Where is everyone moving their Lloyds Vantage money to?

Baldur

adindas wrote: »

How about the previous post which highlight the possibility:
"no interest is paid on the full balance for the month in which a withdrawal is made" ?

This is why I clarified the claims of the letter with the person to whom I spoke. From my original post:

have been assured verbally that access is instant and completely penalty free (will confirm this with Ts & Cs when received by post).

Also is interest paid on daily basis?

I don't know of any account with any bank where interest is paid on a daily basis.

I assume that it is calculated on a daily basis and paid annually or monthly but, as per my above quote, I have yet to receive the Ts & Cs in order to scrutinise them.

adindas

Thanks for the update ...
Yes, that is what I mean.

Baldur wrote: »

I assume that it is calculated on a daily basis and paid annually or monthly but, as per my above quote, I have yet to receive the Ts & Cs in order to scrutinise them.

adindas

Me too I have received the notification that the interest will fall in June but there is not any offer of "the Exclusive Incentive Saver" but who care for just 3% flexible, there are a lot of offer else where.

1. Satander eSaver Issue 3.
2. Halifax Websaver Rewards

I will keep my 3 Vantages open and put 1p on each account to keep it active.

ADINDAS

ED

Incentive Saver-of-jobs-at-Lloyds may be a more apt title for the new account offered to some but not all Vantage account holders. Upon phoning on 26th April for Incentive Saver (unsuccessfully), I was first offered a credit card...later household insurance was mooted. The same thing happened when an elderly member of my household phoned, equipped with a Reference from a letter offering Incentive Saver. Very puzzling what criteria makes my home-buying funds unwelcome and why I should be put to inconvenience and risk of moving them to a rival like Halifax or Santander. The move will include substantial funds @ 2.30% in an eSavings account opened with Lloyds in the period 12th Dec 2010 - 13th Feb 2011 (lower than the subsequent 2.50% offering). To date, I had been content to retain that, but now I am motivated to move it also to a rival for 3%.

I wonder if Lloyds has fully calculated exodus of funds beyond Vantage accounts?

Tuesday morning, having made my phoned attempt to open an Incentive Saver, I arranged delivery of my complaint letter to the manager of a major town branch - for immediate electronic forwarding to Lloyds at Brindley Place, Birmingham (as stated on their webpage re complaints). Here we are on Friday and nil response.

As a shareholder in Lloyds Banking Group (I hold share certificates), and as a British taxpayer in part-ownership of Lloyds, plus a person with disability caused lasting physical pain by a fault in their telephone handling system, I do feel entitled to propose ways for the bank to improve its methods and fairness to all Vantage customers. I also rate counter staff of numerous Lloyds branches as almost uniformly the best of any major High Street bank in my 24-year experience for self, relatives and employers. I want this to continue, but fear Incentive Saver risks mass alienation unless prompt action is taken under the new stewardship.

Anyone else complained in writing - perhaps to Greg Coughlan, head of savings at Lloyds TSB...? Any response yet? Or anyone gone into a Lloyds branch and successfully opened the account despite not having received a Reference Code postally?

opinions4u

ED wrote: »

Incentive Saver-of-jobs-at-Lloyds may be a more apt title for the new account offered to some but not all Vantage account holders. Upon phoning on 26th April for Incentive Saver (unsuccessfully), I was first offered a credit card...later household insurance was mooted. The same thing happened when an elderly member of my household phoned, equipped with a Reference from a letter offering Incentive Saver. Very puzzling what criteria makes my home-buying funds unwelcome and why I should be put to inconvenience and risk of moving them to a rival like Halifax or Santander. The move will include substantial funds @ 2.30% in an eSavings account opened with Lloyds in the period 12th Dec 2010 - 13th Feb 2011 (lower than the subsequent 2.50% offering). To date, I had been content to retain that, but now I am motivated to move it also to a rival for 3%.

I wonder if Lloyds has fully calculated exodus of funds beyond Vantage accounts?

Tuesday morning, having made my phoned attempt to open an Incentive Saver, I arranged delivery of my complaint letter to the manager of a major town branch - for immediate electronic forwarding to Lloyds at Brindley Place, Birmingham (as stated on their webpage re complaints). Here we are on Friday and nil response.

As a shareholder in Lloyds Banking Group (I hold share certificates), and as a British taxpayer in part-ownership of Lloyds, plus a person with disability caused lasting physical pain by a fault in their telephone handling system, I do feel entitled to propose ways for the bank to improve its methods and fairness to all Vantage customers. I also rate counter staff of numerous Lloyds branches as almost uniformly the best of any major High Street bank in my 24-year experience for self, relatives and employers. I want this to continue, but fear Incentive Saver risks mass alienation unless prompt action is taken under the new stewardship.

Are you trying to say "I'm annoyed I haven't been offered this Incentive Saver account"?

Anyone else complained in writing - perhaps to Greg Coughlan, head of savings at Lloyds TSB...? Any response yet?

If he replies in a similar style to the way you have constructed your post, nobody will be any the wiser!

anna42hmr

i can get people are frustrated but surely people must accept

1. they can change the rates on their current accounts if they wish
2. they have no obligation to anyone to offer alternate products to anyone
3. if people dont like it then they can vote with their feet
4. how many other banks provide the rates they have for how long they have for current accounts!
5.. The rates were what they have been since 2009 so to be honest i am surprised it did not change earlier
6. At least they gave everyone a couple months notice of the change so people can decide what to do with the excess funds!

Is it just me or what, but i think that we need to get perspective on this, they have not breeched any terms, and we customers etc are not entitled to the rates they held

anamenottaken

adindas wrote: »

Why do not just keep it £1.00 on each a/c (or even 1p).

"If you do not meet both the Vantage conditions we will pay interest on the amount in your account at the standard rate for your product that month. The standard rate for your product will also apply to any amount over the Vantage upper limit."

If you do not pay £1000 a month the interest s close to none but who care if the money is just 1p?. What do you think ?

ADINDAS

Where did you find the quote "If you . . . upper limit"?

That suggests that interest is paid on sums in excess of £7K whereas that has not been the case for some time. Currently interest is earned only on the amount up to and including £7K.

Except of course if the actual "standard rate" is 0.00%.

Baldur

anamenottaken wrote: »

Except of course if the actual "standard rate" is 0.00%.

The standard rate for the Classic account has been 0% for many years.

10_66

anna42hmr wrote: »

...2. they have no obligation to anyone to offer alternate products to anyone...

I think people are just frustrated that there doesn't seem to be any definite rule for the eligibility of the Incentive Saver. Lots of people have posted that they have had balances of over £5,000 but have not been offered the account, whilst others have. I agree that Lloyds TSB are under no obligation to offer anything to anyone, but if they do they should have some standardised conditions.

Personally, I don't care as I'll move my excess to Halifax Web Saver Reward.



...

grumpycrab

Stupid question time. I've got a Santander eSaver (issue 3) which, like many accounts, offers 3%gross for 12 months (inc. bonus). I'm currently using this to contain "spare" cash and will move over any spare Vantage cash I have when the Vantage rates change in June. (I'm waiting for NSI to introduce the next lot of index linked certs)

So, the stupid question, how does the eSaver interest calcs work? Is interest calculated daily and will that include the bonus rate provided the account is still open in 12months time? (min balance is £1) e.g. if I have £X there for 6months then transfer all out - leaving £1 for the remainder 6months, will my gross interest be X*0.03/2 ?