New Lloyds Vantage current account

badger09

Having started the process of setting up 3 DDs on each of my Vantage accounts, I called into our local branch today (small market town in Shropshire).

Explained I wanted the 4% Vantage on all 3 and was organising DDs. Cashier looked a bit vague, took account number and said she would do it today, when she'd found out how :eek: She said I wouldn't see anything different on the accounts but 'not to worry, she would see to it'

She also said that DDs had to be active monthly - though how she knew that when she clearly didn't know very much else about the account. There was nothing in branch about this latest offer. Doesn't bode well :cool:

I'd welcome the welcome packs - despite the damage to the rainforest.

MoneySaverLog

The welcome packs are exactly the same as what was sent prior to the 4% change.

All information is correct as of May 2012 according to their brochure

Gromitt

I visited the bank today to confirm my 4% and they said "Don't forget the account must be your main account and your salary needs to be paid into it. You also need to earn at least 15K to qualify.". After a while explaining to her that I already had it and just wanted to check, she confirmed and then reiterated her points.

After speaking at length, I found out they were trying to make it easier for people to understand:

"main account" -> 2 direct debits need to be active
"salary of 15K" -> 1K/month deposited (15K is just above 12K after tax)

exel1966

But of course most of that is untrue and The DD's needing to be active is as yet unconfirmed regardless of what they're saying.

MoneySaverLog

They still have not clarified what "Active" actually means, does it mean a DD that is set up and live where no payments are being taken. Or does it mean a minimum of £X per month is called for?

innovate

MoneySaverLog wrote: »

They still have not clarified what "Active" actually means, does it mean a DD that is set up and live where no payments are being taken. Or does it mean a minimum of £X per month is called for?

There is noting about "active", "monthly" or "minimum amount" in relation to the DDs on their website. It simply says "...switch or have two direct debits on your account..."

As was pointed out before, a DD can be monthly, annually, bi-monthly, quarterly, twice a year, or on-demand only - - - - - whatever the frequency of a DD, it remains a DD (unless it has been dormant for more than 13 months, in which case it might drop off your account).

From http://www.lloydstsb.com/current_accounts/vantage4.asp

Here’s all you need to do to be able to earn variable tiered interest up to 4% AER until 31 October 2013:

• Before 31 October 2012 open an account with Vantage or add this offer to your existing qualifying account and switch or have two direct debits on your account
• Pay at least £1,000 into your account during the calendar month.
• Keep your account in credit during the monthly billing period.

savetilibleed

badger09 wrote: »

Select 'Update' next to 'Bank Accounts' and on the next screen you can add your Lloyds Vantage accounts and choose which, if any you want as your 'Primary' account -which is where PayPal will take money from unless you change the choice which you can do for each purchase.

To confirm the account is actually yours, PayPal send 2 very small test payments to your account.

Thanks very much for that! But just to clarify a detail - I can add all three of my Vantage Accounts, making three separate DDs to my PayPal account? Actually I have enough DDs in my first account (the one I use for everyday use) so it'll just be the two that presently have none. Tell a lie, there is now a Tesco Bank one appeared today in one of these!

badger09 wrote: »

To confirm the account is actually yours, PayPal send 2 very small test payments to your account.

Do the two small test payments you mention become an debt, in effect, that you owe them and is perhaps paid back when a payment is made through the account?

Steve_xx

Gromitt wrote: »

I visited the bank today to confirm my 4% and they said "Don't forget the account must be your main account and your salary needs to be paid into it. You also need to earn at least 15K to qualify.". After a while explaining to her that I already had it and just wanted to check, she confirmed and then reiterated her points.

After speaking at length, I found out they were trying to make it easier for people to understand:

"main account" -> 2 direct debits need to be active
"salary of 15K" -> 1K/month deposited (15K is just above 12K after tax)

There's nothing in the terms that states your salary has to be paid in, it merely states that the account is to be credited with 1k per month and I've not seen anything mentioning a 15k salary in order to be able to have an account in the first place.

Similarly in the terms it does not state that the DD's have to be active, just that they have to be there.

Steve_xx

MoneySaverLog wrote: »

They still have not clarified what "Active" actually means, does it mean a DD that is set up and live where no payments are being taken. Or does it mean a minimum of £X per month is called for?

As Innovate states, the word "active" does not feature in LTSB's terms and conditions. The word "active" has only appeared in this forum.

savetilibleed

MoneySaverLog wrote: »

They still have not clarified what "Active" actually means, does it mean a DD that is set up and live where no payments are being taken. Or does it mean a minimum of £X per month is called for?

When I called to get my first Vantage account transferred, they said I could easily switch some DDs to the other accounts by phoning the companies concerned. OK. I said but not all my DDs are regular monthly ones. Does that matter - sometimes there is no payment made (I was thinking 18185). That was OK I was told. Some are never!