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Lloyds removing Vantage from current accounts

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talexuser
talexuser Posts: 3,527 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in Savings & investments
Got a letter this morning, Vantage to be removed from current accounts from 3 May - credit interest will no longer be earned.

Is this the start of a large reduction in rates with the banks keeping what used to be the tax, given ICICI has reduced gross from 1.65 to 1.15% on it's top rated instant access?
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  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    talexuser wrote: »
    Got a letter this morning, Vantage to be removed from current accounts from 3 May - credit interest will no longer be earned.

    Is this the start of a large reduction in rates with the banks keeping what used to be the tax, given ICICI has reduced gross from 1.65 to 1.15% on it's top rated instant access?

    Switch to Club Lloyds then.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    HappyMJ wrote: »
    Switch to Club Lloyds then.



    Yes, did the letter you got not suggest this?


    Presumably they are just trying to simplify their current account range.
  • talexuser
    talexuser Posts: 3,527 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    POPPYOSCAR wrote: »
    Yes, did the letter you got not suggest this?.

    No mention, just simplifying the range of current accounts.
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    talexuser wrote: »
    No mention, just simplifying the range of current accounts.



    Do you already have Club Lloyds accounts as well?


    When Club Lloyds came out we switched from Vantage to club Lloyds for the higher interest rate.
  • mel48rose
    mel48rose Posts: 513 Forumite
    Uniform Washer
    Can't think why anyone would keep their money in a normal Lloyds current account soon then :eek::eek::eek:
    If you change nothing, nothing will change!!
  • xylophone
    xylophone Posts: 45,604 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I wonder what will happen to Bank of Scotland Vantage?

    Will we end up with a Club Account there too and say goodbye to three BOS earning 3% on up to £15,000 between them? Or worse, no Club style account and no interest at all on any type of current account?

    Alas, if so!
  • talexuser
    talexuser Posts: 3,527 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    POPPYOSCAR wrote: »
    Do you already have Club Lloyds accounts as well?

    No, just 2x santander, 2x tesco, 2x tsb, 2 x nationwide, 3x BoS
  • jimjames
    jimjames Posts: 18,639 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    mel48rose wrote: »
    Can't think why anyone would keep their money in a normal Lloyds current account soon then :eek::eek::eek:
    I can't think why anyone would keep their money in a normal current account at any bank. Yet millions do!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    xylophone wrote: »
    I wonder what will happen to Bank of Scotland Vantage?

    Will we end up with a Club Account there too and say goodbye to three BOS earning 3% on up to £15,000 between them? Or worse, no Club style account and no interest at all on any type of current account?

    Alas, if so!

    BOS has maintained the 3% Vantage, with no DDs, when Lloyds dropped to 1.5% and introduced DDs. Not that this means BOS Vantage is guaranteed but equally, a change at Lloyds doesn't definitely mean a change at BOS. Just need some good switching offers - come on Virgin and those so-called challenger banks!

    What will be will be....

    The upside of Lloyds killing Vantage is that I now have more accounts for switching offers as there is no point in keeping a dormant Lloyds account now.
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    talexuser wrote: »
    No, just 2x santander, 2x tesco, 2x tsb, 2 x nationwide, 3x BoS




    Just out of interest why did you keep the Vantage and not change to Club?
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