Where is everyone moving their Lloyds Vantage money to?

Baldur

someone wrote: »

Does it show up online right away or do you have to wait till things have been processed

Mine's not showing yet.

Will also be interesting if anyone who doesn't have the letter is able to open the account (Freephone number is 0800 731 0242).

A reference number from the letter is required.

hethmar

Ive been with Lloyds since I was at college, more decades than I care to speak about (but they currently get my pension paid straight in there). I have 3 vantage accounts but didnt get the "incentive offer" so its clearly not based on customer loyalty

ED

Many thanks to all in this thread...hence I'm complaining to Lloyds (copy follows) - anyone else trying...?

to : Senior Complaints Manager, Lloyds TSB, 2 Brindley Place, Birmingham B1 2AB

COMPLAINT

Lloyds TSB (LTSB) is exercising prejudice against many customers by issuing letters, with effect from late-April 2011, announcing only the drop in interest rate on Vantage bank accounts whereas other 'selected' Vantage customers are invited to open an Incentive Saver launched today, 26th April, at 3% AER interest fixed for 12 months on balances in the range £1 - £50,000 and penalty-free unlimited withdrawals.

LTSB needs to retain (1) existing customers; and (2) funds. This reduces costs of advertising for fresh customers, avoids achieving a bad name amongst disgruntled customers and the media. Last week I noticed on the savings forum of BBC Watchdog contributor Martin Lewis a thread (https://forums.moneysavingexpert.com/discussion/3154290) in which excluded Vantage customers aim to withdraw substantial funds upon the reduction in interest rate and qualifying balance (3% on £5,000 max balance, instead of 4% on balances up to £7,000). Therefore c. £2,000 will permanently be excluded from each Vantage account, and in many cases the funds will be held instead by rival institutions, many of whom currently offer in excess of 3% interest. I note many customers hold more than one Vantage account, in some cases whilst waiting to buy a home. Instant access earning 3% with LTSB seems a just-viable alternative.

I recommend LTSB immediately makes the Incentive Saver available to all Vantage account holders. LTSB should add an invitation upon all log-ins to Vantage, and a link under open|Savings whilst logged-in. A postal invitation to open should be sent next week at latest to all Vantage customers excluded to date.

Meanwhile, I require the Senior Complaints Manager to write to me postally explaining the logic, if any, of the original 'selection' process and detailing the resolution and instantly opening for me an Incentive Saver at 3% AER. Lloyds Banking Group being largely owned by the British public, and myself being also holder of LBG share certificates, I am prepared to pursue this disgraceful matter further if necessary. I note the AGM is set for 18th May. I trust you will respond to me fully via post before that date.

It is necessary for me to complain also that LTSB's telephone system lacks facilities for staff to take notes of complaints, even when the customer has upper-spine disability, as do I. Today I phoned LTSB on 0845 3000 000 and had to hold the phone for 17 minutes before being told I would have to tell a third staffer my complaint during yet more time holding the receiver. This causes lasting pain due to a broken disc in my neck and a twisted bone affecting blood-supply to brain and nerves leading to hands. Hence I have been put, instead, to the inconvenience of having to compile this letter, and deliver it to a branch of LTSB to help your bank effect a swift resolution to its error UK-wide with Incentive Saver. Are you able to set up a facility whereby complaints staff can listen to a recording of an initial complaint, instead of further agitating, inconveniencing and causing lasting physical pain to the customer? If not, why not?

rb10

ED wrote: »

Many thanks to all in this thread...hence I'm complaining to Lloyds (copy follows) - anyone else trying...?

Not wishing to be rude, but your letter very much has clear message of 'I'm telling you how to run your business', which I doubt will go down very well. Imagine if you received a letter like that; it wouldn't immediately make you want to help them, and comply with their 'demands'. A polite, carefully worded letter, requesting that they reconsider is far more likely to end with a successful outcome than one demanding that they do X, Y and Z.

LTSB has decided that it no longer wishes to be paying 4% to keep hold of your money. That is their decision, and they will have factored into their decision that money will leave LTSB as a direct consequence of this.

It is, however, their decision as to what interest rate to offer you. They are running the bank, not you.

As to the issue of who is being invited to open an Incentive Saver, is this really worth getting worked up over? Whilst it would be interesting to know what their selection criteria are, again, they are free to choose to make different products available to different customers.

Either they want to retain your funds (in which case you'll have been given an offer) or they don't particularly mind if you move elsewhere (and so haven't given you an offer). Completely their decision.

You can get 3% elsewhere, on instant-access savings (Halifax and Santander spring to mind for unlimited withdrawals, with Nationwide with a limited number of withdrawals and a slightly higher rate, but there are probably others). So is it worth getting worked up about the fact that LTSB won't give you this rate? If they can't offer you what you want then you are free to move your money elsewhere.

bobpat_2

We too received letters re. the change in Vantage rates without any reference to the Incentive Saver. I rang the savings department, and and after speaking to two different advisors, being kept on hold for 4 seperate periods, and rung back by them twice, they could not offer any reason for us getting letters without a special reference,which is apparently needed.The last guy I spoke to was very apologetic, and said even the senior manager in the office could not explain why, and they are looking into it. All they could suggest was for us to go into a local branch, and ask them to fax a copy of our letters to the savings dept.

gadgetmind

Jonbvn wrote: »

Into Hargreaves & Lansdown. The real question is what we will purchase inside the ISA - not sure yet.

The S&S ISA rules prevent you from holding anything akin to cash in there, so it needs to be a long-term play and you need to accept a degree of risk.

The funds I use as "safe houses" are Troy Trojan, Ruffer European and Ruffer Total Return, but I'm sure you understand that "safe" is a relative word when it comes to the stock market.

Ian

portlandboy

bowlesbargain wrote: »

I have not been offered incentive account. I moved my current account from Nationwide due to the offer from Lloyd's now they have let me down. I am annoyed have only been with them 2 months and they alter the terms of the account.

Last year I was waiting in a (not unusual) long queue in the local Nationwide and overheard the cashier "flogging" an account with "excellent" interest rates (I think it was 2.75%). She got an elderly gent to sign up there and then and a few others made appointments for later. One customer then asked her when the rate would end. The cashier said "Until the end of this month, but if you take it out today, you'll get 3 days at that high rate, then it will be 1% from then on". That poor old fella must have felt pretty let down too. I guess they all play the same game.

D1zzy

Baldur wrote: »

For the sake of making a freephone call and completing an application, the potential extra £70 p.a. interest on £14k compared with the Esaver would shake even me out of my usual state of torpor (assuming, as above, that the Ts & Cs are favourable).

...you talking about the incentive saver? Haven't been offered it but will call in the branch tomorrow and c what they say. (Happy to do anything that's handed to me on a plate )

newcastleneil

http://www.ybs.co.uk/savings/bonds/index.html

I will be closing my 3 vantage accounts with £21K in plus whatever intrest it has made when the 4% drop occurs and sticking the lot in this yorkshire bond .So stick that in your pipe and smoke it LloydsTSB
Ha Ha Ha

savetilibleed

opinions4u wrote: »

3.25% for 17 months? Hardly earth shattering.

It's 3.95% until 30 April 2012.

wrote:

Have you considered a fixed term account where the rate can rise?

http://www.ftadviser.com/FTAdviser/Investments/Products/Savings/News/article/20110426/7270aeae-6c26-11e0-8843-00144f2af8e8/Lloyds-rolls-out-two-new-tracker-bonds.jsp

It seems Lloyds themselves may have an answer.

Hmm, maybe!