Where is everyone moving their Lloyds Vantage money to?

10_66

opinions4u wrote: »

...How they achieve these definitions may not be perfect, and I'm damned if I can work out how they've done it from the information in these threads.

But it certainly won't have been "haphazard". Anything but.

I would certainly like to think that it's not a haphazard selection, and on that basis I'm surprised that no one from the Lloyds TSB Savings department can give a definitive response as to what the selection process is, given that they must have had quite a few enquiries about it (although I suppose I shouldn't be surprised that the "back room boys" decisions don't get fed back to the "front line" staff). Certainly when I rang to see whether or not I could open one if I wanted to, they knew about MoneySavingExpert.com and even referrred to Martin Lewis, eventhough I'd made no mention of his name.

adindas

So they know what most people in this forum are doing when they opened three, (some even have seven) vantage a/c then :rotfl:

10_66 wrote: »

Certainly when I rang to see whether or not I could open one if I wanted to, they knew about MoneySavingExpert.com and even referrred to Martin Lewis, eventhough I'd made no mention of his name.

10_66

adindas wrote: »

So they know what most people in this forum are doing when they opened three, (some even have seven) vantage a/c then :rotfl:

Yeah, but I think they'd have known that people were going to do this from the early days. When I opened my 7, it was clear that they knew I was using them as savings accounts rather than bank accounts, I didn't try telling them otherwise.

savetilibleed

I don't know what all the fuss is about, they were bound to reduce it.

It is up to LTSB who they offer this Incentive account to, which, after all is more restrictive than the best 'instant' savers elsewhere. OK I'm going to lose out keeping only £5000 at the forthcoming 3% in each of my three Vantage accounts. But they will be truely instant access. Most of the £6000 will go into a newly opened Santander ISA.

anamenottaken

savetilibleed wrote: »

I don't know what all the fuss is about, they were bound to reduce it.

It is up to LTSB who they offer this Incentive account to, which, after all is more restrictive than the best 'instant' savers elsewhere. OK I'm going to lose out keeping only £5000 at the forthcoming 3% in each of my three Vantage accounts. But they will be truely instant access. Most of the £6000 will go into a newly opened Santander ISA.

What restrictions are you referring to?

Those who have received the offer are being offered immediate withdrawals with no interest penalty.

opinions4u

anamenottaken wrote: »

What restrictions are you referring to?

Those who have received the offer are being offered immediate withdrawals with no interest penalty.

No chance of the rate going up though.

savetilibleed

anamenottaken wrote: »

What restrictions are you referring to?

Those who have received the offer are being offered immediate withdrawals with no interest penalty.

I stand corrected - not having been offered it I didn't know.

10_66

opinions4u wrote: »

No chance of the rate going up though.

Nor of going down though, with instant access if other rates go up so you can move it out if you want to.

AndyJ52

Been reading this thread with a degree of mild interest.
My partner & I have both been banking with LTSB for over 30 years now. We have four Vantage accounts between us (a modest collection based on the numbers held by others on here!) 2 joint, 2 personal.
We have maintained the max, or almost, £7k in each account since they were converted from standard Classic Accounts - at the invitation, in branch, of the bank when Vantage first appeared. (Before anyone gets excited about the invite... it was the lovely lady cashier who has worked in the branch for years that suggested the switch.)

We've recently received our letters about the changes to the Vantage account. My partner has received an invitation to open an Incentive Saver, I have not. Can't say that I'm that excercised about the matter as other, very similar accounts are available elsewhere and, in truth I shall probably just move the required sum of cash to other, already open open savings accounts like West Brom 'WebSaver' or NR's E-saver 5.
The only 'selection' criteria that I can think might have singled me out for not being offerred the Incentive Saver Account is that, unlike my partner, I have recently retired and my occupational pension income is somewhat lower than the monthly salary I was earning. So, might it simply be that people are being selected on the basis of their income? I don't know.... I only offer it as a suggestion.

ED

Baldur wrote: »

I always opt for no marketing on any product [...] and have received the offer.

Good to know such opt-out is not the criteria for exclusion from the offer. Suspected as much, as my original phone-call requesting the new version Incentive Saver met with the staffer consulting a supervisor, and still I was declined. The fact I instigated the call would have overridden an opt-out from marketing approaches. I was treated curtly, hence my stern letter of complaint. However, I ended my call by thanking the staffer for trying, "I know it's not your fault; it's the system" as I, too, fear Lloyds may be aiming to reduce branch numbers and staffing. Quality workers deserve to retain employment...decision-making management have yet to prove their worth! Incidentally I was told, prior to call-end, unless I held on and went through my grumble with a Complaints Manager the staffer would put it down as a resolved complaint. That, even after I had mentioned I am a person with disability for whom using a phone causes lasting pain.