New Lloyds Vantage current account

Dekota

innovate wrote: »

Unfortunately, it looks like they didn't upgrade you to the 4% - or may be you didn't have the 2 DDs in place on Oct 31?

Have you tried pressing the "Upgrade account" button? If you get an instant error message, you are on the 4% offer. If you can proceed with the upgrade, you are not.

Now Im not happy. The DD's are all set up and working fine, I deposited £1000 and left it in there for a good few weeks so the balance was £6000 for 2 weeks and I've recieved this meagre 3% which I could have got at my local building society tax free. I went into the branch and told the advisor specifically to put me on the 4% offer and she told me I have been put on and it appears not as I'm able to click on the upgrade account button.

Dekota

manyaonisland wrote: »

Yes because 4% is on balances from £5000 to £6000. had you been having 5001 in your account you would have earned interest @4% on entire 5000K balance. Now you would argue that from 5K means till 4999 3% and from 5000 it should be 4% but it doesn't seems to be what bank is expecting IMO.

Thats highly pedantic and unfair to expect people to know that. I'll phone the bank and report back what they say.

boobbby

Dekota wrote: »

So I have been paid 3%?[/QUOTE

Money paid into your account is paid net so the easier way to work out the interest is use the net rates ie for the days over £5000 you get 3.14% and for the days under £5000 you get 2.37% per day. So if you want to work it out on a day to day basis multiply the amount in your account each day by 3.14% or 2.37% then divide by 365 add up the total for the number of days in the month. £9.73 in your account is really £11.67 gross. If your account was over £5000 every day then you should have received £13.33 net min

Steve_xx

manyaonisland wrote: »

Yes because 4% is on balances from £5000 to £6000. had you been having 5001 in your account you would have earned interest @4% on entire 5000K balance. Now you would argue that from 5K means till 4999 3% and from 5000 it should be 4% but it doesn't seems to be what bank is expecting IMO.

As I read the terms it does mean that a 5k balance will trigger a 4% interest rate. Balances between 3k and £4,999 should earn 3%.

snowgo

I've set up three direct debit arrangements with Santander to draw money across from my three Lloyds vantage accounts. I can draw £1 from each account manually - by clicking on the "pull money in from an external account tab". But I'd really have preferred for it to be an automatic monthly debit from the LLoyds accounts, so I can just forget about it.

Has anyone managed to set this up automatically from Santander accounts and how did you do it? Or should I just not worry about it, having transferred money once, will that be enough to keep LLoyds happy?

carpy

got £10.06 for my standard vantage accounts and £16.03 for my 'upgraded @4%) accounts

mary

Yes I got the £16.03 in the upgraded account as it had in the max the whole time.

boobbby

I really must be more careful as I forgot the DD's dropped my balances on the 3 vantage accounts to just below £6000 so costimg me about 50p across the accounts. Looks like I will have to set up a few more standing orders to top up the accounts before the DD's kick in. Cant understand why the wife is calling me an old scrooge !!:p

missile

Two of my Vantage accounts were upgraded to 4% correctly and a third was not. I would suggest you check how much interest has been credited.

The LTSB telephone banking assistant I spoke to was incapable of calculating interest due.

"you do have more this month than you had the month before"

I had to explain (very slowly) that 3% was paid on balance up to £5,000 and there are only 30 days in September. :wall:

I am waiting for a call from my branch, to explain.

Steve_xx

I received £16.01 and £16.02 on my upgraded accounts.

I have the DD's set up but I haven't used them to pull money.