New Lloyds Vantage current account

Chorlie

I got the 2 Tesco's DD's set up on one of my Vantage accounts, they are showing but no money has yet been transferred to either of the Tesco's accounts, the DD's Frequency is shown as 'Not Known'

I phoned the Vantage team to get the 4% added and was told he'd set this up but the DD's need to be active by 31/10/12 or it will revert back to being 3%, but didn't state if it had to be monthly, quarterly, yearly or just a one off payment....

innovate

Chorlie wrote: »

...... but the DD's need to be active by 31/10/12 or it will revert back to being 3%.....

That's a whole lot of claptrap. There is nothing whatsoever in the T&Cs about "active".

May be you should have asked exactly what 'active' means in the context, why it's not mentioned in the T&Cs, when the T&Cs will be updated, how they will inform existing customers about the T&C change, and whether they could confirm it all in writing to you.

MoneySaverLog

I was told that too, it's the definition of "Active" which is the grey area. They have not defined it as innovate says. So my definition of active is it's sitting there on my account and the third party is "able" to take money from it when they like.

If the definition of "active" means something else they should expressly say so.

mary

Why can't people just transfer £1 on each DD each month and then send it back. You don't have to transfer a fortune!

Steve_xx

MoneySaverLog wrote: »

I was told that too, it's the definition of "Active" which is the grey area. They have not defined it as innovate says. So my definition of active is it's sitting there on my account and the third party is "able" to take money from it when they like.

If the definition of "active" means something else they should expressly say so.

It has nothiong to do with the word "active" or its definition, because that word isn't mentioned anywhere in the terms. That word has been mentioned by various ill-informed members of LTSB staff, who in turn have put their own varied and erroneous slant on a term that does not exist in the first place!

King_Weasel

innovate wrote: »

You just have to have 2 DDs showing on each Lloyds Vantage account by the end of October 2012.

Presumably they don't have to be new DDs.

And presumably you get the higher rate for any day where the balance exceeds £5K ie you don't have to keep the balance above £5K for the whole month/year.

MoneySaverLog

Interest is calculated daily at the rate determined by the closing balance and paid monthly.

innovate

King_Weasel wrote: »

Presumably they don't have to be new DDs.

No mention of new or old, either - f you already have at least 2 DDs, that satisfies the DD requirements listed in the offer.

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.

(highlighting by me)

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

bettz

Right I think ive done it :j:j can anyone confirm this is correct?? :T

Set up a Tesco Internet Saver account and set up 2 monthly DD's of 50p from my Vantage account (Not Showing yet but i think this takes a few days first DD will start 10th Oct)

I've currently transferred £5001 into the vantage account and set up a monthly transfer of £1000 into it every month which will sit in the account for 1 day then go back.

All i need to do now is call Tsb and get them to up to 4%??? - Done although will my account say anything different online as its still saying Classic Vantage??

Do you have to keep the account under £6000 every month? What with £1,000 going in every month it might creep over £6000 for a few days

Zekko

bettz wrote: »

Do you have to keep the account under £6000 every month? What with £1,000 going in every month it might creep over £6000 for a few days

You just won't get any interest on any money over the £6k.