New Lloyds Vantage current account

psychic_teabag

MoneySaverLog wrote: »

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.

See "Savings accounts deposits by Direct Debit" : https://forums.moneysavingexpert.com/discussion/4168667

Yorkie1

Milarky wrote: »

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.

Thanks for that info, Milarky.

On the question of transferring DDs, presumably one would have to go to the company taking the DD and do the paperwork at that end - you can't just ask Lloyds to change the account numbers on the DD?

innovate

Got my 3 upgraded on the phone - no DD yet showing on any of them but they were happy to mark my accounts as eligible.

They stressed that the 4% will not be paid when there aren't 2 DDs by no later than Oct 31 2012. The DDs have to be active on a monthly basis (couldn't find that in the T&Cs but best to have some monthly activity). There is no minimum amount requirement on the DDs.

Megabloks

How do you apply for multiple accounts online? Going through the apply online part after logging in, one of the first criteria is that you do not already have a current account. Do you just ignore that?

innovate

It's a few years since I opened mine. Can't remember exactly what they asked, but I managed to do 2 online, and I had to go into a Branch to get the third one opened. If I were you, I would just try and go until they offer no more "Next" buttons...

psychic_teabag

If you check one of the older threads, they talked about opening multiple accounts. ISTR after you have opened the first one, you can log in and apply for subsequent ones from within the online banking interface. Some people were able to open the subsequent ones, some weren't. (Neither I nor my OH succeeded.)

But it's no problem to open them using the freefone number provided.

psychic_teabag

innovate wrote: »

They stressed that the 4% will not be paid when there aren't 2 DDs by no later than Oct 31 2012. The DDs have to be active on a monthly basis (couldn't find that in the T&Cs but best to have some monthly activity). There is no minimum amount requirement on the DDs.

Hmm, they didn't mention the activity requirement to me, and I don't think any of the DD's that were already on the account had shown any recent activity. (In fact, don't think any of them had ever been used : linked savings accounts and a BestInvest SIPP).

Do DD's time out if they've not been used ? ISTR that after 13 months of inactivity they automatically cancel. Or is that just a Natwest policy ?

innovate

psychic_teabag wrote: »

Do DD's time out if they've not been used ? ISTR that after 13 months of inactivity they automatically cancel. Or is that just a Natwest policy ?

Looks they all do http://www.thesmartwaytopay.co.uk/DirectDebitExplained/FAQs/Pages/InactiveDirectDebits.aspx

Not sure though whether the fact that you can still see them on your account means they are still active

frugalfran

Haven't fully got my head round all this yet, but can I just change my direct debit for e.g. monthly council tax to come from the Vantage account, then set up a standing order from my main (non Vantage account) so that the funds are there?
I also have a direct debit for one of the cheap phone call companies, most months there is a debit, but not always so I wonder if this would count?
It all seems a lot of work - especially if it's only going to be valid for 12 months, but I guess if you have multiple vantage accounts each of which could yield £40 and are not a tax payer it might be worth it. Having to remember to top up to the £6k after each debit is taken is a bit of a fiddle - but I guess you can get a text alert to remind you.

psychic_teabag

Well, if you have the accounts maxed out, you still need to log in each month to cream off the interest, so you're having to fiddle anyway.

Yes, moving existing DD's over will satisfy the requirement. Indeed it's probably what Lloyds are hoping you'll do. I'll probably end up moving some of my real direct debits over if they have to be active. (Or maybe even just start some new charity DD's - share some of the windfall with them.)