Lloyds Classic Vantage stopping 4%

10_66

xyz123 wrote: »

Can i ask, how did you contact Custom Relations? i looked on their website and i couldnt see an option to "email" them. did u call?

No, I wrote to them. Letters always seem to produce better results than 'phone calls, in my experience.

Genny_2

MME wrote: »

Sorry there was no date for the letter, just that it's in April. There will be 3 variants to the letter depending on how you used your vantage account(s). For example someone who typically only used the bottom interest tier will get a different letter than someone who maxed it each month.

I haven't received any of the letters previously mentioned but today I've received a letter telling me "we'll continue to give you the current interest rates on balances in the top interest tier for longer".

---

Dear ....... We're making some changes to the interest rates for Vantage and we wrote to customers in April to let them know. I'm sorry, but you were among a group of customers who were not contacted about the changes because you had only recently opened your account or added vantage to it.

What's changing?
This paragraph then lists the new interest rates from 27th June
£1 to £1000 1.50% AER,Between £3000 and £5000 3%, £5000 to £7000 0%

What this means for you
The new rates will apply to all accounts with Vantage from 27th June. But because you're only being told about them now, we'll continue to give you the current interest rates on balances in the top interest tier for longer.

So you'll get the new rate of 1.50% APR on balances from £1-£1000 and get 4% AER if you have between £5000 and £7000 ) up to 15th August. We'll give you any extra interest you're due in a one off payment in September and you'll see this payment in your October statement.

Seems I've got a while longer to decide on my savings options.

Genny :cool:

eskbanker

I also received the same letter as Genny yesterday - I opened my accounts in mid March and hadn't officially heard anything from them about the change in interest rate tiers, so it was a nice surprise to learn that I can defer the decision about what to do next until 15 August!

xyz123

I have a query re change of rates. Does the new rates still give 3% interest on full balance of £5k or is it tiered i.e. you only get 3% on £2k (i.e. between £3k and £5k). If yes, then its still not a bad account i guess!

KTF

You get 3% on 5k.

wearside_2

I have just transferred two payments each of £2000 from my two Vantage Accounts to First Direct, then on the Santander (wash my mouth out!). The Lloyds still pays 3% with instant access and up to £25,000 per day by Faster Payment to my First Direct Account. Santander will only transfer £300 by Faster Payment, which in this day and age is laughable!

mal4mac

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 ...
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:

Don't get mad get even! Use the Vantage to its full advantage - keep the account between £3000 - £5000. Then (the get even part!) - transfer anything over £5000 to other bank's savings accounts - if they are better than what Lloyds has on offer. From the list here you can get 3.2% in an easy access savings account.

Nine_Lives

Alternatively, ditch TSB & switch (keyword: Switch) to Santander. Bag their £100 joining bonus by meeting the criteria & receive 5% on their preferred current account. Credit up to £2.5k & you can open 2 of these so that £5k can be split between both.

Thomas_Crown

K_P83 wrote: »

Alternatively, ditch TSB & switch (keyword: Switch) to Santander. Bag their £100 joining bonus by meeting the criteria & receive 5% on their preferred current account. Credit up to £2.5k & you can open 2 of these so that £5k can be split between both.

There is one major flaw in your masterplan. This can be summed up in one word - ''Santander''. :eek:

Nine_Lives

True. I haven't had experiences as bad as some, but i have experienced their 'non' customer service.

You just have to be forceful. They're there to provide a service. You just need to demand it. I've got all the products i wanted in the end.