Lloyds Classic Vantage stopping 4%

Baldur

10_66 wrote: »

I've had 7 Vantage accounts with over £5,000 in for a couple of years, so that can't be the way they're selecting the customers to which they're offering this account. I'll give them a ring on Tuesday to see if they can fathom it out, I rang today but nobody knows how "Exclusive Customers" have been selected.

Pointless asking how or why - they made a similar 'early bird' offer to apparently random customers on maturing FRISA funds a couple of years ago - I did not have the offer but rang them and pushed the fact that other people of my acquaintance had, they then sent me the necessary forms and I obtained the enhanced rates.

kar999

opinions4u wrote: »

I think the opportunity to ditch lots of loss making expensive cash at 4% was one that became inevitable as the account became more popular with people gaming it to get the high rate.

But if a few million pounds flows out and saves them having to pay that high rate the become immediately more profitable.

They'll probably be glad to see the back of rate tarts like me but it only takes 10,000 customers moving the excess on 6 accounts and they'll see an outflow of £120 million.

Multiple that up to maybe 100,000, which isnt many in the scheme of things and it'll soon add up. They must be mindful of the potential outflow as they appear to be offering non-standard incentives on rates/one year fixes to keep some peoples cash.

They've already got enough of my personal savings and my taxpayers bailout so I'll probably move mine.

10_66

Baldur wrote: »

Pointless asking how or why ...

Yeah, I'm not particularly bothered about how they select, but will be asking if it's possible for this account to be made available to me. However, if that fails I can move the excess to Halifax Web Saver Reward.

On a completely different topic. Why do Lloyds TSB and Halifax operate (sorry if that's not the correct term) as separate organisations, when they're under the same ownership (again, sorry if that's not the correct term)?

Baldur

10_66 wrote: »

On a completely different topic. Why do Lloyds TSB and Halifax operate (sorry if that's not the correct term) as separate organisations, when they're under the same ownership (again, sorry if that's not the correct term)?

They don't totally - you will doubtlessly have seen that the online banking is being integrated with LTSB's and that historical paper-free statements were to be unavailable from last Monday.

AFAIK, Halifax currently still operates under the BoS FSA authorisation, presumably until the HBoS monster is finally carved up between its respective new 'masters' (Lloyds Banking Group & Santander, from memory).

opinions4u

kar999 wrote: »

They'll probably be glad to see the back of rate tarts like me but it only takes 10,000 customers moving the excess on 6 accounts and they'll see an outflow of £120 million.

just short of £5m in reduced interest payments. If they can replace it at 3% it's over £1m in profit.

On a completely different topic. Why do Lloyds TSB and Halifax operate (sorry if that's not the correct term) as separate organisations, when they're under the same ownership (again, sorry if that's not the correct term)?

put simply, the two brands attract different types of customer.

wearside_2

My letter says my 2 Vantage accounts will pay 3% for balances of £3,000 to £5,000. So I guess I will leave the balances at 5,000 and withdraw the other £4,000. Above £1,000 it is 2% and below that 1.5%. I suppose this is because I have maintained a £7,000 balance each day by transferring £1,000 from one to the other at the end of the month.

10_66

Baldur wrote: »

...presumably until the HBoS monster is finally carved up between its respective new 'masters' (Lloyds Banking Group & Santander, from memory).

Is my memory serving my correctly (probably not!), in that it's the TSB branches that were to be taken over by Santander. Please don't tell me Santander are having anything to do with the rest of it!

opinions4u

10_66 wrote: »

Is my memory serving my correctly (probably not!), in that it's the TSB branches that were to be taken over by Santander. Please don't tell me Santander are having anything to do with the rest of it!

I'm not aware of Santander agreeing to take on any Lloyds, Halifax or Bank of Scotland branches.

10_66

opinions4u wrote: »

...put simply, the two brands attract different types of customer.

In what sense? Don't people go for the best interest rate available, regardless (within reason, ie Santander) of who offers what?

Baldur

opinions4u wrote: »

I'm not aware of Santander agreeing to take on any Lloyds, Halifax or Bank of Scotland branches.

I was probably confusing BoS with RBS, whose English branches are going to Santander.