New Lloyds Vantage current account

Milarky

Steve_xx wrote: »

Yes but it says in the terms that you must keep your account in credit during the monthly billing. I was trying to ascertain whether that was for the whole f the month or whether they would pay interest if there was only cash on it for part of the month. At the minute, one of mine has a zero balance so was wondering if I put 6k into it today if it would earn interest.

'In credit' simply means you cannot have any overnight negative balance for even a single day of the month or you will earn NO interest. However

i) Balance can fluctuate daily (and tier for that date is based on end of day's balance)

ii) If you do have an overdraft facility and dip into it during the day ('intra day' negative balance) this won't count against you for the month as long as the account is put back 'in credit' before midnight.

Steve_xx

Milarky wrote: »

'In credit' simply means you cannot have any overnight negative balance for even a single day of the month or you will earn NO interest. However

i) Balance can fluctuate daily (and tier for that date is based on end of day's balance)

ii) If you do have an overdraft facility and dip into it during the day ('intra day' negative balance) this won't count against you for the month as long as the account is put back 'in credit' before midnight.

Thanks, that's excellent. So having a zero balance would not affect the ability to earn interest say for the remainder of this month if 6k was deposited tomorrow?

Milarky

Thanks, that's excellent. So having a zero balance would not affect the ability to earn interest say for the remainder of this month if 6k was deposited tomorrow?

Certainly not having a 'zero' balance IME, but see below for further thoughts.

Steve_xx wrote: »

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

Premierfella reckons that interest would be paid.

Actually, I can't confirm this 'in the negative' (i.e. ever having had a negative balance overnight and subsequently not earning interest for the month) from personal experience - just the case of negative intra-day balances not resulting in any loss. But like the Lloyds term which states £1K monthly credit must come from a non-Lloyds source yet many happy MSE poster report no such thing in their case of shifting cash between accounts one begins to wonder if they really apply their own terms.

I can confirm however that not paying anything into an account for a whole month (which happened exactly once) did result in nil interest for that month.

beecher2

exel1966 wrote: »

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 !

Mine too - changed to Vantange Gold and call centre won't speak to me about Power of Attorney account, so back to a long queue in the branch yet again...........

Not impressed.

psychic_teabag

Milarky wrote: »

ii) If you do have an overdraft facility and dip into it during the day ('intra day' negative balance) this won't count against you for the month as long as the account is put back 'in credit' before midnight.

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp says the grace time is 3:30pm to avoid overdraft charges. I guess cutoff time for calculating the days balance for interest could be later, but are you sure it's midnight ? I'd have thought maybe 6pm or 6:30pm which tend to be considered the end of day with at least some banks.

Rollinghome

K_P83 wrote: »

I'd like the full 3 accounts, but i'm going to fall short as i don't have the 6 DDs to do it with.
Any advice on how i can get around this (other than "just create 6 DDs" - i understand how to create 6 SOs, but not 6 fake DDs).

Anyone needing extra DDs could set up a few trial subscriptions provided they're cheap and easy to end.

One that is reliable is a one month Which? trial for £1. They'll take the £1 by DD, you'll get use of Which? for a month, then tell them you want to end the trial by sending an email. You won't get charged again but the DD will remain active until you end it.

http://www.which.co.uk/about-which/what-we-offer/what-do-i-get-when-i-take-a-trial/

Sceptic001

Rollinghome wrote: »

Anyone needing extra DDs could set up a few trial subscriptions provided they're cheap and easy to end.

One that is reliable is a one month Which? trial for £1. They'll take the £1 by DD, you'll get use of Which? for a month, then tell them you want to end the trial by sending an email. You won't get charged again but the DD will remain active until you end it.

That sounds risky to me. I wouldn't trust them to not 'accidentally' debit my account if the DD was still active...

Rollinghome

Sceptic001 wrote: »

That sounds risky to me. I wouldn't trust them to not 'accidentally' debit my account if the DD was still active...

Any company could accidentally debit your account for the wrong amount if you set up a DD mandate for them. If you don't trust the provisions of the DD Guarantee then you probably shouldn't be using DDs at all.

Don't trade with companies that you don't trust but if you seriously don't trust a highly reputable charity set up to protect consumer interests like Which? to act honestly then that's your problem. I've certainly never had problems with them nor would I expect to.

Obviously, as Joseph Heller wrote: “Just because you're paranoid doesn't mean they aren't after you”.

Sceptic001

Rollinghome wrote: »

Any company could accidentally debit your account for the wrong amount if you set up a DD mandate for them. If you don't trust the provisions of the DD Guarantee then you probably shouldn't be using DDs at all.

I do trust the DD guarantee, but still use DDs sparingly. If it can go wrong, it probably will go wrong. (Murphy's Law)

Rollinghome wrote: »

Don't trade with companies that you don't trust but if you seriously don't trust a highly reputable charity set up to protect consumer interests like Which? to act honestly then that's your problem. I've certainly never had problems with them nor would I expect to.

I wasn't referring specifically to Which? - sorry if I inadvertantly touched a nerve. But since you mention it, I do remember the days when they used somewhat dubious methods to get subscriptions, and I must say I find some of their research somewhat slipshod. There, now I have deliberately touched a nerve. Much more satisfying.

Rollinghome wrote: »

Obviously, as Joseph Heller wrote: “Just because you're paranoid doesn't mean they aren't after you”.

A wise man.

YorkshireBoy

YorkshireBoy wrote: »

Just done it. 6 DDs, 1 to each Tesco savings account from each Vantage account.

These appeared on my LTSB account on Wednesday (so 2 days later), but each Vantage account only has the one DDI listed.

So, they seem to be using the same DD reference for both Tesco accounts, ie

0004xxxxxxxx/yyyyy

where xxxxxxxx is one of my Tesco account numbers.

The other numbers mean nothing to me, but I'm assuming the yyyyy is some kind of code for an internal re-direct to my other Tesco account?

Have they messed up? To those who said this would create 2 DDs, ie one for each account, do I have a get-out? Maybe re-set up DDs myself online from the other Tesco account, ie the one that's not the xxxxxxxx above?

Or maybe I should just move some dormant/little used credit card DDs...one to each Vantage account?


Edited to add: I've initiated DD pulls from one Vantage account already, to test the system, but the earliest dates these could be processed were the 24/9 and 21/9 (in order of submission). I could understand 10 working days (for the DD guarantee/initial pull), but why are they different dates when the DDs were all set up on the same day?

Appreciate I could phone Tesco, but basically I don't want to alert them to what I'm doing, ie (ab)using them!