Lloyds Vantage benefits finally ends....

green1960

If you do online banking this can be done in two minutes. Hope this helps. I did this for me and my 2 sons this morning while having a cup of coffee. I opened the Regular Saver at 4% at the same time and set the standing order up to fund it.

soulsaver

Archi_Bald wrote: »

If these account were all maxed, this would amount to £111,500 + £5,000 in Club Lloyds, £116,500.

You would only want this much in instant access cash in exceptional circumstances, e.g. the need for a large deposit for your house / yacht / Lamborghini in the short term.

By July 1, you could have offloaded £15,000 into an ISA, If you really want to, you can put the lot into a 3% 90-day notice cash ISA, but you would most likely get a better return over the medium and long term (assuming you expect to live) if you put it into an appropriately selected fund(s) in an S&S ISA.

You can also consider unwrapped investments. Or use some of the money to have a gamble with Premium Bonds. Plus, there are plenty of regular savers to feed.

£300 * FD 6% (*)
£250 * HSBC 4% (*)
£400 * Club Lloyds 4% (*)
£1,250 * Newcastle BHS 3% (**)
£1,000 * Nationwide Reg Saver 2.5% (**)

That's £3,200 a month, £38,400 a year.

(*) can re-start after maturity (12 months)
(**) Newcastle and Nationwide are rolling accounts so don't mature after 12 months. Both need monthly deposits for best interest - see T&Cs.

In the list of suggestions: Newcastle Big Home reg saver ISA 1250pm 2.98%

Archi_Bald

soulsaver wrote: »

In the list of suggestions: Newcastle Big Home reg saver ISA 1250pm 2.98%

I have quoted AER - - but you are right, it is not 3% for the BHS, it should be 3.02%

Randy

I`ve got 3 Vantages.. gonna close them all.. disgraceful move of the goalposts by lloyds

G_M

Randy wrote: »

I`ve got 3 Vantages.. gonna close them all.. disgraceful move of the goalposts by lloyds

Annoying - yes.

Disgraceful? No. Simply a response to the multitude of people who are not using the Vantage product in the way it was intended to be used.

OK - Lloyds designed this current account in such a way as to leave it open to use as a savings account, and many people duly made use of it in that way.

Lloyds is now responding to this 'mis-use' (in their eyes), by re-designing the product.

YorkshireBoy

G_M wrote: »

Annoying - yes.

Disgraceful? No.

Exactly! Frustrating...disappointing...yes, but not "disgraceful" by any means.


No-one (aside perhaps from a very small number of retirees playing the current account game...and there can't be many?) should be too put out by this. For example, lots of other options available if you're prepared to jump through a few hoops. And, as has been said before on here, if the loss of decent interest on your cash with this move is a problem, then you almost certainly have too much of your assets held as cash.

bowlesbargain

Visited my local Lloyds this afternoon got me to see a advised within 10 minutes, had to watch a video, but had no problem changing my vantage to the club account, I keep the same account number and the transfer across was immediate.
My only complaint is the letter that was sent out should have advised customers if they pay in £1500 a month they could change to the club account. thanks to sites like this we find out fast and have changed straight away.

El_Torro

I'm holding off moving out of my Vantage account for now. Even though the interest rates have dropped I still get mobile phone insurance, travel insurance and roadside assistance. I'm not sure I'd be better off in their new Club account, even with the higher interest rates.

Archi_Bald

El_Torro wrote: »

I'm holding off moving out of my Vantage account for now. Even though the interest rates have dropped I still get mobile phone insurance, travel insurance and roadside assistance. I'm not sure I'd be better off in their new Club account, even with the higher interest rates.

The Vantage interest rates have no dropped yet. They will drop in July, and unless you also have 2 DDs on the account that pay monthly, you will not get any interest at all from then.

If you believe you benefit from the chargeable account, that's a different matter. It should not stop you from opening a Club Lloyds account alongside your Vantage account, to get some interest. Though of course it might not matter to you, depending on how much your usual balance in the account is.

mary

YorkshireBoy wrote: »

Exactly! Frustrating...disappointing...yes, but not "disgraceful" by any means.


No-one (aside perhaps from a very small number of retirees playing the current account game...and there can't be many?) should be too put out by this. For example, lots of other options available if you're prepared to jump through a few hoops. And, as has been said before on here, if the loss of decent interest on your cash with this move is a problem, then you almost certainly have too much of your assets held as cash.

I guess I'm one of those retirees playing the current account game and the RS game as well. I don't mind jumping through a few hoops - keeps me fit!!

Out of curiosity how much do you think is too much to have held as cash?