Lloyds Vantage interest rates drops

td_007

It was already in the news that Vantage interest rates were dropping and I received the letter today confirming that the Vantage interest rates will drop to 1.5% (£3000-£5000 balance) from July 2nd 2014. Also, to get 1.5%, two different direct debits need to be paid out of the account each month in addition in paying in at least £1000 per calendar month.
Tier rates: £1-£999 = 0%, £1000 - £2999 = 0.5%, £3000-£5000=1.5%

Gromitt

So on 1st July I shall be reducing all my Vantage accounts to £1 and using them if any interesting switching offers come to light.

Unless of course they decide to start charging a fee for not funding them, then I'll just close them.

altocumulus

Hope the same doesn't happen to the TSB Enhance Accounts!

kar999

Gromitt wrote: »

So on 1st July I shall be reducing all my Vantage accounts to £1 and using them if any interesting switching offers come to light.

Unless of course they decide to start charging a fee for not funding them, then I'll just close them.

Ditto.... not worth the hastle of setting up DD's for 1.5%

There will be a lot of £15k's leaving Lloyds in July.

dougzz

I think its quite likely it will, TSB did introduce the Classic Plus account, so I'm guessing only a matter of time until the 3% drops and more hurdles are added.

anotheruser

So that is how they plan to make everyone move from the Vantage account then.... the Direct Debits...

Club Lloyds, let alone the silly name, is too much for me as all my DD are with Santander. I the £1500 in is too much messing about as I got tired of jumping through hoops for Halifax fivers requirement.

So looks like TSB will be my new bank then - their ethics seem a little more friendly (no DD requirement, no offers for X months) - just straight forward interest.

Mr_Goodkat

anotheruser wrote: »

So that is how they plan to make everyone move from the Vantage account then.... the Direct Debits...

Club Lloyds, let alone the silly name, is too much for me as all my DD are with Santander. I the £1500 in is too much messing about as I got tired of jumping through hoops for Halifax fivers requirement.

So looks like TSB will be my new bank then - their ethics seem a little more friendly (no DD requirement, no offers for X months) - just straight forward interest.

I think the cutting of the interest rate rather than the DD requirement will see more people move money out of vantage.


There are lots of easy ways to get DD's in place.


Whether you like the Club Lloyds name or not 4% interest on £5k is a good return and very easy to move £1500 a month in and out. Is every DD you have with Santander earning cash back? If not two of these could be moved to Club Lloyds? Alternatively look at the many other DD's you can have set up.


DD's and shuffling money around is a way of making easy money


TSB Plus will only house £2k per account, TSB enhance is closed to new customers and expect us existing customers will be hit with a rate cut at some point.

Yorkie1

anotheruser wrote: »

I the £1500 in is too much messing about as I got tired of jumping through hoops for Halifax fivers requirement.

Mr_Goodkat wrote: »

Whether you like the Club Lloyds name or not 4% interest on £5k is a good return and very easy to move £1500 a month in and out.

I see the references here to £1500 monthly funding for this account. The letter I received states it is only £1000, which surprised me.

Was the initial publicity wrong re. the monthly transfer amounts, or has the discrepancy arisen another way?

YorkshireBoy

Yorkie1 wrote: »

I see the references here to £1500 monthly funding for this account. The letter I received states it is only £1000, which surprised me.

Was the initial publicity wrong re. the monthly transfer amounts, or has the discrepancy arisen another way?

Club Lloyds is £1.5K, and Vantage is £1K. Perhaps that's where your confusion lies?

Yorkie1

YorkshireBoy wrote: »

Yorkie1 wrote: »

Club Lloyds is £1.5K, and Vantage is £1K. Perhaps that's where your confusion lies?

You are quite right. The thought just occurred to me and I was coming back to the thread to correct my post - but you were too quick off the mark!!

Thanks for the clarification.

eskbanker

Yorkie1 wrote: »

I see the references here to £1500 monthly funding for this account. The letter I received states it is only £1000, which surprised me.

Was the initial publicity wrong re. the monthly transfer amounts, or has the discrepancy arisen another way?

As ever, the definitive answer (£1500) has to be regarded as the one in the Ts & Cs: http://www.lloydsbank.com/assets/media/pdfs/current-accounts/clublloyds_terms%20and%20conditions.pdf