Lloyds changing Vantage

Randy

Lloyds are moving their Vantage Goalposts.. from June 27th they will no longer pay interest on balances above £5,000

Sneaky Beggars :mad:

daywalker

Randy wrote: »

Lloyds are moving their Vantage Goalposts.. from June 27th they will no longer pay interest on balances above £5,000

Sneaky Beggars :mad:

It's not really sneaky seeing as they are sending out letters to everyone.
You should remember it's people abusing the offer that have most likely caused this too, people opening phantom accounts for example...

ChiefGrasscutter

There is a post about 12 lines below this one containing around 42 messages having been read 3600 odd times endlessly discussing all about the Vantage change which was announced some time ago before, as the previous poster said, Lloyds started sending letters to all owners of such accounts advising them of the change.

soulsaver

ChiefGrasscutter wrote: »

There is a post about 12 lines below this one containing around 42 messages having been read 3600 odd times endlessly discussing all about the Vantage change which was announced some time ago before, as the previous poster said, Lloyds started sending letters to all owners of such accounts advising them of the change.

And a couple of others, too.

Milarky

It's also worth pointing out that I got my Lloyds letter today - giving 27th June as the date of change - which is a full 2 months as required for such a change by the regulations now in force. BUT (as above) Lloyds has made no secret of this in advance (as they could have done) and customer have therefore had - in effect - two or three additional weeks notice. That is more than fair in the circumstances.

G_M

ChiefGrasscutter wrote: »

There is a post about 12 lines below this one containing around 42 messages having been read 3600 odd times endlessly discussing all about the Vantage change which was announced some time ago before, as the previous poster said, Lloyds started sending letters to all owners of such accounts advising them of the change.

Like this one.

flagstone

Woun't it of been more elegant, customer focused!! ... etc, for them to change the rates on 1st July rather then the Monday before - 27th June - so savers would get the full months interest!!
But then we are talking about .... bankers

rb10

flagstone wrote: »

Woun't it of been more elegant, customer focused!! ... etc, for them to change the rates on 1st July rather then the Monday before - 27th June - so savers would get the full months interest!!
But then we are talking about .... bankers

Interest is calculated on the days that it is earned, and not (just) the day that it's paid.

So for your interest paid at the start of July, you'll be accruing it at the current rates and tiers until 26th June, and then it's only the final few days of that interest period that'll be calculated at the new rates.

In short, it makes no difference at all. Move your money out on or before 27th June, and you'll still get interest at the current rates for all the time that the money is in the account.