New Lloyds Vantage current account

exel1966

Cash advances are expensive, but occasionally credit card companies have promotional offers to transfer funds (up to 95% of a credit limit) to a bank account. This is only viable and worthwhile when a long(ish) 0% period is offered with a low fee.

Best to ask these type of questions on either the stoozing forum or the stoozing thread here on MSE rather than take this thread over

http://forums.moneysavingexpert.com/forumdisplay.php?f=95

Steve_xx

DavidAC wrote: »

I still have three Vantage accounts that I opened when they had good rates and have had zero balance in them since the rate drop. To get just one account going can I pay in £5000 and then set up two direct debits totalling £1000 from Vantage to my NatWest account and then transfer it straight back from NatWest to the Vantage account? Is there anything else I would need to do to get 4%?

If I set up two low value direct debits first could I then just call Lloyds to set it up?

Existing Vantage customers
If you’ve already got a current account with Vantage - but want to take advantage of this limited Vantage offer - just visit your nearest branch. They’ll sort everything out for you. Or if you already have two Direct Debits on your account, call 0800 015 0162. Open Mon - Fri 8am - 10pm, Sat & Sun 8am - 6pm.

Yes you can do as you suggest. But you don't need the DD's setup before they will convert the account to the 4%, ie you have until 31st October in order to setup the DD's.

However, you may not earn any interest for this month if you have had a zero balance on the account, so do be aware of that.

psychic_teabag

DavidAC wrote: »

I still have three Vantage accounts that I opened when they had good rates and have had zero balance in them since the rate drop. To get just one account going can I pay in £5000 and then set up two direct debits totalling £1000 from Vantage to my NatWest account and then transfer it straight back from NatWest to the Vantage account? Is there anything else I would need to do to get 4%?

Not sure you can use a DD to a natwest account. There are various savings accounts that can use DD to pull money out of an account. But I think most of us are just using the DD's to pull out £1 to satisfy the minimum requirement, and doing the £1k transfers by other means (eg standing orders). But then again, most of us already had the £1k funding already in place, so didn't need to use DD's for this task. Getting the DD's to do it would kill two birds with one stone.

If I set up two low value direct debits first could I then just call Lloyds to set it up?

Existing Vantage customers
If you’ve already got a current account with Vantage ... if you already have two Direct Debits on your account, call 0800 015 0162. Open Mon - Fri 8am - 10pm, Sat & Sun 8am - 6pm.

Yes. (Though the DD's themselves don't have a "value", high or low. The amount is variable dictated by the pulling account.) The new DD's I've set up show on the account within about 3 days, but tend not to allow a payment to be made for about 10 days. But you don't need to wait for a payment to have been taken.

In fact some people have had success just asking Lloyds to enable the 4% before they've got the DD's set up, despite what the blurb says.

exel1966

Steve_xx wrote: »

Yes you can do as you suggest. But you don't need the DD's setup before they will convert the account to the 4%, ie you have until 31st October in order to setup the DD's.

However, you may not earn any interest for this month if you have had a zero balance on the account, so do be aware of that.

My accounts were marked with the 4% internal coding (see earlier post) 2 days before the DD's were set up and showing with LLOYDS so it definitely works.

Interest is accrued daily, it doesn't matter if you have a zero balance for 1, 2 10, days etc. You'll still earn for the days you have funds at the tiered rates.

psychic_teabag

exel1966 wrote: »

Interest is accrued daily, it doesn't matter if you have a zero balance for 1, 2 10, days etc. You'll still earn for the days you have funds at the tiered rates.

Is there still a question whether zero satisfies the 'in credit' requirement ? Or do we think 'in credit' really means 'not overdrawn' ?

exel1966

psychic_teabag wrote: »

Is there still a question whether zero satisfies the 'in credit' requirement ? Or do we think 'in credit' really means 'not overdrawn' ?

It's always meant 'not overdrawn'. My vantage accounts over the years have had odd days with a zero balance, but interest always accrued on anything £1 and above the other days.

Steve_xx

exel1966 wrote: »

My accounts were marked with the 4% internal coding (see earlier post) 2 days before the DD's were set up and showing with LLOYDS so it definitely works.

Interest is accrued daily, it doesn't matter if you have a zero balance for 1, 2 10, days etc. You'll still earn for the days you have funds at the tiered rates.

Vantage – General terms and conditions
To qualify for Vantage you must:

• Hold a Classic Account or one of our Added Value Accounts.

Vantage gives you the benefit of tiered credit interest on your current account if you comply with the Vantage conditions. You can have a maximum of 3 accounts with Vantage.
The Vantage conditions are that each month you must:

• Pay into your account at least £1,000 during the calendar month; and
• keep your account in credit (that is above £0) during the monthly billing period.

I'm not sure that you're right on that one, unless of course "during" means at any point during the month?

exel1966

In that case Lloyds have paid me interest for the past 3-4 years incorrectly

It's another case of ambiguity and how you personally read it. Ask a 100 CSA's, you'll probably get 100 different answers.

I can only go on how it works for me from past experience.

Steve_xx

exel1966 wrote: »

In that case Lloyds have paid me interest for the past 3-4 years incorrectly

It's another case of ambiguity and how you personally read it. Ask a 100 CSA's, you'll probably get 100 different answers.

I can only go on how it works for me from past experience.

Ok well if you have had a zero balance and they have paid you interest then the conclusion must be that they are not invoking what we think they might mean, ie not paying interest where there has been a zero balance. Or, I am misreading or not understanding their text.

savetilibleed

chris1 wrote: »

I just tried and they wouldn't do anything until the DDs were up and running.

Steve_xx wrote: »

But you don't need the DD's setup before they will convert the account to the 4%, ie you have until 31st October in order to setup the DD's.

Strange how we are told different things by (presumably) different advisers at LTSB. They would only convert one of my accounts as there are already DDs. The other two are in use but only as a ready/available savings source. Now have one DD set in one of the two others an another is being done.