New Lloyds Vantage current account

gwyn1_2

Mine added as well. Only to one account so phoned them regarding my other account and was told that it was because I had gone overdrawn in September. True a DD had been taken out and I had not replaced the amount so had gone into debit. Still the nice lady gave me £10 to cover the cost of the phone call so made an extra £1.64. Alls well that ends well.

innovate

Interest at 4% AER paid today, from September 12, on all 3 of my accounts

I have 2 DDs each on 2 accounts, and 3 on the other. Only 1 DD has so far been paid from one of the accounts, and 2 each have been paid from the other two.

So all is working exactly how I expected it to work

premierfella

3 existing Vantage accounts, upgraded by telephone around the 14th, 1 of which already had the direct debits in place, pretty much the full £5000 pre-upgrade and £6000 post-upgrade, £1000 credits paid in during the month, never overdrawn, 3 Vantage packs received in the post and...
interest paid at 3% on all three accounts (c.£9).

I'll leave the inevitable time-consuming phone call until tomorrow.

exel1966

YorkshireBoy wrote: »

I note people were trying to define 'active' earlier in the thread (as a result of what they'd been told by LTSB staff). My personal view is that an 'active' DD is simply a DDI (Direct Debit Instruction) that has not lapsed under the dormancy rules.

That's exactly as I understand it and how Lloyds are determining it when paying out the 4%.

Only when 13 months of non-use have passed will the DDI become Inactive and therefore breach the Lloyds terms.

exel1966

YorkshireBoy wrote: »

I have more than I was expecting!

However, because my 'extra' equates to one days interest, I suspect they have included yesterday's (ie 1st October) accrued interest in September's payment*.

In the four? years I've had my vantage accounts they've always paid interest based on date range 2nd-1st business day.

AP

premierfella wrote: »

3 existing Vantage accounts, upgraded by telephone around the 14th, 1 of which already had the direct debits in place, pretty much the full £5000 pre-upgrade and £6000 post-upgrade, £1000 credits paid in during the month, never overdrawn, 3 Vantage packs received in the post and...
interest paid at 3% on all three accounts (c.£9).

I'll leave the inevitable time-consuming phone call until tomorrow.

I have 1 existing Vantage account. I went to my local branch on 14 Sept to see the adviser who logged on to the computer system and change my Vantage tariff from "Standard" to "Intro". After he has done that an interest payment of £3.24 was then added. I worked it out that this was made up of £5000 x 2.96% x 10 Days (4 Sept to 13 Sept inc.) / 365 Days = £4.05; less 20% tax £0.81 giving £3.24. He said that this was effectively closing down the previous version and the new rate would apply afterwards.

However, I noted that the interest credited today was only £5.84. I worked it out that this was made up of £5000 x 2.96% x 18 Days (14 Sept to 1 Oct inc.) / 365 Days = £7.30; less 20% tax £1.46 giving £5.84. This means that the new rate has not kicked in and also not on the extra £1000 that I have put in since 14 Sept.

Whilst reading the "small print" at the back of the leaflet "Vantage lets you earn up to 4% AER variable on your current account", the sentence on line 9 says:

"If you change your Vantage account before 31 October 2013 and you qualify for interest at the 4% AER rate, we may only pay you interest up to 3% AER monthly. If this occurs a balancing payment representing unpaid interest will be added to your account in November 2013."

Can anyone explain to me what this means and does it mean that all existing Vantage account holders will only get the extra interest (extra 1% on £5000 and extra 4% on £1000) in November 2013?

premierfella

AP wrote: »

IWhilst reading the "small print" at the back of the leaflet "Vantage lets you earn up to 4% AER variable on your current account", the sentence on line 9 says:

"If you change your Vantage account before 31 October 2013 and you qualify for interest at the 4% AER rate, we may only pay you interest up to 3% AER monthly. If this occurs a balancing payment representing unpaid interest will be added to your account in November 2013."

Can anyone explain to me what this means and does it mean that all existing Vantage account holders will only get the extra interest (extra 1% on £5000 and extra 4% on £1000) in November 2013?

I wrote that text off as relating to customers who switch from, for example, Classic Vantage "Intro 4%" to Silver Vantage "Intro 4%".

I didn't read it as suggesting that applying the "Intro 4%" offer to an existing Classic Vantage account would mean that we would be waiting until November 2013 for the extra interest. If that is the case, the text fails a plain English test in my view and Lloyds TSB have unnecessarily opened themselves up to lots of calls from disgruntled customers.

innovate

AP wrote: »

Whilst reading the "small print" at the back of the leaflet "Vantage lets you earn up to 4% AER variable on your current account", the sentence on line 9 says:

"If you change your Vantage account before 31 October 2013 and you qualify for interest at the 4% AER rate, we may only pay you interest up to 3% AER monthly. If this occurs a balancing payment representing unpaid interest will be added to your account in November 2013."

Can anyone explain to me what this means and does it mean that all existing Vantage account holders will only get the extra interest (extra 1% on £5000 and extra 4% on £1000) in November 2013?

No, it definitely does not mean that all existing Vantage account holders will only get the extra interest will only get their 4% AER in November 2013. Many of us already got the 4% for a period in September.

What exactly it does mean, I can only guess - since you appear to be affected, best probably if you ask Lloyds.

premierfella

Since comment on here suggested that this wasn't a common issue for existing Vantage customers "upgrading" to the 4% rate, I decided that I might as well make the phone call today.

As expected I spent 15 minutes on the phone. The advisor seemed unable to understand the issue (repeated what interest I had received, confirmed that the accounts were showing on her screen as having the offer rate, and at one point went away to speak to a colleague and then came back to say that I would receive interest tomorrow for September - despite her having earlier in the call read out to me all three interest payments credited to the account 1OCT12!).

All this seemed very much like trying to fob off a customer without resolving the issue or escalating it. This was confirmed when she returned from "speaking to advisors that deal with Vantage" to say that she couldn't help me on the phone and that I needed to go to a branch and sit down with an advisor who would calculate the interest (how that is supposed to resolve the issue I don't know - the interest has very obviously been paid at the 3% rate on £5000. Why would I want to waste time in a branch sitting with an advisor who gets a calculator out to work out what interest I should have received - can the person on the phone not also use a calculator to confirm that the interest was underpaid and then escalate the issue?)

So its the complaint route for me...*

(*I have no issue dealing with things where necessary at a branch, but this is clearly not an issue that branch staff would likely resolve in my presence and I would be running the risk of a long stay in the branch if the advisor had the same difficulty as the phone staff in understanding the issue!)

Gromitt

innovate wrote: »

What exactly it does mean, I can only guess - since you appear to be affected, best probably if you ask Lloyds.

I would guess it just means that if you upgrade from Vantage Classic to another product that has Vantage (Vantage Silver or whatever the other pay-for accounts are now), then you may lose you 4%, but no worries, it'll be added in November next year.