Where is everyone moving their Lloyds Vantage money to?

opinions4u

kar999 wrote: »

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.

Nothing wrong with selling their own products.

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.

In 25 years I have never paid a penny in interest on a credit card. I haven't been declined for a card in that period either.

A saver is profitable to a bank. Without the saver there is no retail bank.

In other words, Martin Lewis has been known to talk tosh on occasion.

kar999

opinions4u wrote: »

Nothing wrong with selling their own products.
A saver is profitable to a bank. Without the saver there is no retail bank.

Absolutely agree ... but Lloyds's current actions are in direct contradiction to both these points you raise.

They are actively discouraging vast swathes of savers from buying one of their products (although nothing special) by selectively offering the Incentive saver on what "appears" to be a complete random basis.

It seems somewhat hypocriitical to me, despite undoubtedly being perfectly legal and sound economic business sense to them.

Times seem to have changed now they have all our bail-out taxpayers money to pay their (ex-Santader) boss's and others bonuses and salaries. Obviously they can afford to be more picky as to which groups of customers they alienate.

Martin Lewis has been known to talk tosh on occasion.

Yes I have a few premium bonds despite what he says! :money:

Eco_Miser

ED wrote: »

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.

No, that is the transaction limit. There is currently no limit to the amount transfered per day. (same link)

ED wrote: »

"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.

While I have never had occasion to do multiple faster payments from my Halifax accounts, I have successfully made multiple faster payments on the same day between the same accounts from a bank with a lower transaction limit.

ED

Eco_Miser wrote: »

I have never had occasion to do multiple faster payments from my Halifax accounts

My experience of this is that a second FP from any Halifax account prompts the system to offer instead the 3-day BACS. However, fresh log-in usually results in another FP succeeding.

OK if a customer has £2,500 + £2,500 + £2,500 to remove to an external account. Not OK for a large total.

(I need to carry on saving towards a 'large total'...!)

atypical

NatWest have done a similar thing in the past. They selectively offered a renewed bonus on their e-saver accounts with seemingly no rhyme nor reason.

https://forums.moneysavingexpert.com/discussion/1933771

kar999

Going back to the OP my current thinking, but by no means certain and subject to what happens between now and end June, is to move the £12k surplus (leaving 6 x £5k behind in Lloyds Vantage) for the 6 a/cs me and Mrs Kar have as follows:

£5340 into my Hargreaves and Lansdown Stocks & Shares ISA leaving the option open for the extra £5340 into S&S or Cash ISA until later in the tax year. I didn't bother at all with a new cash ISA last year 2010-11 and invested the whole £10200 in S&S's as I didnt want to fix in cash for 5 years. It paid off as between April 10 and Mar 11 I saw a single year on year tax free increase of 8.5% (which has also recently accelerated beyond this for this tax year.) But this is medium risk stuff so not suitable for everyone.

The money I want "access" to will probably go into Nationwide My Save Online a/cs (as an existing customer) @ 3.05% with one free withdrawal (which to me means the ability to possibly move the whole lot!) and/or Northern Rock E-saver @ 3.01%.

I'll also be moving all of my money out of Lloyds e-saver as the 12 month bonus rate for me falls off the edge of a cliff at the end of May.

Lloyds will be losing a sizeable chunk of my custom, mainly out of principle, and just because I can ......but I'll keep their no-fee (long standing customer) Gold Current Account and it's "free perks" thank you.

ED

atypical wrote: »

NatWest have done a similar thing in the past. They selectively offered a renewed bonus on their e-saver accounts with seemingly no rhyme nor reason.

https://forums.moneysavingexpert.com/discussion/1933771

Thanks. In 2009 it seems NatWest lost patronage. Here's hoping Lloyds resolve matters upon return to business this Tuesday, after the disruption of two double-weekends.

A poll on MSE would be helpful - perhaps:

(1) Have you received a letter from Lloyds offering you an Incentive Saver @ 3% AER?

(2) Do you have more than one Vantage current account with Lloyds containing £5,000 or more?

(3) Do you have a Lloyds savings account of any type?

Anyone suggest alternative key questions?

Could someone volunteer to co-ordinate responses, so we can try to work out reason for so many of us to be excluded from the offer?

Answers from me:

(1) no - Incentive Saver not offered to me

(2) yes - I have more than one Vantage current account

(3) yes - I have Lloyds savings account (eSavings)

Answers from a fellow resident at my home:

(1) yes - Incentive Saver offered to me

(2) no - I have only one Vantage current account

(3) yes - I have Lloyds savings account (eSavings)

10_66

ED wrote: »

...so we can try to work out reason for so many of us to be excluded from the offer?...

It would appear from previous posts on this and other threads that there isn't a reason and that Lloyds TSB have done similar things in the past.

Baldur

ED wrote: »

Thanks. In 2009 it seems NatWest lost patronage. Here's hoping Lloyds resolve matters upon return to business this Tuesday, after the disruption of two double-weekends.

A poll on MSE would be helpful - perhaps:

(1) Have you received a letter from Lloyds offering you an Incentive Saver @ 3% AER?

(2) Do you have more than one Vantage current account with Lloyds containing £5,000 or more?

(3) Do you have a Lloyds savings account of any type?

Anyone suggest alternative key questions?

Could someone volunteer to co-ordinate responses, so we can try to work out reason for so many of us to be excluded from the offer?

Answers from me:

(1) no - Incentive Saver not offered to me

(2) yes - I have more than one Vantage current account

(3) yes - I have Lloyds savings account (eSavings)

Answers from a fellow resident at my home:

(1) yes - Incentive Saver offered to me

(2) no - I have only one Vantage current account

(3) yes - I have Lloyds savings account (eSavings)

The many posts on this topic have already demonstrated that none of the questions that you propose have any relevance to the reason why (if there is one, other than a pin and a list of account holders) some have been offered the incentive saver, while others have not.

Some posters with multiple Vantage accounts and other savings accounts, plus a long-term history with LTSB have received the offer, while others with the same profile have not.

Some with no previous history and only multiple Vantage accounts with no other accounts whatsoever have received the offer, while others have not.

noh

When I applied for my first Classic with Vantage accounts I ticked the boxes for no marketing by any method (ie not by mail, telephone, email or text).

The application says:-

"We promise to keep you in touch with products and services which will be of specific interest to you – please
confirm below how we may contact you"

I have not received the offer of the 3% Incentive saver despite having £7k in each of my three accounts
Maybe it is because I opted for no marketing?

Do others recall what they set their mail marketing preference to?