New Lloyds Vantage current account

kar999

innovate wrote: »

...it doesn't say in the T&Cs that the DD must be monthly

1. there is no definition in the T&C of what an "active" DD is
2. a perfectly good DD can be monthly, fortnightly, quarterly, annually, on demand....and there might not be any demand before 31/10/2013 (e.g. Paypal?)

Or even 10 months out of 12 like for Council Tax.

A good DD to set up, for those that don't do it already, is the Lottery. No dashing down the newsagents at the last minute...It always nice to know your balls are always ready for the big one!

zerog

badger09 wrote: »

But using my 'belt & braces' method will cost me less than £1 net interest a year.

Why would any of this cost anything? Can you not just send the £1 from tesco back to lloyds once it arrives?

innovate

zerog wrote: »

Why would any of this cost anything? Can you not just send the £1 from tesco back to lloyds once it arrives?

Not sure I am correct there, but I think the minimum balance in that Tesco saver needs to be £1. Would they close the account,and cancel the DD(s), if it falls below £1? I don't know, and I am not chancing it to find out with my accounts. Doesn't hurt to transfer a few quid here and there, and to keep a few quid in "helper" accounts".

Taking the complete p*ss with phantom DDs would just lead to Lloyds (and other banks, who are no doubt reading MSE too - - - hello to all the bankers :wave:) making the next offer substantially more onerous. Shall we move one to something new....

expatasia

MoneySaverLog wrote: »

It may not even have to be annual, just so long as the DD is live and Tesco could call for a payment from it at anytime would be enough I'm assuming.

Don't Tesco bank pay half decent interest anyway?


When did the whole vantage thing originate? Whose 'bright' idea, was it? Was it set up to counter another bank's freebies?

badger09

expatasia wrote: »

Don't Tesco bank pay half decent interest anyway?


When did the whole vantage thing originate? Whose 'bright' idea, was it? Was it set up to counter another bank's freebies?

Half decent, yes - decent, hmmm.

The latest vantage offering was launched around the 9th of this month (can't remember exact date). Probably some 'creative' type's bright idea to counteract Nationwide's Flexclusive ISA, Regular Saver etc.

innovate wrote: »

Not sure I am correct there, but I think the minimum balance in that Tesco saver needs to be £1. Would they close the account,and cancel the DD(s), if it falls below £1? I don't know, and I am not chancing it to find out with my accounts. Doesn't hurt to transfer a few quid here and there, and to keep a few quid in "helper" accounts".

Taking the complete p*ss with phantom DDs would just lead to Lloyds (and other banks, who are no doubt reading MSE too - - - hello to all the bankers :wave:) making the next offer substantially more onerous. Shall we move one to something new....

Minimum balance is £1, and to be honest, I really can't be bothered manually moving a couple of £ a month out of Tesco for an extra 0.5% or thereabouts :cool:.

I agree about taking the p*ss, but I very much enjoy beating those 'clever' bankers at their own game, with help from fellow MSEers :T

MarkFromCornwall

expatasia wrote: »

When did the whole vantage thing originate?

I have a copy of the t&c dated June 2009 but I think it had been going a while before that.

G_M

Just rang Lloyds only to be told she can't upgrade my accounts as I don't meet the requirements (2 DDs). I told her they were being set up, and that I had till Oct 31st, but refused point blank and told me to call back once the DDs were in place or I would not qualify.

Grrr.

Steve_xx

G_M wrote: »

Just rang Lloyds only to be told she can't upgrade my accounts as I don't meet the requirements (2 DDs). I told her they were being set up, and that I had till Oct 31st, but refused point blank and told me to call back once the DDs were in place or I would not qualify.

Grrr.

Call again. More than likely you will get someone a bit more competent, though it is a hit and miss affair!

kar999

I went into a branch today to pay some cheques in and asked the cashier to check if the top tier was active. We applied by phone on 10th Sept and have not received letters and there is no way of us checking online that I can see.

The cashier didn't know but the manager came over and told her to look for a code on our accounts. I couldn't quite hear, but it sounded like 3318* or something similar. They then confirmed that the top tier was active on our accounts.

*EDIT: 380/13 for top tier .... see post below . Thanks Excel1966

G_M

kar999 wrote: »

I couldn't quite hear, but it sounded like 3318 or something similar. They then confirmed that the top tier was active on our accounts.

Any Lloyds employees like to confirm/correct this.......?