Topping up Vantage accounts

jonesMUFCforever

innovate wrote: »

Or that they need to be "active", and what an "active" DD actually is?

One that actually debits an amount from your account monthly - is my description.
Do you think you can just dump 2 d/d mandates on the account and get the interest??
IMO the answer is no but we will only really know at the end of November when interest has been credited to the account (or not).

innovate

jonesMUFCforever wrote: »

One that actually debits an amount from your account monthly - is my description.

Don't know why you would have such a definition. 1 - there is no mention about "active", 2 - there is no mention about "monthly DD" in the Lloyds terms for this offer. A perfectly valid DD can have just about any frequency you can think of - - monthly, fortnightly, bi-monthly, semi-annually, annually, on demand............so this includes your definition but your definition is with almost certainty not the only valid one.

jonesMUFCforever wrote: »

Do you think you can just dump 2 d/d mandates on the account and get the interest??

Yep, assuming the balance is between £5K and £6K (though I am not suggesting people should take the p*ss with phantom DDs)

jonesMUFCforever wrote: »

.... we will only really know at the end of November when interest has been credited to the account (or not).

I expect to see my first lot of 4% interest to be credited on Monday or Tuesday. Just because the application deadline is 31st October 2012 doesn't mean you don't get the 4% interest paid before (assuming you met the conditions before).

Hominu

jonesMUFCforever wrote: »

Don't forget all - with the new Vantage account you have to have 2 active D/D's paid out of the accounts every month - or NO interest at all.

I disagree, what I was told today by branch staff (I actually sat down with one of them and had a nice chat) was that they added Vantage to the account anyway by default as it doesn't cost anything. If I pass the requirements for the 4% offer by 31/10, then I get 4%. If not, its tiered upto 3% depending on balance.

There's also a grace period - people transferring accounts to LTSB can take 2 - 3 weeks, so if the DDs are not setup by 31/10 in this case, it doesn't matter.

Hominu

jonesMUFCforever wrote: »

One that actually debits an amount from your account monthly - is my description.

I'd be interested to know how this would work with my main account, as I only have one DD that is monthly, the others are quarterly.

jonesMUFCforever

Hominu wrote: »

I'd be interested to know how this would work with my main account, as I only have one DD that is monthly, the others are quarterly.

Guess we have a month to wait for the answers unless somebody from Lloyds will give us the answer.

pqrdef

jonesMUFCforever wrote: »

Guess we have a month to wait for the answers unless somebody from Lloyds will give us the answer.

Well they aren't going to be keen to come out and say that any old rubbish will do.

But there are two parts to this

- the qualification for taking up the limited offer

- the conditions for interest payment

So far as we know, the DDs only come into the first part. The condition for interest payment is still only that £1000/month goes in. Nobody has said anything about turning the limited offer on and off on a monthly basis.

jonesMUFCforever

pqrdef wrote: »

Well they aren't going to be keen to come out and say that any old rubbish will do.

But there are two parts to this

- the qualification for taking up the limited offer

- the conditions for interest payment

So far as we know, the DDs only come into the first part. The condition for interest payment is still only that £1000/month goes in. Nobody has said anything about turning the limited offer on and off on a monthly basis.

If you choose to stay on the old offer of 3% then you do not have to have any D/D set up.
If you choose to apply for the new offer it clearly states you have to have 2 D/D s set up - what is not clear yet is whether to get the 4% interest the D/D's have to be debited from the account on a monthly basis.
If the bank says yes they do have to have been debited from the account on a monthly basis then it is clear (to me anyway) that no interest is payable for that or any subsequent months where 2 D/D payments are not made.
IMO a lot of people would be better off sticking to the old offer.

innovate

jonesMUFCforever wrote: »

Guess we have a month to wait for the answers unless somebody from Lloyds will give us the answer.

we should know on Tuesday.

jonesMUFCforever

innovate wrote: »

we should know on Tuesday.

How come?

innovate

jonesMUFCforever wrote: »

what is not clear yet is whether to get the 4% interest the D/D's have to be debited from the account on a monthly basis.

It is clear, has been clear since the offer came out - - there has never been any mention of any monthly (or any required frequency) DD on the Lloyds website, in the printed literature available in Lloyds branches, or in the TV ads. Only some MSE posts stubbornly invent rules that are not supported by information officially published by Lloyds.

jonesMUFCforever wrote: »

If the bank says yes they do have to have been debited from the account on a monthly basis then ......

This would be a change to the published terms(*) - - I suggest we deal with such as change as and if they make this change.

In the (most unlikely, IMO) event that Lloyds would apply interest calculation that is not in line with the published terms, normal complaints procedures are there to help the impacted customers.

(*) of which I have taken careful copies