Is Lloyds closing their Vantage accounts?

bob792

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.

Interesting, I haven't received that one yet - it's something to look forward to! I'm surprised they bothered after a rate drop like that.

Sanne

Went to see my bank manager yesterday and he told me they didn't have any information yet what the new interest rate would be. Well - he out to read this board (or the newspapers)!

will-he-payitoff

So where would be the best place to put 15k come July? Is it possible to open a club account while already having 3 vantage accounts?

kar999

will-he-payitoff wrote: »

So where would be the best place to put 15k come July? Is it possible to open a club account while already having 3 vantage accounts?

Yes you can open a new Club account now and keep your vanatage accounts. Just make sure you click "apply for" not "upgrade" on the online application.

Santander ( :eek: ) "might" be a good place for your £15k in July.

Personally I will be looking at NISA rates which most probably should beat 1.5% Gross on the Vanatge accounts and especially if they are introducing 2 active DD's on each a/c it won't be worth the hastle factor for just 1.5%.

I can see shed loads of money leaving Lloyds come July.

Speculator

Moving our money to the new Saffron BS Reg 4% ISA. Good to see they've kept the same rate as last year and paying the same rate as on their 1 yr regular savings account.

innovate

kar999 wrote: »

I can see shed loads of money leaving Lloyds come July.

yep, definitely. It is probably what they want. Get rid of people who are half clever with their money.

I can produce any number of DDs for an account that it is worthwhile having, but Lloyds Vantage will, sadly, no longer be in that category come July, so my Vantage money will exit Lloyds. I suppose many people will use the money for an ISA, or funnel it into some other accounts that pay way more than 1.5%.

Dustykitten

Do we know which day in July the interest drops, beginning, end of the month?

Speculator

Dustykitten wrote: »

Do we know which day in July the interest drops, beginning, end of the month?

I will be closing mine on 30th June.



From 31 March the Vantage current account will no longer be available to new customers. We are writing to existing Vantage customers to update them about the benefits of Club Lloyds and to notify them that the rate on Vantage will be reduced to 1.5% from July 2014

http://www.lloydsbankinggroup.com/globalassets/documents/media/press-releases/lloyds-bank/2014/140329-club-lloyds-launch.pdf

GingerFurball_2

innovate wrote: »

yep, definitely. It is probably what they want. Get rid of people who are half clever with their money.

I can produce any number of DDs for an account that it is worthwhile having, but Lloyds Vantage will, sadly, no longer be in that category come July, so my Vantage money will exit Lloyds. I suppose many people will use the money for an ISA, or funnel it into some other accounts that pay way more than 1.5%.

It might just be a coincidence, but with £15k being the NISA limit...

innovate

GingerFurball wrote: »

It might just be a coincidence, but with £15k being the NISA limit...

£15K is very likely to be a coincidence, yes. Not sure they had that in mind when they dreamt the new rules. It's more likely some jobsworth who is determined to spoil the Vantage party.

But it doesn't really matter, not for me, anyway. 1.5% on £15K is easily beatable, and it doesn't have to be an ISA, and it doesn't have to be Lloyds. I am grateful for the 3% and 4% the Vantages did pay over many years, though, thank you, Lloyds (honest!).