New Lloyds Vantage current account

Gromitt

Steve_xx wrote: »

The interesting bit for me is where it says "and switch or" which implies that you have to either have 2 DD's on the account or switch something. Do they mean switch your current account from some other bank I wonder?

It means either have 2 DDs or switch them from some other bank.

COOLTRIKERCHICK

could you set up a DD for a charity for 50p or a £1 a month?

COOLTRIKERCHICK

Just as an example

RSPCA

allows to to donate on a monthly basis by DD the amount of your choice

https://www.rspca.org.uk/donate/online?gclid=CIybvPz_rLICFUQLfAodQ2wA-g

I presume other charities will do the same..

psychic_teabag

Steve_xx wrote: »

Oh I see what you mean. I have an old Tesco account so I guess I could set up a DD to Lloyds. Maybe open another Tesco account and that would serve the purpose of the 2 DD's, but I wonder if I could use the same 2 Tesco accounts for the other 2 LTSB account DD mandates?

Yes, Tesco allows multiple linked accounts per savings account. See https://forums.moneysavingexpert.com/discussion/4168667

CPS91

Set up my upgrade to the 4% yesterday morning which was harmless enough, although the call centre staff I was speaking to didn't know what I was on about at first (and then proceeded to do the same themselves with their account).
My query though is that they approved it on my 1st current account (the one I actually use), does this mean in turn that it is automatically applied to my 2nd current account or do I have to request for that one seperately? The DD wouldn't be a problem after reading this thread in regards to a couple of savings accounts with the Post Office or Tesco.
Although at present I wouldn't be able to fill them both with £6k, I would like to think I could take advantage of a bit of 4% come early next year.

Cheers
Chris

apt

I think it 4% will only be applied to the account you asked to be upgraded.

psychic_teabag

I wouldn't assume they will automatically apply it to 2nd and 3rd. I'll be phoning again once I've got the DD's set up. (Didn't know to ask them to set the flag on the account anyway.)

Steve_xx

I noticed this in the terms and condtions:

Here’s all you need to do to be able to earn variable tiered interest up to 4% AER until 31 October 2013:

• Keep your account in credit during the monthly billing period.

I'm wondering that if you had a zero balance now and then you added say £5001 that you would not get the interest on the account due to it not being in credit for the first 11 days of this month?

premierfella

I've just checked back on an existing account that I've occasionally run with a zero balance.

Whilst the terms on the web state
keep your account in credit (that is above £0) during the monthly billing period

in practice I have received the monthly interest even where the balance has been zero for a few days in the month, which suggests that in reality the system treats "in credit" as not in debit rather than above zero.

This has reminded me why I used to keep £1 in all my Vantage accounts - I'll be going back to doing that again now!

Funkyfreddy

badger09 wrote: »

.....

I think the potential 'stumbling block' is the apparent requirement for each DD to be 'active' each month.

...

Mmm...but the T&C with regards to this offer make no mention of the fact that a DD has to be taken/made monthly. That seem to have come verbally from Lloyds staff who may not be fully aware of the actual T&C (which you could say are less than clear and could/can be interpreted in different ways !)

http://www.lloydstsb.com/current_accounts/vantage_ts_and_cs.asp#vantagetandcsoffer

As per the website you are eligible for the 4% if you:

1) apply for Vantage or you apply to add this rate to your existing Vantage account

and

2) have at least two direct debits set up on your account by 31st October 2012.

The Vantage conditions to ensure that interest is paid remains as it did before:

1) Pay into your account at least £1,000 during the calendar month

and

2) keep your account in credit (that is above £0) during the monthly billing period.

There is no mention that I can see that the DD payments have to be made monthly; that isn't a requirement as per those T&C's for qualifying for interest in any given month.

Whilst many DD payments are monthly many are not - if I was to transfer say, my Gas and Electricity payments these would be variable quarterly payments. I have a DD set up for my Mobile phone – if its not used one month then that means no DD.


FF