Where is everyone moving their Lloyds Vantage money to?

adindas

I also see that if they do offer the product to some customers while it is not offered to others who have similar financial circumstances then they are trying to set up a fire here.

From my personal perspective, I do not really care the offer of 3% exclusive incentive Saver, as there are few banks out there are offering the same products. Also I understand that it is their business decision to reduce the interest rate. But when come to unfairness treatment, I do care ....

ED wrote: »

- Unfairness to some customers tends to spread by word-of-mouth-internet-and-media to loss of bank loyalty amongst family members, friends and colleagues

ED

Rollinghome wrote: »

We don't know what proportion of Vantage customers have been excluded from the "exclusive" account....If they make similar decisions in future it could mean they'll need to pay above the going rate just to compensate for the ill-will they generate, as does Santander.

A poll on MSE would indicate proportion of exclusion - a great idea from kar999, and I share your fear, Rollinghome, about Lloyds losing goodwill.

kar999 wrote: »

I'm a rate tart and proud of it! I just feel sorry for folks like my less than savvy in-laws in their 80's with their life savings earning 0.1% because the banks that once looked after them all their lives, and they put their trust in, are now milking them dry.

Hopefully many of us on MSE are able to help our elder folk become rate tarts, especially with large-ish balances, although decision-making, emotion-based loyalty and extra postal arrivals deter some, in my experience.

Eco_Miser wrote: »

They have cut their rate, so it's time to find a new home for our money. That's what this thread is about.

So true!

opinions4u wrote: »

Personally I'm quite happy playing the rate tart and following the highest non-Santander rate I can find.

All bar £1 shall be leaving my Lloyds eSavings directly after the Bank Holiday...with balances over £5,000 to follow in late-June from each Vantage account. While logged-in to Halifax, I found it easy to open the Web Saver Reward currently at 3%. However, researching their page at http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp
I see £2,500 is the maximum daily limit for Faster Payments out via the Reward Current account. "Making a Faster Payment to another account - Transaction limit £2,500 - Funds received Within 2 hours" and via BACS "Making a regular payment to another account - Transaction limit £15,000 - Funds received Up to 3 working days" plus "Transfer money between your existing Halifax accounts - Transaction limit £20,000". None of this is ideal for home-buying funds to be amalgamated in a primary bank account with the louts of Lloyds.

Baldur

ED wrote: »

While logged-in to Halifax, I found it easy to open the Web Saver Reward currently at 3%. However, researching their page at http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp
I see £2,500 is the maximum daily limit for Faster Payments out via the Reward Current account. "Making a Faster Payment to another account - Transaction limit £2,500 - Funds received Within 2 hours" and via BACS "Making a regular payment to another account - Transaction limit £15,000 - Funds received Up to 3 working days" plus "Transfer money between your existing Halifax accounts - Transaction limit £20,000". None of this is ideal for home-buying funds to be amalgamated in a primary bank account with the louts of Lloyds.

Moving funds from LTSB to Halifax, another brand in LBG, hardly seems to be an emphatic statement of disillusionment with Lloyds.

Zekko

I was offered the Incentive Saver Account @ 3.0% AER.
I have only 2 vantage accounts at Lloyds with the 7,000 in each, but have never banked with Lloyds previously. So I hardly think this is a loyalty scheme.

Has anyone received their T's & C's on this new Incentive Saver account yet?

kar999

It's definitely not down to loyalty we both have banked with them for over 30 years and have significant sums in numerous products.

No longer borrowers we probably fall into their nonprofitable bad customer profile

Rollinghome

kar999 wrote: »

It's definitely not down to loyalty we both have banked with them for over 30 years and have significant sums in numerous products.

Santander's former UK CEO Antonio Horta-Osorio recently took over at Lloyds from Eric Daniels and brought Santander's head of retail banking with him. Having worked his magic in making Santander the most incompetent and mis-trusted bank on the high street, he's obviously determined to do the same for Lloyds.

someone

kar999 wrote: »

Maybe there should be a poll to determine the rhyme and reason behind the offers for the Incentive Saver account.. one assumes there must be one but from reading this and the other thread I have yet to establish the correlation. I can only assume there must be a computer running alogorithmic programmes by cartoon accountant/banker characters with big noses somewhere.

Most likely explanation is they have some sort of score on how profitable you are to the bank and how profitable you are likely to be in the future. Likely to include demographic information, how your accounts are handled and as a current account entitles the bank to your credit file feed information from that. Think of it not as a credit score but a "how much we want to keep this customer" score.

It's likely that even Lloyds don't know the exact reason why they are offering the accounts to person x, y and x.

Baldur

someone wrote: »

Most likely explanation is they have some sort of score on how profitable you are to the bank and how profitable you are likely to be in the future.

Extremely unlikely. I've never been profitable to them in the past 26 years or so and am definitely not likely to become more charitable towards them in the future.

The 'selection process' is more likely to be some sort of random number generator, from the posts on these forums.

ED

Baldur wrote: »

Moving funds from LTSB to Halifax, another brand in LBG, hardly seems to be an emphatic statement of disillusionment with Lloyds.

Shame on me! I'm such a Rate Tart. However, in the unlikely (?) event of an imminent Base Rate rise, my funds may move instead to a rival offering more interest than Halifax's WebSaver Reward - provided withdrawals are possible via Faster Payment when I am ready to purchase a home of my own.

Um, when a home owner, I would be looking to take out home insurance, etc, so could have become profitable to Lloyds. Shame they have angered me.

Or will Lloyds swiftly offer Incentive Saver more widely...?

kar999

When I inherited a modest sum of money (some of which now resides in their e-savings account until the bonus rate drops out) Lloyds were swift enough to get me an appointment with their financial advisor... who is NOT independant and only able to offer me Lloyds products such as Scottish Widows investments.

I seemed to know more than him, having already had S&S Isa's for years. He didn't even have the coutesty to confirm a follow up meeting as he had initially promised, probably because he knew he wasn't going to get any commission out of me.

As I heard Martin Lewis say in an interview once, banks and credit card customers who don't borrow or pay interest are BAD (non-profitable) customers to them and you are often likely to get turned down as much as people with bad credit ratings.

As far as I'm concerned I will milk banks (and other companies) as often as possible and exploit as many loopholes as I can. I will treat these companies and institutions with the contempt to which they seem to now treat their once loyal customers.

Thanks to this site and places like Hotukdeals etc, consumers are able to finally bite back. Long may it continue!