New Lloyds Vantage current account

MoneySaverLog

Yes just noticed that would they accept standing orders or do they have to be direct debits?

tuggy12

MoneySaverLog wrote: »

Found this....

http://www.myfinances.co.uk/savings/2012/09/08/lloyds-tsb-vantage-account-offers-chance-to-earn-235-interes

"There are rules that apply to the four per cent interest offer. Customers must maintain a credit balance throughout the month and credit the account with at least £1,000 during the month and a minimum of two direct debits need to be set up on the account."

That's a pity. Can these be set up between Vantage accounts?

innovate

Shame about the 2 Direct Debits required :-(

But there must be an answer to that challenge :-)

anamenottaken

tuggy12 wrote: »

"There are rules that apply to the four per cent interest offer. Customers must maintain a credit balance throughout the month and credit the account with at least £1,000 during the month and a minimum of two direct debits need to be set up on the account."

That's a pity. Can these be set up between Vantage accounts?

Direct Debit payments have to be called in by commercial organisations, don't they? So if you have a Vantage account you can't call in money from another as far as I know.

YorkshireBoy

innovate wrote: »

But there must be an answer to that challenge :-)

A pair of DDs is worth £40 over the year (the difference after tax between 3 and 4% AER). That's per account, so I'd need to find 6 of them for my 3 Vantage accounts to make the additional £120 net.

Dormant credit cards and savings accounts would seem to offer an easy solution, but the former wouldn't be any good if they adopt Santander's "must be paid within the first x weeks of account opening/set up".

I'm sure the details will be on their site tomorrow (nothing in their press release section as of just now).

MoneySaverLog

I'm thinking linked savings accounts they have DD's set up for example I have one with the AA that's set up but never used. Wonder if other savings accounts that could be set up would do the same thing.

Or as asked earlier would they accept standing orders instead, in which case could circle them.

innovate

MoneySaverLog wrote: »

Or as asked earlier would they accept standing orders instead, in which case could circle them.

That would of course be ideal; doubt they are that charitable, though

tuggy12

All explained on the website today:

http://www.lloydstsb.com/current_accounts/vantage4.asp

This is the pertinent part for existing Vantage customers:

Existing Vantage customers

If you’ve already got a current account with Vantage - but want to take advantage of this limited Vantage offer - just visit your nearest branch. They’ll sort everything out for you. Or if you already have two Direct Debits on your account, call 0800 015 4000. Open Mon - Fri 8am - 10pm, Sat & Sun 8am - 6pm.

Milarky

The process for an existing (multiple) Vantage account holder to follow:

Call 0800 015 4000.
Press option '1' (for 'new accounts')
Go through security/id check
You can nominate up to THREE* (but no more) Vantage accounts to receive the 4%. A 'token' (or code) immediately gets put against each account you nominate and you have until the end of the offer period to follow through by actually transferring 2+ DDs for those accounts. Meanwhile interest is paid at 4%.

*I asked. They checked. That's their official line at present.

psychic_teabag

I was pleasantly surprised to find that I already had a few DD's set up on one of my accounts, so I phoned to get that one upgraded. They did mention that I could upgrade all three as long as they each had two DD's, but didn't volunteer the fact that I could do so before setting up the required DD's. Not to worry - shouldn't take me too long to get the required DD's in place.

(I pressed 2 on the phone rather than 1, but got transferred to someone else to do the work, so pressing 1 might have got me to the right place directly.)