are getting their interest doubled. People who keep between £2k and £4k are not experiencing any change.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • Consumerist
    • By Consumerist 12th Oct 16, 1:33 PM
    • 4,450 Posts
    • 2,207 Thanks
    Consumerist
    • #8
    • 12th Oct 16, 1:33 PM
    • #8
    • 12th Oct 16, 1:33 PM
    No mention of BoS Vantage accounts - curious.
    Originally posted by DJ Mike
    Yes, interesting.

    Would it be too much to expect that, since it has not been mentioned, that nothing is changing (for the time being)?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Ed-1
    • By Ed-1 12th Oct 16, 1:35 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    • #9
    • 12th Oct 16, 1:35 PM
    • #9
    • 12th Oct 16, 1:35 PM
    Yes, interesting.

    Would it be too much to expect that, since it has not been mentioned, that nothing is changing (for the time being)?
    Originally posted by Consumerist
    It's only just changed in September (2 direct debits required). That'll be why.
    • davidgmmafan
    • By davidgmmafan 12th Oct 16, 2:32 PM
    • 1,417 Posts
    • 509 Thanks
    davidgmmafan
    I hate when companies refer to market conditions and things like that. I know they have to operate that way but it does seem to create a vicious circle since other businesses doing the same thing will also reduce their interest rate or incentives.

    It seems banks no longer want or need to pay customers for their funds, yet are content to charge exorbitant sums if someone wishes to lend from them. Halifax charges £1 per day for an authorized overdraft which I wouldn't touch with a barge pole.
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
    • Consumerist
    • By Consumerist 12th Oct 16, 2:35 PM
    • 4,450 Posts
    • 2,207 Thanks
    Consumerist
    It's only just changed in September (2 direct debits required). That'll be why.
    Originally posted by Ed-1
    Wonder why it hasn't been included in the table. It's worth up to ca. £150 gross per year.

    Is there something MSE is not telling us?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • KTF
    • By KTF 12th Oct 16, 4:45 PM
    • 4,460 Posts
    • 1,806 Thanks
    KTF
    No mention of Tesco. Still at 3% for now.
    • Mike Saver
    • By Mike Saver 12th Oct 16, 5:51 PM
    • 1 Posts
    • 0 Thanks
    Mike Saver
    52% interest cut in 10 months
    Before April the banks payed £5/mth net of basic rate interest, equivalent to £6.25 gross. Non-taxpayers could reclaim the difference.

    From 6th April they payed interest gross, at the reduced rate of £5/mth. Customers saw the same figure on their statements, but were 20% worse off. In effect the banks had stolen the government's tax cut from their customers.

    From 1st February they are going to pay £3 gross, a cut of 52% on a year earlier.
    • Consumerist
    • By Consumerist 12th Oct 16, 6:05 PM
    • 4,450 Posts
    • 2,207 Thanks
    Consumerist
    Before April the banks payed £5/mth net of basic rate interest, equivalent to £6.25 gross. Non-taxpayers could reclaim the difference.
    From 6th April they payed interest gross, at the reduced rate of £5/mth. Customers saw the same figure on their statements, but were 20% worse off. In effect the banks had stolen the government's tax cut from their customers.
    From 1st February they are going to pay £3 gross, a cut of 52% on a year earlier.
    Originally posted by Mike Saver
    The payments will still be net of BR tax and non-taxpayers will still be able to claim the difference, just as now.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • badger09
    • By badger09 12th Oct 16, 6:27 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Before April the banks payed £5/mth net of basic rate interest, equivalent to £6.25 gross. Non-taxpayers could reclaim the difference.

    From 6th April they payed interest gross, at the reduced rate of £5/mth. Customers saw the same figure on their statements, but were 20% worse off. In effect the banks had stolen the government's tax cut from their customers.

    From 1st February they are going to pay £3 gross, a cut of 52% on a year earlier.
    Originally posted by Mike Saver
    If you are talking about the Halifax Reward, it is not interest. The clue is in the name.

    Halifax have not stolen the government's tax cut.

    The payments will still be net of BR tax and non-taxpayers will still be able to claim the difference, just as now.
    Originally posted by Consumerist
    Correct.
    • ceredigion
    • By ceredigion 12th Oct 16, 7:58 PM
    • 1,694 Posts
    • 1,726 Thanks
    ceredigion
    Before April the banks payed £5/mth net of basic rate interest, equivalent to £6.25 gross. Non-taxpayers could reclaim the difference.

    From 6th April they payed interest gross, at the reduced rate of £5/mth. Customers saw the same figure on their statements, but were 20% worse off. In effect the banks had stolen the government's tax cut from their customers.

    From 1st February they are going to pay £3 gross, a cut of 52% on a year earlier.
    Originally posted by Mike Saver


    There is one born every minute.
    • adindas
    • By adindas 12th Oct 16, 8:33 PM
    • 2,869 Posts
    • 1,286 Thanks
    adindas
    Lloyd Classic account with Vantage still 1.5%
    Is Classic account with Vantage still exist for those who still have it ??

    The last communication I received from them is in July 2014 mentioning the rate was slashed to 1.5%. No other communication regarding the drop interest I have ever received since then.

    People who has Santander 123 with minimum amount of cashback might be start be looking into this account if it is still paying 1.5%.

    For people who still have Vantage account and meet the vantage requirement. Does Lloyd still pay 1.5% interest for the balance of £3000 - £5000 or not ?

    Is there any news about the interest rate changing of this account ??
    • Consumerist
    • By Consumerist 12th Oct 16, 8:45 PM
    • 4,450 Posts
    • 2,207 Thanks
    Consumerist
    Is Classic account with Vantage still exist for those who still have it ??

    The last communication I received from them is in July 2014 mentioning the rate was slashed to 1.5%. No other communication regarding the drop interest I have ever received since then.

    People who has Santander 123 with minimum amount of cashback might be start be looking into this account if it is still paying 1.5%.

    For people who still have Vantage account and meet the vantage requirement. Does Lloyd still pay 1.5% interest for the balance of £3000 - £5000 or not ?

    Is there any news about the interest rate changing of this account ??
    Originally posted by adindas
    Last I heard from Lloyds is that they were discontinuing all (Lloyds) Vantage accounts. They are still available from Bank of Scotland, I think.

    Currently, BoS Vantage account is paying 3% on £3k - £5k balances [Thanks YorkshireBoy for the correction]. As mentioned earlier, they recently introduced a minimum requirement of 2 x DDs to qualify for Vantage interest so they may not change their interest-rate structure just yet.
    Last edited by Consumerist; 12-10-2016 at 9:06 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 8:50 PM
    • 28,346 Posts
    • 16,145 Thanks
    YorkshireBoy
    Is Classic account with Vantage still exist for those who still have it ??

    The last communication I received from them is in July 2014 mentioning the rate was slashed to 1.5%. No other communication regarding the drop interest I have ever received since then.

    People who has Santander 123 with minimum amount of cashback might be start be looking into this account if it is still paying 1.5%.

    For people who still have Vantage account and meet the vantage requirement. Does Lloyd still pay 1.5% interest for the balance of £3000 - £5000 or not ?

    Is there any news about the interest rate changing of this account ??
    Originally posted by adindas
    Answered on their website...isn't it?...

    https://www.lloydsbank.com/current-accounts/existing-customers.asp
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 8:52 PM
    • 28,346 Posts
    • 16,145 Thanks
    YorkshireBoy
    Currently, BoS Vantage account is paying 3% on £4k - £5k balances.
    Originally posted by Consumerist
    £3k - £5K.
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