New Lloyds Vantage current account

iilg

Steve_xx wrote: »

They do not stipulate in the t&c's that the DD has to be taken/paid monthly or at any other time. All it says is there are are to be 2 DD mandates setup on the account.

Wasn't the phrase 'active DDs' used by one of their staff (quoted in a recent posting somewhere on here)? Something else they just 'made up'?

savetilibleed

CPS91 wrote: »

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

I called LTSB today. They have applied the 'token' or whatever it's called to my main a/c, but they wouldn't yet to the other two until I get DDs set up to them.
I have a Post Office Online Saver and there's an option there to add a nominated account, which I did today to one of my other 2 Vantage accounts. The result is that it has assigned the account to an Easy Saver/Instant Saver of no account number (no surprise in that respect as I don't have one of these). I don't get why this has happened. I have yesterday applied for a Tesco Saver, though I got no email to say it worked for the other DD.

Steve_xx

iilg wrote: »

Wasn't the phrase 'active DDs' used by one of their staff (quoted in a recent posting somewhere on here)? Something else they just 'made up'?

I don't what was said on here. But the terms and conditions do not state that the DD has to be active. The only reference in the terms to the DD mandate is:

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

Funkyfreddy

Steve_xx wrote: »

They do not stipulate in the t&c's that the DD has to be taken/paid monthly or at any other time. All it says is there are are to be 2 DD mandates setup on the account.

Ermmm..yes, as per my earlier post/s (eg: #101)

It was mentioned earlier by one poster that it had been suggested by a Lloyds CSR that the DD payments had to be monthly to qualify...hence my previous comments.

We are both singing from the same song sheet

FF

Steve_xx

Funkyfreddy wrote: »

Ermmm..yes, as per my earlier post/s (eg: #101)

It was mentioned earlier by one poster that it had been suggested by a Lloyds CSR that the DD payments had to be monthly to qualify...hence my previous comments.

We are both singing from the same song sheet

FF

In reality the problem is that the CSR's are misinformed or they are making it up as they go along. It really is not good.

exel1966

This happens every time any bank offers a new worthwhile account. The T&C's are never fully comprehensive and inquisitive minds such as those found here find the loopholes and areas of non-clarity. CSA's are only given general details and will usually never know the full ins and outs of any offer. I don't believe they intentionally misinform, but sometimes wrongly assume believing they are giving correct information, when really they shouldn't.

MoneySaverLog

It just says have 2 DD's set up. It does not say anything about the frequency of payments. Some DD's are monthly, some quarterly, some yearly and yet others ad-hoc whenever.

tescofan

applied for the new 4% vantage. wow! the line was so busy, waited for about 15 minutes. but it was fine in the end, as i only have direct debit for mobile phone, i created another direct debit for RSPCA for 1 pound a month and to be safe, another direct debit for paypal.

even after the extra 12 pounds for RSPCA a year, at £6000 total at 3.93% gross, a non taxpaying student like me is still better off by £58.80 a year-

assuming £6000 @ 3.93%: £235.80 and
£5000 @ 2.93% + the extra £1000 at the current best paying instant access post office account @ 2.95% which works out to be £177 or so.

hence £58.80 - £12 for RSPCA: Im still better off by £46.80, not to mention the slight bit im helping the RSPCA

basic rate taxpayer would be better off by £47 or so.

cheers!

ed123_2

"No interest paid on any balance over £6,000 (£5,000 from 1 November 2013)."
I saw this in the t&c's so it seems they are going to change terms after a year I don't think I'll bother.........ed

Steve_xx

ed123 wrote: »

"No interest paid on any balance over £6,000 (£5,000 from 1 November 2013)."
I saw this in the t&c's so it seems they are going to change terms after a year I don't think I'll bother.........ed

This is how it's been for the past 15 months, ie no interest on balances over 5k, but balances between 3k and 5k attract interest at 3%