Is Lloyds closing their Vantage accounts?

liamcov

I can see that they are not accepting new applications but will existing customers still keep them or do they plan to migrate them to the new Club account / stop paying the 3% interest etc?

I just want to know if I should convert my account to get the 5% interest, or apply for a new one and keep my other 3% running?

YorkshireBoy

liamcov wrote: »

I can see that they are not accepting new applications but will existing customers still keep them or do they plan to migrate them to the new Club account / stop paying the 3% interest etc?

Vantage is dropping to 1.5% in July. As yet, no plans announced to close or migrate (but you couldn't migrate 3 anyway (the current max Vantage), being as the max is one sole account).

I just want to know if I should convert my account to get the 5% interest, or apply for a new one and keep my other 3% running?

I think you'll find the Club account pays 4%, but if you want a suggestion/opinion?...apply for a new one.

liamcov

Ah yes I'm getting confused with the TSB one.

Think I will try for a TSB 5% (do they require the 2 DD as well?), then convert my Lloyds one to the 4% and get the 4% RS (are TSB also offering a similar RS or just the 2% basic one?)

Any other suggestions (I've already got the Santander & FlexDirect).

drobe

Does this also apply to Bos Vantage accounts?

jonesMUFCforever

To keep the Vantage accounts with Lloyds you will soon require 2 d/d on each account to get any interest.

tipsychick

Will those DDs have to be active, do you know?

thegreenmonkey

drobe wrote: »

Does this also apply to Bos Vantage accounts?

No - at least not yet!

bob792

jonesMUFCforever wrote: »

To keep the Vantage accounts with Lloyds you will soon require 2 d/d on each account to get any interest.

Sorry, where do you get that one from ?

The announcement has been that the new Club Lloyds will be one sole account for the 4% rate with 2 DDRs and that Vantage will be reduced to 1.5% in July.

YorkshireBoy

bob792 wrote: »

Sorry, where do you get that one from ?

Insider knowledge.

jonesMUFCforever

bob792 wrote: »

Sorry, where do you get that one from ?

The announcement has been that the new Club Lloyds will be one sole account for the 4% rate with 2 DDRs and that Vantage will be reduced to 1.5% in July.

I have received a letter about mine.
Interest down to 1.5% but 2 direct debits will have to be debited monthly to get any interest from August.

badger09

jonesMUFCforever wrote: »

I have received a letter about mine.
Interest down to 1.5% but 2 direct debits will have to be debited monthly to get any interest from August.

Thanks for the heads up. Haven't got my letter yet.

Still got the monthly £1 going to my Tesco account which I set up for the old 4% Vantage offer For only 1.5%, I really can't be bothered remembering to use my inactive credit card or buy tut from eBay every month to ensure my 2nd DD is debited every month .