New Lloyds Vantage current account

nzseries1

innovate wrote: »

You will get up to 4% AER between now and 31/12/2013 on each of your Vantage accounts provided that

1. you have 2 DDs on each of the accounts by 31/10/2012

...

Soooo... that kind of begs the question...
How will they calculate October's interest payment (paid 1st or 2nd October) for those people who have £6,000 in their account now but aren't planning on setting up the DDs until late October? For both the above criteria to be true they would need to be able to see into the future.

innovate

nzseries1 wrote: »

Soooo... that kind of begs the question...
How will they calculate October's interest payment (paid 1st or 2nd October) for those people who have £6,000 in their account now but aren't planning on setting up the DDs until late October? For both the above criteria to be true they would need to be able to see into the future.

I believe (based on what they told me) they will trust you to set up the required DDs, and pay you the equivalent of 4% AER from the day they upgraded your Vantage account. Remains to be seen whether this is what they will actually do.

nzseries1

innovate wrote: »

I believe (based on what they told me) they will trust you to set up the required DDs, and pay you the equivalent of 4% AER from the day they upgraded your Vantage account. Remains to be seen whether this is what they will actually do.

Hopefully that's the case!

I guess the other option could be that they give you 4% starting the day that you actually set up the DDs.

YorkshireBoy

innovate wrote: »

I believe (based on what they told me) they will trust you to set up the required DDs, and pay you the equivalent of 4% AER from the day they upgraded your Vantage account. Remains to be seen whether this is what they will actually do.

You're more trusting than I am.

I've been monitoring all 3 of my Vantage accounts daily, so that I know the exact dates that each account had the requisite 2 DDs registered.

I expect them to calculate interest daily (as we all know), as follows:

IF >=2 x DDs present AND other criteria met THEN interest = CB x 3.93% / 365
ELSE
IF <2 DDs AND other criteria met THEN interest = CB x 2.96% / 365

where CB = closing balance

If, as you suggest, it's done on a trust basis, then there could be an awful lot of 'back-calculation' necessary to remove overpaid interest where applicable. I can't imagine they'll employ staff to do this, and why should they write 'code' to do it? Far better (on their part) to pay interest at 4% AER only when the account has the requisite DDs set up.

northerner77

YorkshireBoy wrote: »

Far better (on their part) to pay interest at 4% AER only when the account has the requisite DDs set up.

Have we learned yet whether 'set up' means 'set up and active(on a montly basis)' yet?

exel1966

Calculators at the ready come 02nd October.......

(I've also been led to believe by LLoyds that interest will be paid at 4% from the day the account was marked at the new rate regardless of whether the DD's were in place at that time, hence why they've given you until 31st Oct to get them sorted)

Time will tell....

kar999

innovate wrote: »

You will get up to 4% AER between now and 31/12/2013 on each of your Vantage accounts provided that

1. you have 2 DDs on each of the accounts by 31/10/2012
2. you have confirmation from Lloyds that you have been upgraded to the 4% offer on each of the accounts
3. you have between £5000 and £6000 in each of the accounts

The interest gets calculated daily and will be added to each of your accounts monthly.

If you have met above pre-reqs but your balance drops below £5K in any account at any time, you will get the lower interest rate (see Lloyds website for details) for that account.

If you do not have 2 DDs on an account by 31/10/2012, or do not have confirmation from Lloyds that you have been upgraded, you will not get the 4% on that account, even if your balance is between £5K and £6K.

I’m not sure how you get confirmation.

When you ring up they tell you they have applied it to your account but they don’t send anything in writing and there is no visible sign that the higher tier has been applied online.

AFAIK Waiting until the higher interest is paid (OR NOT) will prove the point.

iris

I applied or an upgrade a couple of days ago by phone and was told I would be receiving a confirmation letter in the post.

oldagetraveller

As iris says.
I received a "pack" by post which included a separate leaflet relating to the 4% offer.

YorkshireBoy

oldagetraveller wrote: »

I received a "pack" by post which included a separate leaflet relating to the 4% offer.

But some of the early adopters didn't, so it looks like LTSB were not very quick off the mark.

I received 4% flyers for my 3 Vantage accounts, but others 'upgrading' early didn't...they just got standard "welcome to your new Vantage account" packs without the flyers (as reported earlier in this thread).