LLoyds Vantage change in terms and conditions

caper7

I am having a bit of a savings spring clean, checking interest rates etc... only to discover that I have not been receiving any interest on my three vantage accounts.

Although in credit and with a £1000 standing order cycling through all three of them, it seems the terms were changed on the 2nd July 2014.

Now two direct debits are also required to qualify for interest.

I have since found the terms and conditions booklet covering this in my file. I obviously didn't read it.

My question is simply, was there a covering letter flagging it up clearly along with the booklet? (which I obviously didn't read/keep)

I fully accept the blame lies with me, I just would like to know whether they were clear at the time, or a little sneaky.

Secondly, I thought it might be worth flagging it up in case anyone else hadn't noticed, though I'm sure you're all far more diligent than I, but you never know...

(By the way, I did do a forum search to see if this had been covered, but the main Vantage thread I found ended in 2014.
That said, if this has been covered already, my apologies.)

Eco_Miser

You didn't find this thread? Lloyds Vantage benefits finally ends....
And yes, there was a letter, and I upgraded to Club.

caper7

No, didn't find that thread. Thanks for the link, will have a read through.

PeacefulWaters

Set up two direct debits on it then switch is to a competitor paying a switching incentive.

xylophone

Set up two direct debits on it then switch is to a competitor paying a switching incentive.

The OP has three accounts apparently.

I notice that £1000 is mentioned as monthly deposit - if an upgrade to Club on one of the accounts is required, then £1500 and 2 DDs paying monthly will be required.

caper7

Thanks for the responses, but I was only using the accounts as savings accounts. Actually moving direct debits about is a step too far for me!

I closed the accounts on Friday.

Curiously, each account was credited with a small amount of closing interest.
Given the account pays interest monthly, and I have received no interest for a year and don't meet the conditions for receiving interest, what is this closing interest?
The lady in the branch had no idea. Neither do I. Anybody know?

colsten

Shame you didn't at least use the accounts to switch - this could have made you hundreds. Too late now.

caper7

Colsten- I had not really bothered looking into that properly as I think most require direct debits, which I'm not prepared to do, or genuinely moving your real current account.

However, am thinking I might have been hasty, the M&S offer looks the simplest, but reading the small print would I really have qualified?
Most of these accounts require you to use their switching service to move your "everyday banking". Would current accounts that were totally unused really qualify? No use ever of the cheque book/debit card, no direct debits, nothing?
otherwise it seems I might have missed out on £300, unless you're limited to one account?

I'll console myself with the fact that most of those deals weren't quite right for me...

colsten

caper7 wrote: »

Would current accounts that were totally unused really qualify? No use ever of the cheque book/debit card, no direct debits, nothing?

Sure can do. Lots of people on here do just that. Getting any required DDs is very easy, too. But that's now water under the bridge for you.

Steve_xx

It was a mistake to close them for sure. They still are capable of earning 1.5% interest. The only other easy access deposit account with that rate, as far as I know, is the Birmingham Midshires account. And that drops to just 0.5% after a year.

Mee

I am such a dunce - I just discovered this myself, but I am confused as to why I received no interest on months when I had two DDs.