New Lloyds Vantage current account

Dekota

I am disappointed with lloyds. I phoned the main number and the lady put me on hold and then she told me my account isn't a vantage account its a classic account and the offers not available anymore but she tried contacting some other departments.

Phoned my local branch and spoke to the assistant who told me my account is a vantage classic. So conflicting opinions there.

boobbby wrote: »

Dekota wrote:

So I have been paid 3%?

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

So does that mean that 4% gross only applies to anything above £5000? The branch assistant told me 4% applies to anything between £5000 and £6000 and that interest is 'tiered'.

Why I'm peed off about this is because of the number of loopholes to cross to qualify for the 4% and then getting about £10 for my £5000, I could have got more than that in an isa. Oh well.

Steve_xx

Dekota wrote: »

So does that mean that 4% gross only applies to anything above £5000? The branch assistant told me 4% applies to anything between £5000 and £6000 and that interest is 'tiered'.

The 4% applies to balances between 5k and 6k. If you have a balance of £4,999 you will get interest of 3%. If you have a balance of £6,100 you would get 4% on the first £6000 and nowt on the other £100.

boobbby

Why I'm peed off about this is because of the number of loopholes to cross to qualify for the 4% and then getting about £10 for my £5000, I could have got more than that in an isa. Oh well.

The old vantage classic gave 3% up to £5000. You had to upgrade to the new Vantage account and also add 2 DD's before the 31 Oct 2012 to get the 4% paid between £5000 and £6000

Dekota

Steve_xx wrote: »

The 4% applies to balances between 5k and 6k. If you have a balance of £4,999 you will get interest of 3%. If you have a balance of £6,100 you would get 4% on the first £6000 and nowt on the other £100.

I understand that completely, what I'm saying is the assistant told me that 4% only applies to £1000 of savings if you have £6,100 in the account, the remaining £100 you get no interest for and the remaining £5000 you get 3% for. At that point, I got !!!!ed off and hung up because that makes no sense to me.

Her exact words were, 'you have £5,018 right now and you'll only get the 4% interest on the £18'.

Steve_xx

Dekota wrote: »

I understand that completely, what I'm saying is the assistant told me that 4% only applies to £1000 of savings if you have £6,100 in the account, the remaining £100 you get no interest for and the remaining £5000 you get 3% for. At that point, I got !!!!ed off and hung up because that makes no sense to me.

Her exact words were, 'you have £5,018 right now and you'll only get the 4% interest on the £18'.

Quite simply, he was wrong. You would of course have gotten 4% on the whole balance. I'm not surprised they told you what they did. Reading through this thread there is an absolute raft of clearly misleading quotes from LTSB staff.

lulu650

Thanks to this thread I've just phoned Lloyds to point out that an advisor had previously told me that as I have a Vantage account with two DDs I had no need to do anything further.

New advisor told me that was completely wrong and had to keep me waiting while they listened to the original phone call I made at the end of September.

Success!! The correct 4% is being applied and they have given me £10 compensation and £10 towards the cost of the phonecall. :beer:

Steve_xx

lulu650 wrote: »

Thanks to this thread I've just phoned Lloyds to point out that an advisor had previously told me that as I have a Vantage account with two DDs I had no need to do anything further.

New advisor told me that was completely wrong and had to keep me waiting while they listed to the phone call I made at the end of September.

Success!! The correct 4% is being applied and they have given me £10 compensation and £10 towards the cost of the phonecall. :beer:

Well done to you for your perseverance.

missile

missile wrote: »

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. 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.

I am pleased to report LTSB did phone back and a very nice man appologised for their error and credited £10 to my account. :T
I know that I could have asked for more compensation and I would have if the man had not been so pleasant. :A

beansy

If I only opened my account on 27 Oct and transferred £6000 which didn't show up on the account until 29 Oct and received £2.07 interest, any ideas please if I am receiving the 3% or 4% as my DD's which the in branch advisor set up for me are still not showing on my account?

Thanks for your help.

YorkshireBoy

beansy wrote: »

If I only opened my account on 27 Oct and transferred £6000 which didn't show up on the account until 29 Oct and received £2.07 interest, any ideas please if I am receiving the 3% or 4% as my DD's which the in branch advisor set up for me are still not showing on my account?

Looks like 4% to me...

£6,000 x 0.0393 / 365 x 4 x 0.8 = £2.07

where:

4 = number of days (Mon 29/10 - Thur 1/11), and
0.8 = tax multiplier