Lloyds Classic Vantage stopping 4%

kar999

opinions4u wrote: »

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

A small amount of that will be eroded by paying 1.5% at the lower tier but their Vanatge rate was always a prime candidate to be cut.... and I guess someone also has to pay for this.....

Former chief executive Eric Daniels' pocketed a bonus of £1.45m last year, while new boss Ant!nio Horta-Os!rio was lured from Santander with a £8m 'golden hello' in March. :easter_os

10_66

opinions4u wrote: »

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

Yes, sorry, I found the THREAD that made me think this. As suspected, my memory did not serve me correctly!

opinions4u

10_66 wrote: »

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

If people bought on the basis of rate alone the likes of Lloyds Tsb and Barclays would have vanished years ago.

A mix of product features, service, staff friendliness, staff professionalism, branch availability, rate, online functionality and more define why people buy financial products.

Killing off either the Lloyds or Halifax brand name would be to destroy something that attracts millions of customers in different ways.

Personally I find LloydsTsb stuffy and behind the times ... But others value their more traditional image.

rb10

opinions4u wrote: »

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

But a large number of Lloyds branches (& associated customers and accounts) will be up for sale shortly ... it'll be interesting to see whether Santander can resist!

anna42hmr

anamenottaken wrote: »

Same here - but the person who didn't receive the Incentive Saver account offer currently does maintain £7K in each but also has an Incentive Saver account (which has its anniversary in October). The one with the offer (available up to 31 July by the way) has only an eSave account not an Incentive Saver.

in that instance, that could be why, as if i recall correctly from when i used to have an incentive saver, could only hold one at a time under the t&C's so if they have an incentive saver, then may not be eligible to open a second one, they would not send a letter to somene saying you can open x account if doing so means that you breached the terms of the origional one

anna42hmr

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)?

because they have only been under one ownership for around 2 years, and takes a whilt to intergrate two bussinesses, however you may find that they still continiue to operate seperatly (ie natwest and rbs are different brands with different accounts) and even insurance companies are the same ie churchill and directline are under same ownership.

keeping the banks as different brands enable them to have different target audiences and products etc

anna42hmr

frugalfran wrote: »

In our family we got two different letters from Lloyds today, one with details of the new offer and one without! Hard to see exactly why, but it seems the offer may not be open to everyone....

Could be many reasons, they could be looking at customers profiles, how long had the accounts, what other products have etc.

For instance, i have the 3 vantage accounts all had £7k in (until i heard about this a few weeks ago and move some out of each for this years isa so opened up the lloyds FRISA) however i also have a lloyds classic account which is my main one and has been for 10 years plus, amex duo credit card (also had for 10 yrs plus) the fixed rate isa, and several small savings account etc.

they may be offering other savings accounts to those who have more products than the vantage etc, as my parents are the same as me and hold quite a lot of lloyds products and have been offerered it, but my brother who only holds 2 vantages with 7k in each has not been given the offer??

To be honest, not sure why people are moaning about the change in t&c's as i have seen in several theads over the past few weeks since the first mention of these changes came about, as many (me included) have milked the loophole of getting away with using up to 3 current accounts as instant access savings accounts for a while, its nice having the 4% while it lasted (since around 2009 i beleive was the last vantage rate change!) and at least they have not done what they could have.

Ie they could easily have changed the T&C's so that only 1 Vantage account allowed, or 2. that to get vantage on an account has to have a salary of direct debits etc in and out of it or 3. just have the high interest period as a limited period only like many do

Baldur

anna42hmr wrote: »

For instance, i have the 3 vantage accounts all had £7k in (until i heard about this a few weeks ago and move some out of each for this years isa so opened up the lloyds FRISA) however i also have a lloyds classic account which is my main one and has been for 10 years plus, amex duo credit card (also had for 10 yrs plus) the fixed rate isa, and several small savings account etc.

they may be offering other savings accounts to those who have more products than the vantage etc, as my parents are the same as me and hold quite a lot of lloyds products and have been offerered it, but my brother who only holds 2 vantages with 7k in each has not been given the offer??

See https://forums.moneysavingexpert.com/discussion/comment/43084458#Comment_43084458

deutsch

Is it possible transfer the Lloyds Vantage account to the Santander Preferred Account.

Basically my figures (gross interest not AER) on £5000 cash

for Lloyds Vantage:
£5000 x 2.96% = £148 (after tax)

for Santander Preferred Account
£2500 x 4.89% = £122.25
and £100 cashback = £222.25
with £2500 spare to go elsewhere in a savings account

This is obviously only for a year (santander), but both accounts needed at least £1000 in a month so very similar in terms of minimum pay in.

This only thing is, I've read on the Santander website:
"...using our dedicated Switcher Service, have at least two direct debits or standing orders set up on the account and pay in at least £1,000 each month..."

So can I open it without ANY debit debits or standing orders, as I have none!

YorkshireBoy

deutsch wrote: »

So can I open it without ANY debit debits or standing orders, as I have none!

Yes but you won't get your £100.

Why not set up a couple of dummy SOs (to savings accounts etc) on your existing account before switching?