New Lloyds Vantage current account

psychic_teabag

innovate wrote: »

Tesco allow you to set up a DD request online, and they and Lloyds between themselves seem to process it within 2-3 working days. Other companies and organisations require a written request and take longer.

The DD appears on the Lloyds account within 2-3 days but I don't think it's usable for a while after that. I set mine up on the 10th but first available deposit date was 24th.

Similarly the AA online interface says no deposit for 10 days after changing linked account, but the DD had appeared on Lloyds sooner than that.

YorkshireBoy

psychic_teabag wrote: »

The DD appears on the Lloyds account within 2-3 days but I don't think it's usable for a while after that. I set mine up on the 10th but first available deposit date was 24th.

Similarly the AA online interface says no deposit for 10 days after changing linked account, but the DD had appeared on Lloyds sooner than that.

Sometimes compliance with the terms of the DD guarantee gets in the way!

innovate

My Tesco one was set up on the 10th, appeared in Vantage around the 13th, and a payment was taken on the 17th, as I had requested.

Santander ask for 8 working days between request and first payment

innovate

Another report of 5 Vantage accounts tagged for 4%: http://forums.moneysavingexpert.com/showpost.php?p=55969959&postcount=7

anticlaus105

I read a post earlier that confused me a bit. If my balance drops below £5k for 1 day of the month, will I still get 4% for all the other days it is above £5k.

The post I read implied the balance needed to stay over £5k for the entire month for 4% interest.

pochisoldi

anticlaus105 wrote: »

I read a post earlier that confused me a bit. If my balance drops below £5k for 1 day of the month, will I still get 4% for all the other days it is above £5k.

The post I read implied the balance needed to stay over £5k for the entire month for 4% interest.

Standard practice is to calculate and accrue interest on a daily basis, using the rate appropriate for that day's balance. I haven't seen anything relating to Vantage which would make me think otherwise.

exel1966

Yes, you'll still get 4% for all the other days it's between £5K and £6K.

Steve_xx

anticlaus105 wrote: »

I read a post earlier that confused me a bit. If my balance drops below £5k for 1 day of the month, will I still get 4% for all the other days it is above £5k.

The post I read implied the balance needed to stay over £5k for the entire month for 4% interest.

I think LTSB have now clarified the terms for the 4% and whilst previously it read ambiguously, it now seems to be clear that you would not need to maintain the account at 5k+ for the whole of the month in order to attract the 4% rate. You would be paid at the 4% rate for those days that your balance was between 5 and 6k.

dar2008

Gromitt wrote: »

They already check your accounts every month for depositing 1K and keeping your balance between X and Y to get Z interest, how much more difficult would it be to add "and contains at least 2 direct debits". So in effect, they wouldn't turn the flag off, they just stop paying the additional interest for months where you don't have the required number of DDs.

So in effect, the flag is enabled when you ask for it and the system takes care of itself for the next 12 months.

You obviously haven't seen Lloyds computer systems up close:rotfl:

More seriously, the rules for the 4% are if anything vague around the area of 2 DD's...

"Here’s all you need to do to be able to earn variable tiered interest up to 4% AER until 31 October 2013:

• Before 31 October 2012 open an account with Vantage or add this offer to your existing qualifying account and switch or have two direct debits on your account
• Pay at least £1,000 into your account during the calendar month.
• Keep your account in credit during the monthly billing period."

I've highlighted in red the specific requirement from the Lloyds website. It says you need to have two DD's on the account before 31st October 2012. It doesn't say:-

They have to be active
They have to be monthly
They have to remain there beyond 31st October 2012

In other words, you shouldn't need to keep the DD's on the account(s) beyond 31st October 2012 in order to keep getting the 4% interest.

expatasia

dar2008 wrote: »

:rotfl:

More seriously, the rules for the 4% are if anything vague around the area of 2 DD's...


"Here’s all you need to do to be able to earn variable tiered interest up to 4% AER until 31 October 2013:

• Before 31 October 2012 open an account with Vantage or add this offer to your existing qualifying account and switch or have two direct debits on your account

It says you need to have two DD's on the account before 31st October 2012. It doesn't say:-


They have to be active
They have to be monthly
They have to remain there beyond 31st October 2012

In other words, you shouldn't need to keep the DD's on the account(s) beyond 31st October 2012 in order to keep getting the 4% interest.

Why do they want customers to set up the DDs (sorry, if that's a dumb q)?