Club Lloyds Account Direct Debit Question

philip1988

waterwatereverywhere wrote: »

Hi,

Many thanks for the replies.

Yes I have opened the other better paying accounts but haven't yet fully filled them to capacity. I will be concentrating on filling these higher paying ones up first (TSB, Santander, FlexDirect etc) and then I thought it would be worthwhileto keep the 3 old Lloyds Vantage ones if I ever have any excess monies to put in there to be at least earning 1.5% at some stage in the future.

I see the Lloyds rep above in this thread has confirmed that the £1500 credit can be anything, i.e. cash, salary, pension etc., but he hasn't specifically said if a transfer from another Lloyds account will suffice - pls does anyone know this for certain?

Many thx.

Yes you can. The branch tried to say I couldn't but there was nothing in their T&C to say you couldn't. I think the LLoyds rep confirmed this a while back.

Been transferring from my current account for the past 3 months and had no problems.

waterwatereverywhere

Hi Philip1988 (and others)

Many thanks for confirming - I think I was confused because I'm sure I was also given incorrect info in branch when I first went in to make enquiries about this a while ago - seem to recall they also told me I could only open it in branch and had to sit and watch a video before I could do so ... it was a small, rural branch, but even so this shows how misinformed some of the branch staff can be...

Thx for clarifying - as ever one gets more accurate information on here than in branch or by telephone seemingly...

Lloyds_Bank

waterwatereverywhere wrote: »

Hi,

Apologies if these questions have already been answered but I'd be very grateful if someone could help to clarify - or the Lloyds rep on here?

Have just opened the Club Account - can the direct debits be just for small amounts to savings accounts - like a Tesco Savings and one other - will this satisfy the terms? My main DDs are currently on another account. (I have Tesco - pls can anyone suggest another which has the DD facility?)

Can the £1,500 be transferred INTERNALLY from another Lloyds account or must it come from another EXTERNAL account?

I have the 3 Vantage accounts where the interest rate has just dropped - are these worth keeping now - just wondered what others are doing? It seems that even at 1.5% they are worth hanging on to to keep any smaller amounts in.

Many thx in advance.

Hi waterwatereverywhere,

It looks like you may already have your answers thanks to some helpful posters, but I thought I should post anyway just to confirm.

The two monthly Direct Debits to qualify for the credit interest can be for small amounts to savings accounts. As long as you have two separate Direct Debits paid each calendar month, that's fine.

For the fee waiver, yes, the £1,500 credit can be sent from another account held with us. As you seem to be aware, it can also take the form of salaries, benefits, cash, Faster Payments or standing orders.

Thanks,

Craig

Mr_Deep-Pockets

waterwatereverywhere wrote: »

I have the 3 Vantage accounts where the interest rate has just dropped - are these worth keeping now - just wondered what others are doing? It seems that even at 1.5% they are worth hanging on to to keep any smaller amounts in.

From what I've read in Lloyds leaflets, you need to have two active monthly DDs on the Vantage accounts now rather than just two DDs of any frequency. I decided that it wasn't worth the hassle of arranging this and have closed two Vantage accounts and transferred £10K to another provider. It's fairly easy to get 1.5% nowadays so Vantage is no longer a great benefit to savers.

Lindagreenacre

I am furious with Lloyds. I have POA for my sister who has learning disability. She has a current account with Vantage, which means that, as I see that she keeps a balance of around £5000, she has been receiving 3% interest. The most recent statement shows that she is now receiving half the interest. On investigation, I find that it is now 1.5%. Lloyds are doing a hard sell on their new Club current account, but she does not have £1,500 credited each month. I never received any notification from Lloyds. Yet again, the banks are out to betray their customers. Time for a change of bank I think.

YorkshireBoy

Lindagreenacre wrote: »

I am furious with Lloyds. I have POA for my sister who has learning disability. She has a current account with Vantage, which means that, as I see that she keeps a balance of around £5000, she has been receiving 3% interest. The most recent statement shows that she is now receiving half the interest. On investigation, I find that it is now 1.5%. Lloyds are doing a hard sell on their new Club current account, but she does not have £1,500 credited each month. I never received any notification from Lloyds. Yet again, the banks are out to betray their customers. Time for a change of bank I think.

I don't know how communication works with POA...do you/should you both get letters? They wrote to me several times this year (maybe 3?) as I recall, telling me about the new requirement for 2 x DDs to pay out, as well as the increase in monthly credit. Ask them what happened to your/her letters.

eskbanker

I also received notification from Lloyds about this change to Vantage with effect from 1 July.

For someone looking to move from Vantage to Club to continue to get decent interest on a pot of savings, the increased funding requirement shouldn't be a barrier, since this can easily be handled by transferring £1,500 out of the Club and bounced straight back in again, either via another Lloyds account (e.g. an empty unused Vantage) or elsewhere....

Archi_Bald

Lindagreenacre wrote: »

Yet again, the banks are out to betray their customers. Time for a change of bank I think.

No betrayal anywhere in sight. You need to review how you get the notifications about T&Cs, not least because there will inevitably some future ones. Calm down and talk nicely to them about it, they will most likely see you / your sister right under the circumstances.

Changing bank seems a rather emotional, and possibly ineffective, thing to do. You would have the same sort of communication issues to resolve elsewhere, and they might not pay 4% AER elsewhere.

Sorting out the pre-requisites for the Club Lloyds should not be hard to do. There is a full Club Lloyds thread on the forum.

Lloyds_Bank

Lindagreenacre wrote: »

I am furious with Lloyds. I have POA for my sister who has learning disability. She has a current account with Vantage, which means that, as I see that she keeps a balance of around £5000, she has been receiving 3% interest. The most recent statement shows that she is now receiving half the interest. On investigation, I find that it is now 1.5%. Lloyds are doing a hard sell on their new Club current account, but she does not have £1,500 credited each month. I never received any notification from Lloyds. Yet again, the banks are out to betray their customers. Time for a change of bank I think.

Hi Lindagreenacre,

We have sent out notifications about these changes to affected Vantage account holders, so I'm sorry to hear you didn't receive any for your sister's account. Have you checked with your sister as it may have been sent to her address?

If you'd like info on which address correspondence is sent to for your sister's account, if you're registered with security details, our PhoneBank team can provide that. They're available on 01733 347 007 and 0845 3000 000 (lines are open 24 hours a day). Alternatively, one of my colleagues at your local branch will also be able to help with that.

Thanks,

Craig

Lindagreenacre

I have already been into the branch most local to me. They were not able to help as they could not remember if the mailings were sent out with statements (I do not receive paper statements, only online), or a separate letter was sent. My address is the correspondence address and I have checked that my sister has not received notification. This does not alter the fact that all of a sudden, Lloyds bank have reduced the interest paid on accounts of £5,000 balance by 50%. My sister does not have £1,500 paid into her account each month (necessary for a Club account) and so she is well and truly let down by Lloyds, as are so many other customers. Your interest rates on any savings are abysmal and offer no incentive to continue to bank with you.