New Lloyds Vantage current account

sailerboy

I think the account was intended primarily as a current account, not a savings account.

Used as a current account, customers' balances would fluctuate so the full interest rate would not be paid all the time.

However it was widely used (as shown by extensive discussion on this forum!) as a savings account, with customers opening multiple accounts, shifting £1000 monthly to comply with the conditions, and earning the maximum interest on a permenant basis.

Used in this way it became expensive for the bank to run, and missed out on the earning potential associated with current accounts. So they downgraded the interest rate and tightened some of the conditions.

MoneySaverLog

Perhaps it was a way to get people using the accounts more like a current account with people switching DD's to them.

What happens now is that in 12 months time when the rate drops and the limit is lowered back down those that have moved to the new vantage account conditions will now have to keep 2 active DD's. Where those on the old vantage account don't need to.

Steve_xx

[QUOTE=MoneySaverLog;55845391

What happens now is that in 12 months time when the rate drops and the limit is lowered back down those that have moved to the new vantage account conditions will now have to keep 2 active DD's. Where those on the old vantage account don't need to.[/QUOTE]

I don't think that will be the case since the account will revert to its former state. In fact if you don't activate the two DD's by 31 October then that is precisely what will happen' ie you will continue to earn 3% on balances between 3 & 5k

MoneySaverLog

Steve_xx wrote: »

In fact if you don't activate the two DD's by 31 October then that is precisely what will happen' ie you will continue to earn 3% on balances between 3 & 5k

They actually said to me they would remove Vantage altogether if I did not keep to the conditions.

Steve_xx

MoneySaverLog wrote: »

They actually said to me they would remove Vantage altogether if I did not keep to the conditions.

They didn't say that to me. They said the account would carry on as is if the DD condition wasn't met.

Anyway if they removed Vantage you could simply add it again couldn't you?

vixen1500

Just rang and asked for my accounts to be changed to the 4% - but told this would not be paid till 2 DD where set up - seems everyone is getting told different.
Have got 1 for paypal - thought about setting one up to my santander esaver but on the top of their DD form it says Return with a recent copy of statement of the account you will be debiting: does this mean they want a copy of my vantage account statment? Cant see why this would be needed - anyone done this????

innovate

MoneySaverLog wrote: »

What happens now is that in 12 months time when the rate drops and the limit is lowered back down those that have moved to the new vantage account conditions will now have to keep 2 active DD's.

only applies to the un-initiated :cool:

innovate

vixen1500 wrote: »

Just rang and asked for my accounts to be changed to the 4% - but told this would not be paid till 2 DD where set up - seems everyone is getting told different.
Have got 1 for paypal - thought about setting one up to my santander esaver but on the top of their DD form it says Return with a recent copy of statement of the account you will be debiting: does this mean they want a copy of my vantage account statment? Cant see why this would be needed - anyone done this????

No, they want a SANTANDER statement (presumably to provide proof that you are the account holder, authorised to ask for a DD).

I handed my form in at Branch, w/o the copy of statement - - they said that was fine. Not seen the DD set up yet, though (only did it 2 days ago)

Steve_xx

vixen1500 wrote: »

Just rang and asked for my accounts to be changed to the 4% - but told this would not be paid till 2 DD where set up - seems everyone is getting told different.
Have got 1 for paypal - thought about setting one up to my santander esaver but on the top of their DD form it says Return with a recent copy of statement of the account you will be debiting: does this mean they want a copy of my vantage account statment? Cant see why this would be needed - anyone done this????

Yes they are giving differing stories to people. However, to overcome that problem you could simply put in 5k and that would certainly attract 3% until you have the DD's set up. Add the other 1k when you have the DD's set up. You have until 31 October to set up the DD's.

vixen1500

innovate wrote: »

No, they want a SANTANDER statement (presumably to provide proof that you are the account holder, authorised to ask for a DD).

I handed my form in at Branch, w/o the copy of statement - - they said that was fine. Not seen the DD set up yet, though (only did it 2 days ago)

thought it sounded odd - but dont get a statement with my esaver - will drop in a couple of forms in branch - see what they say.

Anyone know how much monthly interest you should get on the £6000 @4%?

Not got my thinking head on tonight :rotfl: