New Lloyds Vantage current account

Dagobert

Steve_xx wrote: »

• 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?

Keeping your account in credit has always been a requirement for the Vantage interest.

I have had multiple Vantage accounts for 3 years and I regularly have a zero balance on these accounts. My interest has always been paid.

This is confirmed here:

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

Dagobert

Funkyfreddy wrote: »

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.

I just phoned up to have 4% Vantage set up. I have 5 Vantage accounts, one of them with multiple monthly DDs. Another had two DDs set up but the advisor wouldn't add the extra Vantage because they have not been debited.

gt94sss2

Called a couple of hours ago and upgraded 3 of my 4 Vantage accounts. None currently have DD's set up.

The advisor tried to tell me that the 4% doesn't start until the DD's are set up..

Does anyone know if there is any notification online that the account status has changed..

Regards
Sunil

Steve_xx

Dagobert wrote: »

Keeping your account in credit has always been a requirement for the Vantage interest.

I have had multiple Vantage accounts for 3 years and I regularly have a zero balance on these accounts. My interest has always been paid.

This is confirmed here:

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

Yes I see. It says "during" but it doesn't say for all of the monthly period.

Premierfella reckons that interest would be paid.

Steve_xx

OK I just called LTSB and the guy told me you can only have this offer added to one account. He went off and a lady came on and said I could have it on 3 accounts. So I've added it to 3 of them.

Regarding the DD mandates she said that these would need to be setup before 31 October or the account would revert to the current status. I pressed her further, saying that it didn't state in the terms and conditions that the DD's had to be active and she had to take a look at that and confirmed that it did not say they had to be. Then quirkily she said that it could be an annual DD to which I responded that it didn't even say that. She conceded the point and I sort of gathered that she was on the same learning curve as we are!

Regarding my question about the terms stating that the account needs to be in credit "during" the month and so as this is 11 Sep would they pay interest if the account today had a zero balance on it today, but had 6k put into it tomorrow. The answer was YES they would pay interest. She said they calculate the interest on a daily basis.

So there you have it.

psychic_teabag

Note that DD's expire if unused for 13 months. So if it doesn't pay out at least annually, it might spontaneously vanish.

Steve_xx

psychic_teabag wrote: »

Note that DD's expire if unused for 13 months. So if it doesn't pay out at least annually, it might spontaneously vanish.

Good point I didn't know that. The lady at LTSB may not have either since she didn't mention that to me

loracan1

Steve_xx wrote: »

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?

As far as I'm aware you only get the 4% for the days your account has the 5,000 in it.

Does anyone know if you can apply for this account if you don't yet have 5,000 to put in?

innovate

Funkyfreddy wrote: »

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.

V good point. I didn't think of that when they told me that the DD needs to make a monthly payment.

A DD which makes quarterly, 6-monthly, annual, or totally irregular payments is still a DD......

But who knows how Lloyds have programmed their systems for this offer. Mind you, if the state of their T&Cs, and the knowledge of their staff about this offer are anything to go by, they haven't yet done the programming......

exel1966

What an almighty C O C K up by LLoyds.

Yesterday I requested by phone 3 vantage accounts to be switched over to the new 4% vantage. I log in this morning to find the 3 accounts all upgraded to fee paying Gold accounts. IDIOTS !!! I was very specific in my wording when making the request not to use words such as upgrade/uprate, but they still got it wrong !

Very long phone call ensued with Lloyds this morning explaining their stupid errors. Apparently they will now revert to normal status overnight (i hope). Goodwill of £100 coming my way, but how they mess up something so simple is beyond me.

Be warned, check your accounts online the day after the request to make sure all is in order !