Lloyds 4% Vantage Stipulations?

compound

Hi All,

I have a couple of queries with the 4% vantage account currently being offered by Lloyds TSB.

I already have vantage on my current account so i thought it would be easy enough to upgrade. However i was told by the cashier that i need to have at least £4000 in my account to do so? Is this true? I've looked through the information and couldn't find this stipulation.

Also you need to have 2 direct debits set up, i have 1 and another that has been set up but no money that has gone through, would that still be ok?

Finally after the 4% rate finishes, does the account go back to being normal vantage?

Many Thanks

innovate

The answers to your questions are all on the Lloyds website on http://www.lloydstsb.com/current_accounts/vantage4.asp.

You do not need a minimum balance to add the 4% offer.

There is nothing in the terms that says the DDs need to have paid any money - not by 31/10/12 or any date.

After 31/10/13, you will only get interest on up to max £5K.

anamenottaken

compound wrote: »

Hi All,

I have a couple of queries with the 4% vantage account currently being offered by Lloyds TSB.

I already have vantage on my current account so i thought it would be easy enough to upgrade. However i was told by the cashier that i need to have at least £4000 in my account to do so? Is this true? I've looked through the information and couldn't find this stipulation.

Also you need to have 2 direct debits set up, i have 1 and another that has been set up but no money that has gone through, would that still be ok?

Finally after the 4% rate finishes, does the account go back to being normal vantage?

Many Thanks

Of course you will need at least £5000 in your account at any time you want to actually benefit from the 4% rate.

CRISPIANNE3

innovate wrote: »

The answers to your questions are all on the Lloyds website on [

You do not need a minimum balance to add the 4% offer.

There is nothing in the terms that says the DDs need to have paid any money - not by 31/10/12 or any date.

After 31/10/13, you will only get interest on up to max £5K.

DD only need to be active.

innovate

CRISPIANNE3 wrote: »

DD only need to be active.

If you mean by that that you have to see them on your Vantage account, then that's correct. Beyond that, there is no definition of an "active" DD, which might be the reason that Lloyds do not stipulate "active" DDs.

compound

Hi All, thanks for your replies.

Yes, i knew that to benefit from the higher rate i needed more in the current account. I just found it odd that i couldn't even apply for the vantage account unless i had more in my account.

I can have the funds in there to hit the higher rate but that would be a month or two away.

YorkshireBoy

compound wrote: »

I just found it odd that i couldn't even apply for the vantage account unless i had more in my account.

You weren't applying for a Vantage account though...you were simply registering an existing Vantage account for the higher 4% rate.

Their TV advert says (in small print at the bottom of the screen) that the DDs need to be set up before you can register for the 4% rate. Maybe branch staff were adhering to that 'rule' when they declined your request?

innovate

YorkshireBoy wrote: »

Their TV advert says (in small print at the bottom of the screen) that the DDs need to be set up before you can register for the 4% rate. Maybe branch staff were adhering to that 'rule' when they declined your request?

Doesn't say that on their website though. Also, the OP didn't say they said he needed to have the 2 DDs to get the upgrade - - apparently OP had been told that at least £4K must be in the account before they can have the upgrade. Which is complete poppycock.

Try your upgrade via 0800 015 4000 - they should be open until at least 6pm today. No need to tell them you had already tried in Branch.

Gromitt

I used the upgrade line to open my 3rd account, and that had 4% setup from account opening and had a balance of nil for about a week before I put some money in it. Actually, it was the upgrade line which persuaded me to open a third account !

I've only just completed setting up two Tesco Internet Savers for the DD requirements.

MoneySaverLog

Where did this £4,000 minimum balance come from, I have 3 upgraded to the new vantage and one on the old vantage T&C.

To maximise my interest I've put £6K in one of the accounts and the others have a token £10 in them at the moment and are not used (But will be shortly), other than to have the 2 Tesco DD's paid and the customary £1,000 cycled through them every month.

Gromitt

MoneySaverLog wrote: »

Where did this £4,000 minimum balance come from

More fantasies from branch staff I'd imagine from someone who completely misread the 'training sheet' (if there is one) or whatever else they have for showing staff new products.