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Lloyds TSB Vantage query

I have PoA over my mum's account and when I realised she's now getting more than £1000 a month coming into her account, I attempted to change over to Vantage as her account is still called 'Classic' on the main screen. However, I get this message 'You already have a Classic Account with Vantage'.

Seemingly my PoA does not allow me access to telephone banking, and I can't easily get to a branch. Just wanted to check in case having the money coming in weekly would be an issue before I attempt to take this further, ie does the £1000 have to be deposited in one, or can it be spread over 4 deposits of £250+
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Comments

  • trikidy
    trikidy Posts: 289 Forumite
    It can be in more than one deposit.
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  • missile
    missile Posts: 11,806 Forumite
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    It would appear she already has a Classic Account with Vantage?
    It should be identified as "Classic Vantage"
    You can rename the account to anything you like e.g. "Mum's Money"
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • LittleVoice
    LittleVoice Posts: 8,974 Forumite
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    beecher2 wrote: »
    I have PoA over my mum's account and when I realised she's now getting more than £1000 a month coming into her account, I attempted to change over to Vantage as her account is still called 'Classic' on the main screen. However, I get this message 'You already have a Classic Account with Vantage'.

    Seemingly my PoA does not allow me access to telephone banking, and I can't easily get to a branch. Just wanted to check in case having the money coming in weekly would be an issue before I attempt to take this further, ie does the £1000 have to be deposited in one, or can it be spread over 4 deposits of £250+

    If the account is "with Vantage", you will find that interest is added to the account. Check whether that has happened after any month in which £1K+ was paid in. It turns up dated the first working day of the next month.
  • beecher2
    beecher2 Posts: 3,677 Forumite
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    If the account is "with Vantage", you will find that interest is added to the account. Check whether that has happened after any month in which £1K+ was paid in. It turns up dated the first working day of the next month.

    There's been no interest added - that was why I wanted to double check that the money could trickle in, in order for the interest to be paid. Dealing with banks with the PoA is a pain, but hopefully it will be sorted in branch.
  • beecher2
    beecher2 Posts: 3,677 Forumite
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    missile wrote: »
    It would appear she already has a Classic Account with Vantage?
    It should be identified as "Classic Vantage"
    You can rename the account to anything you like e.g. "Mum's Money"

    It just says 'Classic' - my own says Classic Vantage so something's obviously gone wrong somewhere.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    beecher2 wrote: »
    There's been no interest added - that was why I wanted to double check that the money could trickle in, in order for the interest to be paid.
    The conditions for interest payment are as follows...
    As long as you pay in at least £1,000 a month and stay in credit
    ...so if there's more than £1K per month going in (either calendar or statement, depending on how they operate) is it the case that she's using an overdraft (whether authorised or unauthorised) each month?
  • beecher2
    beecher2 Posts: 3,677 Forumite
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    The conditions for interest payment are as follows......so if there's more than £1K per month going in (either calendar or statement, depending on how they operate) is it the case that she's using an overdraft (whether authorised or unauthorised) each month?

    No - balance has never been below 4k.
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    edited 9 June 2012 at 6:58PM
    Classic accounts pay no interest, classic vantage accounts do. I'd check the statement to see if interest has been added.

    If it has then vantage has been added.

    You also have to cycle the £1,000 a month through the account to meet the terms of vantage and get monthly interest.
  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    Classic accounts pay no interest, classic vantage accounts do. I'd check the statement to see if interest has been added.

    If it has then vantage has been added.

    You also have to cycle the £1,000 a month through the account to meet the terms of vantage and get monthly interest.

    As previously stated, no interest has been added, and over £1000 is going into the account.
  • missile
    missile Posts: 11,806 Forumite
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    beecher2 wrote: »
    As previously stated, no interest has been added, and over £1000 is going into the account.

    I would suggest you try again on line to upgrade the account or write them a letter.

    I wish you luck getting it resolved in the branch. The staff in my branch are hopeless.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
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