New Lloyds Vantage current account

innovate

kar999 wrote: »

I’m not sure how you get confirmation.

Lloyds don't seem to manage this very professionally - seems to be a matter of "trust me".

I upgraded on the phone. Then went into Branch a few days later, since I was passing anyway, and asked them how much interest I get on my Vantage accounts. They said it's 4% as long as my balances stay between £5K and £6K, and I have 2 DDs on each account by end of Oct.

As excel1966 said, time will tell....

innovate

someone reporting the upgrade of 5 accounts
https://forums.moneysavingexpert.com/discussion/4170787

exel1966

After reading a little further info specifically on the Lloyds interest rates/charges pages I'm now of the opinion that the 4% will ONLY be paid when the 2 DD's are actually in place.

Interest rates apply to your whole balance. For example, if you have £5,000 in your account you will receive an interest rate of 4.00% AER on your entire balance until 31 October 2013.


To qualify customers must;.

• Have at least two Direct Debits set up at account opening/when adding the limited offer to their existing account OR already have two Direct Debits set up on their account

which suggests to me you'll get the lower tiered rate of 3% until such time you meet one of the above.

honey1

This might seem silly, but how do you set up a DD you don't use?

Someone mentioned Paypal so I guess I could set that up (I rarely use my Paypal account). What about the 2nd?

pqrdef

exel1966 wrote: »

• Have at least two Direct Debits set up at account opening/when adding the limited offer to their existing account OR already have two Direct Debits set up on their account

This must have been written by somebody who thinks the bank can set up a DD. Which they can't, it has to come via the payee.

My understanding is that they set a flag on the account when you phone, and you get 4% from then on, subject to the usual Vantage rules (i.e. just as in the old days, but with the cut-off at £6K instead of £7K).

On 1st November, they run the DD test, and if you don't pass, they turn the flag off again. This probably means you won't get the 4% for October, but I don't see them reclaiming "overpayments" for September.

They're obviously trying to do it with minimum effort, and especially without recoding.

Frankly I don't think they'll look at the DDs again after 1st November. It would all get so messy and complicated, and they've made no attempt to say what the rules would be.

innovate

honey1 wrote: »

This might seem silly, but how do you set up a DD you don't use?

Someone mentioned Paypal so I guess I could set that up (I rarely use my Paypal account). What about the 2nd?

Some ideas in this thread https://forums.moneysavingexpert.com/discussion/4168667

savetilibleed

Now that I have DDs set on my two Vantage accounts on my other two Vantage accounts, I used that 0800 number (thank you forum - much quicker :j) to get those switched over. Got told that the DDs need to show some activity , so no use, it seems, having them there doing nothing . So the occasional £1 seems to be the way, which I can do via PayPal, Saga and Tesco (once their online system is mended). Need to rake some money out from elsewhere now to top up all three.

tsb

I can't recommend Tesco Online Banking for setting up the DDs. I'm not the most experienced with online banking systems but this has to be one of the worst laid out, un-user friendly there is. It is also very temperamental and is 'available' when it feels like it!
This morning I've finally managed to set up the 6 DDs for my 3 Vantage accounts, each DD a monthly £1 pull. I've just checked, one Vantage is now showing the 2 tesco DDs but against frequency is says "not known" and the amount column is blank. The other two Vantage accounts have nothing showing yet. Just tried to access Tesco Banking again but its ...... not available!

tsb

Just a thought......

I wonder if all the MSE Vantage Account holders setting up Direct Debits have broken Tesco's online Banking system.....:rotfl:

savetilibleed

tsb wrote: »

Just a thought......

I wonder if all the MSE Vantage Account holders setting up Direct Debits have broken Tesco's online Banking system.....:rotfl:

Hmm crossed my mind too!