New Lloyds Vantage current account

YorkshireBoy

innovate wrote: »

I only have one Tesco Savings acct (opened yesterday), and I could set up a DD from it for each of my 3 Vantage accounts.

I would think it would be poss to do the same from another Tesco savings acct.

Good luck!

Just done it. 6 DDs, 1 to each Tesco savings account from each Vantage account.

8 minute 0800 call, and most of that was took up verifying security because it's been that long since the accounts have been used. Pretty impressed with Tesco Bank!

Now to call LTSB and MBNA.

Going to set up a 6 x £1 per month DD pulls as soon as the DDIs appear at LTSB, just in case they need to be 'active' to generate the 4%.

YorkshireBoy

YorkshireBoy wrote: »

Now to call LTSB...

LTSB have told me that they're changing the interest payment date to the date they added the new tariff to my accounts, so for me that will now be the 10th. They say all existing Vantage customers are currently paid on a date based on when they opened their accounts, ie a statement month?

However, I'm not sure they're correct in saying this because I thought everyone was paid on the second working day of the month? Forgive my memory lapse - it's been a while since I've used these accounts - but has anyone else been told the same thing today?

I was also advised not to dump more than £5K in there until I saw the DDIs appear online, as it wouldn't earn 4%.

And finally, I was told the DDs need to be active and used monthly.

exel1966

YorkshireBoy wrote: »

They say all existing Vantage customers are currently paid on a date based on when they opened their accounts, ie a statement month?

However, I'm not sure they're correct in saying this because I thought everyone was paid on the second working day of the month? Forgive my memory lapse - it's been a while since I've used these accounts - but has anyone else been told the same thing today?

I was also advised not to dump more than £5K in there until I saw the DDIs appear online, as it wouldn't earn 4%.

And finally, I was told the DDs need to be active and used monthly.

They,re definitely wrong ref the interest payment date. It was 2230ish first business day of the month for the first couple of years, it's now the early hours of the 2nd working day backdated to the 1st.

I wasn't advised of any change when I upgraded my 3 accounts. I was also advised the 4% would be paid up until 31/10/12 regardless of whether the DD's were live which I did question. Once set up the DD's MUST be used monthly.

I'm now wondering whether to move the MBNA funds now or wait until I see the DD's set up. Hmmmm?

innovate

YorkshireBoy wrote: »

LTSB have told me that they're changing the interest payment date to the date they added the new tariff to my accounts, so for me that will now be the 10th. They say all existing Vantage customers are currently paid on a date based on when they opened their accounts, ie a statement month?

Not my experience. Been paid the interest on 3 accounts every 2nd (or next working day) each month for ages now. My accounts were definitely not all opened on the same date.

YorkshireBoy wrote: »

I was also advised not to dump more than £5K in there until I saw the DDIs appear online, as it wouldn't earn 4%.

You did better there than I did - couldn't get any sense out of them on that one. But I have topped up my accounts to £6K each, on the grounds that they said I'd get the 4% unless my DDs had not been set up by 31/10/12. Might cost me a couple of quid across 3 accounts in the end, but I decided I need to move on from thinking of Lloyds Vantage every 2 seconds!!

YorkshireBoy wrote: »

And finally, I was told the DDs need to be active and used monthly.

Yep, tallies with what they told me. Though not seen anything that supports this in the T&Cs. It does make a certain amount of sense, though.

MoneySaverLog

Right sorted with Tesco and Principality Building Society now, just after wait for the DD's to be set up by them. 1 DD for each of them in from 3 vantage accounts (6 DD's in total). Each is set for £1 per month only.

Probably going to be next year before I can take advantage of 4% in 2 vantage accounts though I've set up all 3 as you never know.

YorkshireBoy

innovate wrote: »

Not my experience. Been paid the interest on 3 accounts every 2nd (or next working day) each month for ages now. My accounts were definitely not all opened on the same date.

I thought so! My 2nd and 3rd were opened on the same day, but the 1st definitely wasn't.

But I have topped up my accounts to £6K each, on the grounds that they said I'd get the 4% unless my DDs had not been set up by 31/10/12. Might cost me a couple of quid across 3 accounts in the end

I can see some complaints being filed come 2nd October (when people do their sums) due to this ambiguity/omission in the T&Cs.

MoneySaverLog

Was told today on the phone I had until 31st October to get the DD's sorted but 4% interest would be paid from today.

If DD's not sorted by then they would remove vantage from the account.

YorkshireBoy

exel1966 wrote: »

I'm now wondering whether to move the MBNA funds now or wait until I see the DD's set up. Hmmmm?

I'm on hold for them now.

I'll take 3% (2.4% after tax) for a few days. The DDs will probably be set up before the MBNA funds arrive anyway (our £19K & £22K MTs would almost certainly need to go through additional security/AML checks).

YorkshireBoy

MoneySaverLog wrote: »

Was told today on the phone I had until 31st October to get the DD's sorted but 4% interest would be paid from today.

If DD's not sorted by then they would remove vantage from the account.

Only the 4% 'tariff' surely?

YorkshireBoy

exel1966 wrote: »

I'm now wondering whether to move the MBNA funds now or wait until I see the DD's set up. Hmmmm?

When you get round to moving them be aware that they're now saying 95% including the fee, so max transfer 93% with a 2% BT fee.