Lloyds to charge for old Gold Service accounts

BugsyBrowne

I've earned loads through their vantage account 0.15p & 0.12p

exel1966

The clue is to deposit some money in the accounts first But the question was aimed at the OP.

BugsyBrowne

exel1966 wrote: »

The clue is to deposit some money in the accounts first But the question was aimed at the OP.

Yeah I gathered that but thought I would share my mighty interest..

kar999

exel1966 wrote: »

Even your Vantage accounts which you're 'milking' ?

Almost certainly yes, as soon as I can find a better instant access account. Kent Reliance is currently 3.2% with no restrictions or bonus rate. LLoyds already reduced the top tier last year from £7k to £5k so me and Mrs Kar took our £12k outside of LLoyds Bank then as we weren't one "the some customer only (yet again)" who were offered their exclusive (but rubbish) incentive saver account!!

I may well use one of Vantage current accounts to do a "soft" switch to another bank offering an incentive like First Direct. We did this with two vantage accounts and the Coop to get £400 for me and the missus and then resurected the Vantage accounts as they couldnt physically force you to close them when you switch.

As you said previously "No such thing as loyalty with banks. You owe them nothing and they certainly owe you nothing either."

.... and that works both ways. So I'll play them at their own game.

EDIT: We also switched our S&S ISA's providers last year and got £300 incentive bonus for 5 minutes work.

smidgey

exel1966 wrote: »

Would it not just be better to move on instead of dwelling on this. Keeping accounts open with 1p and ordering paper statements has absolutely no effect on them and ultimately any time they spend servicing your accounts is costing you as the taxpayer.

The only way to have any impact is to close your accounts, but you're just a tiny drop in the ocean to them and you'll be cutting off your nose to spite your face.

Totally agree but the OP is insistent on spitting his dummy out because he's no longer getting his account benefits for free. I didn't even know these fee waivers existed until this happened. I've had mine for a couple of years now but do use the benefits on a regular basis

MoneySaverLog

smidgey wrote: »

Totally agree but the OP is insistent on spitting his dummy out because he's no longer getting his account benefits for free. I didn't even know these fee waivers existed until this happened. I've had mine for a couple of years now but do use the benefits on a regular basis

I think if I was paying for a AVA, I'm not quite happy with classic vantage, I'd be quite p!ssed off that I'm paying for something that others apparently are getting for free. At least they are closing the loophole.

kar999

MoneySaverLog wrote: »

At least they are closing the loophole.

They have said it's coming and everyone will eventually pay for added value accounts but they wouldnt give a reason why it's currently being done on a selective basis for some customers and not others.

The Guardian speculated, but the bank denied, that its' only those that dont have very high balances in their accounts.

Why they cant do it all in one go is unknown. It would then be fair to everyone.

And yes I have spit my dummy out but it's my football and I'm taking it elswhere!!

exel1966

kar999 wrote: »

The Guardian speculated, but the bank denied, that its' only those that dont have very high balances in their accounts.

Nothing but speculation. I have kept the absolute minimum required for years, not a penny more.

kar999

I wrote to the press ages ago but this has made todays papers. Page 3 of todays Sunday Times Money Section.

"Thousands of Lloyds TSB customers are furious after being told that they will have to start paying for their current accounts while others continue to enjoy the same accounts free of charge....."

http://www.thesundaytimes.co.uk/sto/business/money/Consumer/article1192491.ece

The most annoying thing is their T&C's still offer the fee-waiver.

But that's all history now as they are losing my whole family's custom.

I'm even less profitable to Lloyds now. I downgraded my Gold to Classic and will only keep it till Oct this year to max out the Vantage @4% on £6k. I got my Travel Insurance for free by opening a Nationwide Flex account.

We have voted with our feet and moved significant sums of mine and Mrs Kar's money from LLoyds and other Lloyds Banking Group companies elsewhere i.e. P Office A/c when it was 3.17%

P.S. Meanwhile the ex-santander CEO of Lloyds is in line for £4m bonus while my shares, once worth £1500, are still only worth £70.

http://www.thesundaytimes.co.uk/sto/business/Finance/article1193157.ece

BlueView_2

I have had the account for 15+ years and, by never dropping below the stated minimum amount (was £1500 and now £2000) I have not had to pay charges. I can't remember seeing a letter but, on checking my paper statement in October, I noticed that an additional page was enclosed headed Historical Information. Reading this, it explained fees were changing for my Gold account referring to Overdraft fees, Returned Items fees and, yes, a Monthly Account fee of £12.95. This Historical Information sheet has been added to every monthly statement since.
I phoned HQ and they said only to ring back if the £12.95 charge appeared. It hasn't been added in Oct, Nov, Dec or Jan so I can only assume that I am not one of the chosen few.
I have had to use the AA five times in 15 years, and missed a short cruise because of a week in hospital so claimed on the Travel Insurance. I have not claimed on Phone or Card insurance.
What is extremely good (at the moment, of course ) is the free travel insurance up to the age of EIGHTY which is difficult to find elsewhere, but there is now an annual form to complete, so no doubt once illness starts to become repetitive or relevant, exclusions will occur
I did a scout around in October to see what the alternatives were, and came to the conclusion that there is very little else available.
For some reason, certain individuals have had their 'free' account removed and now have to pay. I guess that when outside interest rates were available at 5% or 6% the interest not being paid on £2000 by the bank was £100 plus so it financed the account. Now rates are 1% or 2% the bank has to provide the 'free' services for £30 so they have had to reconsider who to remove.
Perhaps a straw poll of who has to pay for Gold and Platinum accounts and who still continue to receive them free might shed some light both on the numbers involved and the reasons for their personal classification into 'free' or £12.95 a month.