Lloyds Classic Vantage stopping 4%

deutsch

YorkshireBoy wrote: »

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?

how much would so say for a dummy amount? £1 / month? would i have to keep this after i switched?

also just out of curiousity, if anyone else knows - how long does it take to transfer / switch accounts?

YorkshireBoy

deutsch wrote: »

how much would so say for a dummy amount? £1 / month? would i have to keep this after i switched?

Until the £100 has been paid.

also also the part from MSE "...One slight downside is that anyone who has held an Alliance & Leicester, Santander (Abbey) or Cahoot account in the previous three months cannot get the bonus, as all are now part of the Santander banking group." - does this mean if I have a Santander ISA I can't have it?

An ISA is not a current account...

£100 offer (only available online): You are not eligible for this offer if you currently hold, or have held in the past three months, any Santander UK, Alliance & Leicester, cahoot and Cater Allen current account.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237835058201&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

deutsch

i eventually found my answer, which is why i edited my questions, but much appreciated for your reply!

murphydog999

I don't know who I'm more annoyed at, me or Lloyds. I've been with Lloyds for over 20 years, and until I read this thread a few days I knew nothing about Vantage - never heard of it!

There is nothing on their normal website, until it comes to upgrade your account, when you think it goes to the ones that they are always trying to push - the ones with the monthly charge - until you scroll down to the bottom of the page where it says 'add vantage.'

I have never noticed anything in any branch and not one member of staff has ever mentioned it to me. I cannot believe I have missed out for all these years. :mad:

anna42hmr

murphydog999 wrote: »

I don't know who I'm more annoyed at, me or Lloyds. I've been with Lloyds for over 20 years, and until I read this thread a few days I knew nothing about Vantage - never heard of it!

There is nothing on their normal website, until it comes to upgrade your account, when you think it goes to the ones that they are always trying to push - the ones with the monthly charge - until you scroll down to the bottom of the page where it says 'add vantage.'

I have never noticed anything in any branch and not one member of staff has ever mentioned it to me. I cannot believe I have missed out for all these years. :mad:

its not a product thats heavily sold, but they have run adverts for it in the papers now and then, and my local branch have had leaflets in their for it a while ago (not sure if still do as not been in for a while and is mentioned on their current accounts section on their website http://www.lloydstsb.com/current_accounts/vantage.asp

i know what you mean, i wish i started earlier than i did, but nothing stopping you opening now, its not like its being pulled altogether, just pulling the top teir of interest, and increasing whats paid on lower teirs allowing more to benefit from interest being paid

frugalfran

Cui Bono? That's what I'd like to know - I had a theory that someone somewhere was getting a massive bonus for the number of accounts opened with Vantage , could this be happening again? The new ruse is that they hope most with a number of vantage accounts will leave them open, while those lucky to be offered the new incentive saver will open yet another account and so whoever gets their bonus. Ah! Clever people these bankers.....

10_66

Spoke to the savings department at Lloyds TSB today, and the member of staff that I spoke to referred to her manager regarding my query about the 3% Incentive Saver appearing to be offered to only some Vantage account holders, but not others, with no logical reason as to the selection method.

Apparently what has happened is that there has been an error in the letters that have been sent out. Lloyds only meant to send out the letters explaining about the rate changes to the Vantage accounts. It was their intention to send out the letters offering the Incentive Saver account afterwards. However, some of the offer letters have been sent out early. I was assured that all Vantage account holders will receive a letter offering the Incentive Saver, on which will appear a special reference number that will be needed in order to open the Incentive Saver account. Time will tell if I have today been advised correctly.

anna42hmr

to be honest, find that hard to beleive, as the letters state that can apply for the account from 26 april (tomorrow) to 31 july, so if that was the case and sent wrong and another batch of letters should have gone out instead, then why have the application date start from tomorrow as no one would have known about it??

Unless as they started sending letters out beginning of april, the first batch did not have the details on so sending another letter to them, and them? and those of us who have had the letter in last couple of days have had the offer about the account??

10_66

After scouting around on Lloyds TSB website, I found some details about previous Incentive Saver accounts. If the terms are going to be the same as previous ones, I doubt I'll go for it after all, as no interest is paid on the full balance for the month in which a withdrawal is made.

anamenottaken

10_66 wrote: »

After scouting around on Lloyds TSB website, I found some details about previous Incentive Saver accounts. If the terms are going to be the same as previous ones, I doubt I'll go for it after all, as no interest is paid on the full balance for the month in which a withdrawal is made.

That is correct for the previous issues - there have been some with different fixed rates.

But the letter specifically says that you don't lose interest when making withdrawals from the offered Incentive Saver account. It also has to be opened by phoning whereas previous issues could be opened online. I think it is a case of using the same name but not offering the same product.

The Incentive now is to keep your money with LTSB at a not too bad rate. Previously the Incentive to keep saving was that you would lose interest if you withdrew!