'Does the Santander 123′s 3% interest beat the top cash Isa?' blog discussion

Herbalus

Bronniedog wrote: »

I note the comment about the Lloyds' Vantage ending at the end of the month. I can't find any other details about it ending. Can anyone throw further light on this please?

It's what staff have been saying in branch, but there's nothing official yet.

http://forums.moneysavingexpert.com/showpost.php?p=64739406&postcount=2896

Bronniedog

Ok Thanks. Its just that there's nothing on the Lloyds' website that I can find. Just wondered how the info had come to light.

Bronniedog

Just called into Lloyds for up to date details of changes to the Vantage account. They tell me that the Club Lloyds account will encompass the Vantage in all respects. There will be no changes to the administration requirements and the interest will remain the same for the moment. New Vantage accounts will be available for the near future (ie until the Club Lloyds accounts come on stream). I must stress that this is verbal information only, obtained from Lloyds staff. There are no written datails available at the moment!!

Herbalus

Bronniedog wrote: »

Just called into Lloyds for up to date details of changes to the Vantage account. They tell me that the Club Lloyds account will encompass the Vantage in all respects. There will be no changes to the administration requirements and the interest will remain the same for the moment. New Vantage accounts will be available for the near future (ie until the Club Lloyds accounts come on stream). I must stress that this is verbal information only, obtained from Lloyds staff. There are no written datails available at the moment!!

I'm not quite sure what you mean. Do you mean that the existing Vantage is changing? Or that the new Club Lloyds accounts will take over the Vantage accounts and at some point all the Vantage accounts will become Club Lloyds accounts?

Bronniedog

My understanding was that the Club Lloyds accounts would take over the Vantage accounts 'as they are' for the time being, but that after the 'change-over' you would not be able to open a new Vantage account. The staff gave the impression that existing Vantage accounts would not change after the 'change-over' (the amount to be paid in, max 3 accounts, cascading payments from one account to the other, interest rate paid etc) but who knows. Hope this helps in some way! By the way, I was told that you CAN open new Vantage accounts up to the time that Lloyds bring in the Club Lloyds system.

cmotd

My partner has just changed from the Vantage to the Club account so the up to date position is this:

Vantage account continues if you have one but top interest rate drops to 1.5% in July. You will not be changed automatically to Club - you have to ask. As usual they are relying on inertia to rip off existing customers.

Club account is similar but with more stringent qualifications - you have to pay in £1500 per month (instead of £1000) or pay a £5 per month fee. You also have to have at least two direct debits in place. Top interest rate of 3% is paid up to £5000 instead of £4000 with Vantage so it is a better deal if you can meet the conditions.

There are also some perks on offer such as restaurant discounts or free magazine subscriptions which can be worth £100+ per year.

andyinlondon

Never would I recommend Santander to anyone !
not even if they were my worst enemy in the world, Santander are evil dishonest scum, not at branch level where the poor staff have to face customers, but head office and their probate department particularly, pure evil.
if you think you may die one day, make sure you do not have any money with Santander, they will make it as difficult as possible to pass it on to your family despite your will, and will probably help themselves to some of the money as they did to my late Mothers accounts. and of course then lie about it too.
Worst bank in the world...... just don't do it

Buzby

Well - I've nothing but praise for the manager at Glasgow Springburn branch who listened to my concerns and sorted everything. Some you win, some you lose!