Vantage Lloyds TSB Account Gone Wrong!

bb264

Nearly a year ago I went into the Coventry Lloyds TSB Branch where I was told about the vantage account.

I decided to go for it as I could pay a min of £1k into it and if I had between 5-£7k I would earn about 4%. I was told that the interest takes a year to come through.

So since then I have worked really hard at making sure that I had the max of £7k in the account.

After checking the internet today it explained that it should be monthly and I was told it was yearly.

So I decided to call them. Turns out that it was never changed over to a Vantage account. Which means that I have earned no interest by having over £7k in the account every month

I am so unhappy about this. And then they said they would look into it and call me back then asked if I wanted an ISA!!!!!!!!!! Cheek :mad:

Really hope they backdate it.

johnmoney05

Would it be showed your account as Classic Vantage on the internet banking? You can or could check yourself.

HouseHuntr

bb264 wrote: »

Nearly a year ago I went into the Coventry Lloyds TSB Branch where I was told about the vantage account.

I decided to go for it as I could pay a min of £1k into it and if I had between 5-£7k I would earn about 4%. I was told that the interest takes a year to come through.

So since then I have worked really hard at making sure that I had the max of £7k in the account.

After checking the internet today it explained that it should be monthly and I was told it was yearly.

So I decided to call them. Turns out that it was never changed over to a Vantage account. Which means that I have earned no interest by having over £7k in the account every month

I am so unhappy about this. And then they said they would look into it and call me back then asked if I wanted an ISA!!!!!!!!!! Cheek :mad:

Really hope they backdate it.

So you didn't check your account for a year! Rubbish !

Nine_Lives

A bit harsh methinks

If OP is reasonably new to this game (watching your money & flitting it off to the best paying places etc etc) then if they've told him it's all sorted etc then i can see why OP would then think it's all sorted. Lack of focus maybe, but comment is a bit harsh if they're new to this & not as tune in as someone who's been playing this game for a while.

My view.

jonesMUFCforever

Did you pay in £1000 every month?

bb264

It does not show whether the account is current or vantage but I called the nickname of the account vantage as that's what I thought.

I have always paid in more than £1k every month.

I checked my account every couple of weeks however I was told from the branch that I had to wait a year for interest. So to me everything was in order.

This is a legit problem. I am just so shocked that it never went through. Estimated that I have missed out on about £160 as I always had over 7k in the account every month.

iereboy

Hi,

1) So you did not check your account for a year? On the top of your bank statement it will be called classic vantage as opposed to a classic account.

2) You get the interest paid monthly.

3) To be honest I don't think you will get your money back but you can complain to the branch you went to.

4)Its probably more than £250 you missed out on.

bb264

I checked my account on a regular basis but only online, you tend to look at the items on the bank statements rather than the headings.

The bank told me that I would only be paid the interest at the end of the year, so I figured it was similar to an ISA, only found out today 11 months later that it should have been monthly, therefore the bank gave me the wrong information and told me that my bank account has been changed when it hadnt.

I have filed a complaint and the bank will call me tomorrow, I understand that I was partly at fault but they sold me an account that I was given the incorrect info for and was misled

£250

iereboy

I can see where you are coming from though.

If you use internet banking, surely you have access to lloydstsb.com whereby all the products are listed.

Finding or proving who is at fault a year later is difficult.

Make sure they put you on vantage asap, you can call them and they will do it for you on phonebank.

Let us know how you get on.

johnmoney05

Can you try to change the "Nick name" which you put it on back to default name? Which you will see what account you have! (from the online banking)

This is my experience before.

I am so sorry for your situation. But past is past, try complain to see if you can get any result. Spend more time on this forum. You will learn more. Well, some posts are harsh, but don't take them too serious.

apt

It would be obvious in the way that the OP was running his account that it was on the basis/expectation that it was a Vantage account. Therefore I suspect that the financial ombudsman may well decide in his/her favour if it came down to the question of his/her word against that of the bank employee. And considering it costs the bank if a case goes to the Ombudsman I suspect Lloyds would relent and pay interest if you pointed this out politely, but firmly. The weak point in the OP's case is that he/she has not read the terms and conditions of the account which should always be done whatever bank empolyees say to you.