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Snooping4Value

Hi,

The Vantage/Enhance account (Lloyds/TSB) requires you to set up at least 2 direct debits plus pay in at least £1000 per month. I have got one set up but what if I need a second and third Vantage account?

Do I have to have 6 direct debits in total then? Shuffling the cash around is fine but I'm not sure how people manage the direct debits.

sparkyspark

You don't need any D/Debits to run a Lloyds/TSB Classic Vantage/Enhance or the BOS Vantage accounts, the only criteria is to pay in at least £1000 per month. I have no D/D set up and I run 27 accounts in all, 9 each for Myself/Wife and a Power of Attorney in all the above.

bob792

Looks like the "Club Lloyds" new name stacks up as the Lloyds job advert:
https://careers.lloydsbankinggroup.com/candidate/VacancyInformation.aspx?VacancyId=83148
has this included in the job spec:
"The role itself is extremely broad and key to helping shape the direction of the both the Lloyds and Bank of Scotland brands. The business itself includes mainstream and added value currents, and overdrafts. This incorporates the range of PCA products from Youth to Student to Graduate accounts, through to basic bank accounts, through to the mainstream accounts including the new Club Lloyds proposition and all added value current accounts. In addition, you will need to be able to manage and drive value through important relationships in the group and externally, including Visa, the AA and AXA. "

Herbalus

sparkyspark wrote: »

Called into the local Lloyds branch and they confirmed the new account is to be called "Club Lloyds" and is a current account which this time will need direct debits etc, and as of now they don't know how the interest rate will be structured or anything else on how the account should/will be operated.

The current Vantage account interest rates as far as they know will stay the same, and again all this will happen in either March or April 2014, the date has not been clarified for the final transition for either the withdrawal of the Vantage and the start of the Club Lloyds.

Just to be clear, are you under the impression that existing account holders will continue with the vantage account, but new customers will move over to the new account?

Snooping4Value

sparkyspark wrote: »

You don't need any D/Debits to run a Lloyds/TSB Classic Vantage/Enhance or the BOS Vantage accounts, the only criteria is to pay in at least £1000 per month. I have no D/D set up and I run 27 accounts in all, 9 each for Myself/Wife and a Power of Attorney in all the above.

In that case, would it be bad if I went into a branch this weekend and asked to open 2 Classic Enhance current accounts? Just looks like I'm exploiting the system.

Also, are you able to run the accounts under your name with a single log in? I will find it a pain if I have to maintain several logins with the same bank if the accounts are all under my name.

sparkyspark

Herbalus wrote: »

Just to be clear, are you under the impression that existing account holders will continue with the vantage account, but new customers will move over to the new account?

Yes, all existing Vantage holders will continue with their accounts as normal, once the Vantage accounts are withdrawn, all new customers will only be able to open accounts available to them at the time eg: the Club Lloyds account or any other alternatives.

Existing Vantage account customers will also obviously have the same access to any new accounts they may bring out.

Until they officially withdraw the Vantage you can still open upto three accounts until the cut off date which is unknown at the moment.

sparkyspark

Snooping4Value wrote: »

In that case, would it be bad if I went into a branch this weekend and asked to open 2 Classic Enhance current accounts? Just looks like I'm exploiting the system.
Also, are you able to run the accounts under your name with a single log in? I will find it a pain if I have to maintain several logins with the same bank if the accounts are all under my name.

You can open upto three accounts for the Lloyds Vantage, the TSB Enhance and the Bank of Scotland Vantage if you wish. Why should you feel as though your exploiting the system, as long as you comply with the terms and conditions set out to run these accounts you are fulfilling your obligation to the bank. I think it's the savers who have been exploited since 2008 by the greedy bankers who caused all this demise.

If for example you have three TSB Enhance accounts, when you log in to your TSB internet banking all the accounts registered in your name will show.

Chjaka

sparkyspark wrote: »

Why should you feel as though your exploiting the system, as long as you comply with the terms and conditions set out to run these accounts you are fulfilling your obligation to the bank.

I couldn't agree more. If the banks didn't laden us with so many restrictions and hoops to jump through just to earn a 'reasonable' rate of interest then we wouldn't need to open up so many multiple accounts, standing orders and direct debits in order to play their game.

If it's any consolation Snooping4value, My partner and I have been into two different branches recently and on both occasions opened two vantage/enhance accounts in the same name in one go. We were completely up front as to why we wanted the accounts and the assistants were more than happy to open them for us. One even offered to set up the necessary standing orders between the accounts. No hard sell on either visit too, I must admit I'm almost liking banking in branch since the whole mis-selling (or is that misselling?) affair came to a head.

ColdIron

I was passing my local Lloyds so I thought I'd ask the manager about the Club Lloyds and while he didn't want to go into detail he did confirm it would require direct debits and a minimum funding level. Apparently Lloyds have been looking at similar with benefits accounts like Santander and hinted at possible cash back, which they sort of have with their Everyday Offers. When I said it sounds very like the existing vantage he mentioned 'annual benefits' and a 'preferential interest rates' which sounds hopeful. He said Lloyds, like TSB, are changing focus to local banking and want to reward customer loyalty, it should be launched mid March. One to watch

blinko

I have to agree, with the above poster.

The banks have created this situation. A traditional savings account of X at X% would have been a sensible idea. Instead we have to jump through hoops that they create as opposed to exploiting a system...which I would class as say a millionaire being able to claim tax credits for children