Lloyds Classic Vantage stopping 4%

MME_2

^ There is no more information other than the the update branches received to say the vantage rate will be decreasing. There are 3 letters with different codes, one for people who tended to only use the bottom tier - they will benefit from the new 1.5% rate. One for people who are being offered a 'savings account' - no mention of what it was going to be. And one for people who it's just tough luck.

I can't find any more information about the selection process or even what the savings account is - like I say I only know about it because of the posts I have read here.

10_66

I've today received a letter from LTSB Customer Relations in response to my enquiry about the Incentive Saver criteria. I've been informed that "as I'd requested that they don't send any marketing information to me, they were unable to offer new products". This theory was put forward by someone on one of the LTSB Vantage threads (sorry, can't remember who it was). Makes sense, I suppose. They also suggest that I visit my local branch to change this for any future offers.

The up side of this is that I've received £75 as an apology (£50 for inconvenience and £25 to cover 'phone expenses). I honestly didn't ask for any compensation and didn't even consider that they'd pay it, so I'm feeling a bit guilty about having been given it (I did say a bit!).

adindas

Well done
Do not feel guilty, think about time you have spent to write letter, etc ...

10_66 wrote: »

I've today received a letter from LTSB Customer Relations in response to my enquiry about the Incentive Saver criteria. I've been informed that "as I'd requested that they don't send any marketing information to me, they were unable to offer new products". This theory was put forward by someone on one of the LTSB Vantage threads (sorry, can't remember who it was). Makes sense, I suppose. They also suggest that I visit my local branch to change this for any future offers.

The up side of this is that I've received £75 as an apology (£50 for inconvenience and £25 to cover 'phone expenses). I honestly didn't ask for any compensation and didn't even consider that they'd pay it, so I'm feeling a bit guilty about having been given it (I did say a bit!).

ffacoffipawb

I've stuck £15k in the NS&I index linked issue, while it's still available.

SwitchyChick

Not sure if this will help anyone out but will post anyway.
MiL has a Vantage a/c and got the letter about the Incentive Saver but was put off because it was internet/telephone banking & she likes branch-based banking! We took the letter into the branch & were told that if she had an existing savings account already open they could convert that to an Incentive Saver & operate it via the branch. Luckily she had had a linked savings a/c when she opened the current a/c which had never been used. She had a little in excess of £7k in the Vantage so moved the excess to the new Incentive Saver. 27th June in the diary for moving the remaining £2k.
Result!

COOLTRIKERCHICK

I am looking around now to see if there is anything better than the interest on the vantage account, even if its just a little bit... I havent got loads of money but i am slowly adding to it when i can....

I was just wondering id someone could work out if i will get a better deal if i opened one of these

http://www.halifax.co.uk/savings/accounts/easy-access/web-saver-reward/

I have the lovely rewards account with them:D, ( and a RBS one too) and i have just opened one of these Isa's with them, which i will put the max amount in within the next week or so

http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/


I need something with easy access, as i havent got loads of wonga, i need something i can get my mits on just incase,

adindas

After the interest drop from 4% to 3% sometimes in June, With Halifax Web-saver reward you will get the same interest if you have a reward A/C with them e.g (2.8+0.2%)

The interest is exactly the same with vantage but with less hassle. The problem with vantage is that you need to keep paying £1,000.00 per month in order to get 3% interest. With the combination of Web-saver reward + Halifax Reward A/C you will get the same result with vantage a/c.

I myself do not bother anymore, I have moved half of my money in my three vantage A/C to NS&I. The rest of it I am using it to drip feed my Regular Saver which earn 4-5% interest a month.

ADINDAS

COOLTRIKERCHICK wrote: »

I am looking around now to see if there is anything better than the interest on the vantage account, even if its just a little bit... I havent got loads of money but i am slowly adding to it when i can....

I was just wondering id someone could work out if i will get a better deal if i opened one of these

http://www.halifax.co.uk/savings/accounts/easy-access/web-saver-reward/

I have the lovely rewards account with them:D, ( and a RBS one too) and i have just opened one of these Isa's with them, which i will put the max amount in within the next week or so

http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/


I need something with easy access, as i havent got loads of wonga, i need something i can get my mits on just incase,

anamenottaken

adindas wrote: »

After the interest drop from 4% to 3% sometimes in June, With Halifax Web-saver reward you will get the same interest if you have a reward A/C with them e.g (2.8+0.2%)

The interest is exactly the same with vantage but with less hassle. The problem with vantage is that you need to keep paying £1,000.00 per month in order to get 3% interest. With the combination of Web-saver reward + Halifax Reward A/C you will get the same result with vantage a/c.

I myself do not bother anymore, I have moved half of my money in my three vantage A/C to NS&I. The rest of it I am using it to drip feed my Regular Saver which earn 4-5% interest a month.

ADINDAS

To get the Halifax extra 0.2%, don't you have to pay in £1K monthly to Halifax current account? I'm not sure about that because I haven't checked as I do pay in the £1K.

If you are no longer bothering with Vantage accounts, other than to wind down as you drip-feed to regular savings, aren't you wasting your cash while your balance reduces because you won't get the better Vantage rate as you aren't paying in £1K to each each month?

adindas

Indeed, with Halifax reward people do not have to pay £1000.00. People do dummy transfer just to harvest a fiver each month.

Yes I prefer to put all of the money to NS&S but I still need to feed my RS until maturity. I have reduced some of them to minimum payments. Also, it will serve in the rainy days as some of this RS are instants (need to check it).
For this purposes I still keep one of my vantage with dummy transfer of £1000.00 to drip feed my RS. But After all of my RS mature and move it into NS&I, finish with vantage. Do not close it but will put £1.00 on each a/c do not need dummy £1000.00 anymore.

Also the problem with vantage after June 27(?) you will only get 3% if the account have £3000 - £5000. So we need to keep our eye on to get 3% otherwise the interest will be less.

But I will say vantage is still one of the best for drip feeding purposes given the reliable online banking platform from LTSB that support reliable SO and FP.

anamenottaken wrote: »

To get the Halifax extra 0.2%, don't you have to pay in £1K monthly to Halifax current account? I'm not sure about that because I haven't checked as I do pay in the £1K.

If you are no longer bothering with Vantage accounts, other than to wind down as you drip-feed to regular savings, aren't you wasting your cash while your balance reduces because you won't get the better Vantage rate as you aren't paying in £1K to each each month?

COOLTRIKERCHICK

adindas wrote: »

After the interest drop from 4% to 3% sometimes in June, With Halifax Web-saver reward you will get the same interest if you have a reward A/C with them e.g (2.8+0.2%)

The interest is exactly the same with vantage but with less hassle. The problem with vantage is that you need to keep paying £1,000.00 per month in order to get 3% interest. With the combination of Web-saver reward + Halifax Reward A/C you will get the same result with vantage a/c.

I myself do not bother anymore, I have moved half of my money in my three vantage A/C to NS&I. The rest of it I am using it to drip feed my Regular Saver which earn 4-5% interest a month.

ADINDAS

I have just looked on their website, and i can not find an easy access account with 4 - % interest....

dont think the interest is per month;) if it was i think i would be a VERY happy and rich bunny

can you put a link to this account please


I purely use the Hlaifax rward account for the £5 per month... I have 1k doing the rounds each month between my Halifax, RBS and lloyds vantage accounts...

plus if i put my £5 rewards into the Halifax regular savers account ( £120 per year) i will get £3.84 interest on the money they have given me....lol....