New Lloyds Vantage current account

innovate

Tigers_Dad wrote: »

In layman's terms can someone please explain to me what all this switching money from one account to another is all about.

Do you have thousands of pounds in several accounts, say £6000, and have to deposit/switch £1000 into each account per month to qualify for 4% on that account?

Basically, yes.

Pay at least £1,000 into your account during the calendar month.

This is just one of the conditions to qualify for the 4%. Full details:
http://www.lloydstsb.com/current_accounts/vantage4.asp

MoneySaverLog

Tigers_Dad wrote: »

In layman's terms can someone please explain to me what all this switching money from one account to another is all about.

Do you have thousands of pounds in several accounts, say £6000, and have to deposit/switch £1000 into each account per month to qualify for 4% on that account?

If you just have the one account it's not necessary. It's when you have several vantage accounts all with £6,000 in that the move around of the £1,000 is necessary to meet the conditions of the vantage accounts and earn 4% on each of the accounts

innovate

MoneySaverLog wrote: »

If you just have the one account it's not necessary.

You must still pay £1,000 a month into that one account, and not only if you have £6K in it.

You don't get any Vantage benefit if you do not pay the £1K (and fulfill other criteria for the 4% offer)

ed123_2

"I thought perhaps they were going to force people to go into a branch to apply so that they had an excuse to sell them more things. I expected to be sold more things on the phone when I called tonight, but I wasn't."

I changed to the "super" Vantage by phone (although how you check that they have actually done this I do not know). She tried to sell me their credit card which is a bit rich from a bank which is being investigated by the FSA for misselling. I would suggest that the removal of the phone number would be to discourage existing clients/attempt to sell financial products in the branch......ed

psychic_teabag

I was also offered a credit card on my first phone call. Not a hard sell - she observed that I didn't have a Lloyds credit card, and I agreed and said I didn't need a credit card. That was it.

I wondered if they had removed the phone upgrade simply because they were overwhelmed by calls - queue times were typically 5 minutes when I was trying to get through. Or maybe it was just that the long queues meant they couldn't spend time trying to sell other products which was (perhaps) the whole point of increasing the rate. Sending people to branches might relieve the pressure a bit.

shadowdog

Hi, i have standing orders on my vantage accounts,do these count as Direct Debits?

exel1966

shadowdog wrote: »

Hi, i have standing orders on my vantage accounts,do these count as Direct Debits?

No, they don't !

slinga

I went to my branch 4 days ago.
They knew nothing about the 4% Vantage but said they'd get someone to ring me that day.
Well no one rang.
Surprise, surprise.

So I went to the branch again today. No apology for not ringing me.

The guy told me I'd have to have the 2 DD on the account and that the 4% is only until 31 Oct 2013..
He wouldn't let me open the account now with the assumption that I'd transfer 2 DDs from another bank onto the new account by the end of October.

All round very unhelpful.
But what's new?
Perhaps another bank will do 4% online shortly and I'll move from LTSB.

innovate

slinga wrote: »

Perhaps another bank will do 4% online shortly

Wouldn't hold my breath.

It seems exceedingly odd they wouldn't let you open an account because of missing DDs.....but if your credit files are ok, you should have more success with an online application.

exel1966

slinga wrote: »

Perhaps another bank will do 4% online shortly and I'll move from LTSB.

Why not just ring them on the 0800 number listed in the above posts or apply online.