Where is everyone moving their Lloyds Vantage money to?

ED

kar999 wrote: »

I read in last weeks FT that the EU regulator has ordered LLOYDS to dispose of 600 branches 19% of its UK mortgages. And 5 million current accounts.

Thanks for this + your later link to the Independent article which includes ref to "Lloyds Banking Group [...] has been ordered by the European Commission to sell 600 branches and at least 4.6 per cent of the UK personal current account market".

Did the Financial Times extrapolate the latter point into "5 million current accounts"?

Perhaps the 3% Incentive Saver is indeed a disincentive from retaining more than one-per-customer of Vantage current accounts. Ideally, an invitation to open Incentive Saver should have been sent, first, to multi-Vantage account holders.

anamenottaken

ED wrote: »

That, even after I had mentioned I am a person with disability for whom using a phone causes lasting pain.

Not the topic of this thread but do you not have an adapter of some sort for your phone so that you can use it without the need to hold it to your ear all the time you are on a call? It appears to me that you would find that helpful in general.

ED

anamenottaken wrote: »

Do you not have an adapter of some sort for your phone so that you can use it without the need to hold it to your ear all the time you are on a call?

Thanks for caring. Phone-use is rare for me - mainly due to disability, but also to preferring secure messages, email or signed small-print by post! Also, an elderly member of my household uses the phone-line almost constantly. I'm hoping to move home...but takes time to build-up sufficient savings (especially when rates drop from 4% to 3%, ha-ha!)

kar999

ED wrote: »

Thanks for this + your later link to the Independent article which includes ref to "Lloyds Banking Group [...] has been ordered by the European Commission to sell 600 branches and at least 4.6 per cent of the UK personal current account market".

Did the Financial Times extrapolate the latter point into "5 million current accounts"?

Apolgies.. It wasn't 5 million accounts but 5 percent... not sure how many million that is .. SEE LATE EDIT = approx 1 million? :

LBG has 30% of the UK current account market share (see below)*

Original Article: From FT Weekend Sat April 16 article under Banking Reform. "Safer Banking will come at a price"...

http://www.ft.com/cms/s/2/88b79c68-677b-11e0-9138-00144feab49a.html


"European regulators already ordered Lloyds to dispose of 600 braches from it's 2900 strong network, along with 19 percent of the UK Mortgage market and 5 percent of all current accounts."


*Lloyds Banking Group has 30% of the market—almost double the market share of their nearest competitor RBS.
http://www.publications.parliament.uk/pa/cm201011/cmselect/cmtreasy/612/61204.htm

LATE EDIT: From Office of Fair Trading: "The UK PCA market is large – there are approximately 64 million accounts in the UK"

adindas

I am also in the same league mate ... I have three vantages.
I also fully believe that their executive already aware of this since the beginning, as they clearly state it in their T&C that people are allowed to open up to three vantages.

10_66 wrote: »

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.

ChiefGrasscutter

adindas wrote: »

I also fully believe that their executive already aware of this since the beginning, as they clearly state it in their T&C that people are allowed to open up to three vantages.

A correction....
That was not in the T&C's at the begining when Vantage accounts were introduced.
The restriction to a maximum of 3 accounts was only introduced some time later: ie the T&C's were changed.
Before then there seemed, in theory anyway, no limit to how many you could open...and indeed many did.

So those people who opened the accounts before the "clampdown" generally had more than 3 (and complied fully with the T&C's in force when they opened them) and those after obviously were limited to 3 maximum (by the revised T&C's)

kar999

ED wrote: »

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?

One other question could be are you, or have you been, a borrower e.g. Credit card with/without amount outstanding, Loan, Mortgage or overdraft etc.

My answers to that question for me and Mrs KAR are no.

My answers to questions above are:
1) No letters
2) Yes 3 each maxed out at £7k
3) Yes e-savings.

In Summary, apart from having household insurance for a couple of years money was always only flowing out of Lloyds to me in interest and never vice versa.

ED

kar999 wrote: »

One other question could be are you, or have you been, a borrower e.g. Credit card with/without amount outstanding, Loan, Mortgage or overdraft etc.

Good idea. upon my calling on 26 April for the 3% Incentive Saver, questions were asked to entice me toward (1) credit card; (2) household insurance. Ditto my co-habitee who WAS offered the 3% Incentive Saver. Answers: no from both of us.

Incidentally, if it saves Lloyds costs, I would be contented in late-June to close all bar one of my Vantage current accounts if I could hold the funds in an Incentive Saver (same interest rate, afterall). Provided, that is, the rate remains competitive with rivals.

adindas

Yes I have Airmiles Duo and I use it quite frequently. I always clear my balance in the following statement month.

kar999 wrote: »

One other question could be are you, or have you been, a borrower e.g. Credit card with/without amount outstanding, Loan, Mortgage or overdraft etc.
.

ED

Halifax have today reduced by 0.35% to 3% their 1 year Guaranteed Reserve account. Ditto Bank of Scotland's 1 year Fixed Term Deposit. Wonder if this indicates overall controller Lloyds Banking Group has a cheaper source of funds. If so, what could it be?