New Lloyds Vantage current account

blizeH

Will I still get interest on multiple accounts if it's only the one account (of two right now) that I have direct debits setup on? Or is a direct debit only required for the 4%?

Thanks

YorkshireBoy

blizeH wrote: »

Will I still get interest on multiple accounts if it's only the one account (of two right now) that I have direct debits setup on? Or is a direct debit only required for the 4%?

Each Vantage account requires 2 DDs in order to earn 4% on balances between £5-6K.

As it is, you'll only earn 4% on one of your accounts (providing you meet the criteria). The other will earn the standard Vantage rate (up to 3%).

phred

I went into my local branch of Lloyds last Monday and asked for the 4% to be applied to my account as I satisfied all the conditions.
They did something on their computer and said they would check the next day to make sure all was OK.

I have noticed that I have received £1.28 interest on that Monday and another 65p on Wednesday. My interest was usually paid around the first working day of the month.

Has anyone else received small amounts of interest like this?

Can I assume that this means the switch has actually happened?

plunt

Well managed to open a Tesco saver and linked it to all three vantage accounts via direct debit, and called santander and they are sending me the paper work to do the same for their esaver

innovate

plunt wrote: »

Well managed to open a Tesco saver and linked it to all three vantage accounts via direct debit, and called santander and they are sending me the paper work to do the same for their esaver

You can download the form needed by Santander

pqrdef

MoneySaverLog wrote: »

No you'll get allocated a branch, but you can use any lloyds tsb branch as if it was your own anyway.

So which branch is going to invite me in for a review when they see £18K sitting in current accounts?

info_addict

I tried this morning, by phone, and was only able to upgrade one of my existing Vantage accounts, as this had the requisite number of DD's set up. They wouldn't upgrade my other 2 as there weren't any DD on them (yet).

I tried again this afternoon and this time they were quite happy to upgrade the remaining two accounts, even though the DD aren't set up yet.

So, the moral is if at first you don't succeed........

MoneySaverLog

Indeed one arm of the bank does not know what the other half does. You'd have thought there would have been some kind of interbank communication about the requirements needed and rules by now.

MoneySaverLog

pqrdef wrote: »

So which branch is going to invite me in for a review when they see £18K sitting in current accounts?

I opened a Halifax account online, was allocated a branch in Central London (The Strand). I live 120 miles north in Birmingham, I await the invite too

YorkshireBoy

MoneySaverLog wrote: »

Indeed one arm of the bank does not know what the other half does. You'd have thought there would have been some kind of interbank communication about the requirements needed and rules by now.

I spoke with someone at LTSB phone banking on Saturday who said she had "seen the adverts" about the 4% rate...nothing more! I thanked her for her time, hung up, and called again!

Reminds me of an incident a few years ago when LTSB launched their 8% regular saver. I'd asked in branch to set one up and the banking advisor (term used loosely!) wasn't even aware of the product. I simply pointed to the 5' x 4' placard in the branch window...the one she'd walked past not two hours earlier when she came to work...and said "it's that one"!