Lloyds Classic Vantage stopping 4%

the_first_step

So 7K @ 3.00% that's £210 per year.

After (20%) tax, thats £168 per year or £14 per month?

Surly they can't change the rate's with effect of 1st April (this friday).

Edit - 5K is the max now?

Thats £10 per month at the max balance of £5,000 per month?

YorkshireBoy

the_first_step wrote: »

So 7K @ 3.00% that's £210 per year.

After (20%) tax, thats £168 per year or £14 per month?

Surly they can't change the rate's with effect of 1st April (this friday).

Edit - 5K is the max now?

Thats £10 per month at the max balance of £5,000 per month?

Why not read the article referenced in post #3? Look out for the following text..."June 27".

MME_2

Svenena wrote: »

Do accounts with variable rates have to let you know in advance when they change?

Letters are being sent out in April, will let you know the exact date tomorrow.

opinions4u

Svenena wrote: »

Hmm, that article says the changes will come into play on 27th June. Do accounts with variable rates have to let you know in advance when they change?

I believe they have to give existing customers 2 months written notice of a rate reduction.

New customers? They can cut the rate immediately if customers are informed at the time of opening the account.

According to the article, customers currently benefiting from the 4% rate will "receive information on the range of competitive savings products available to suit their needs", but it seems unlikely they'll offer anything else as competitive (they don't currently). Sigh. I'll have to rethink my savings strategy yet again.

The 2 year fixed rate ISA is a decent rate.

chris91_2

opinions4u wrote: »

The 2 year fixed rate ISA is a decent rate.

3.6% for Fixes Rate ISA
2.65% for Cash ISA at minute...

the_first_step

YorkshireBoy wrote: »

Why not read the article referenced in post #3? Look out for the following text..."June 27".

[FONT=&quot]Haha what can I say? I’m all a fluster... the Halifax reward accounts going and vantage interest dropping. [/FONT]

Svenena

I save more in a year than the max ISA limit, so I need somewhere to put the money above that. Looks like I'll have to look into locking some away in order to get decent(ish) rates, and keep some in some kind of crappy rate instant access account. Although if there aren't significantly better rates than 3% on instant access accounts around, I guess I might as well stick with Vantage for that part.

tuggy12

Bad news indeed

Consumerist

anna42hmr wrote: »

nothing to stop people just having 1 or 2 active direct debits from each of the vantage accounts they hold, . . .

They may adopt the A&L/Santander stance and insist you use their switching service to qualify for Vantage interest.

choc_mouse

Noooooooooooooooooooooooooooooooo!!