The Top Easy Access Savings Discussion Area

Steve_xx

ColdIron wrote: »

You can only have 1 sole and 1 joint Club so converting them all isn't an option if you have more than 2. Whether to remain at 1.5% is your choice, they can't make you stay

Yes I take your point. Will have to review it in July. In fact there's not that many accounts that currently pay much over 1.5% so it may be best to leave them inact for now.

Mr._H_2

The new Club Lloyds account requires two direct debits. There are some savings accounts that allow deposit by direct debit. So, those considering the new Club Lloyds account may find the following thread useful:

https://forums.moneysavingexpert.com/discussion/4168667

Between the new TSB and Lloyds accounts, you should be able to save almost as much - but at an overall higher interest rate - as you can in Lloyds Vantage accounts. However, the direct debit thing is more annoying hoops to jump through!

ColdIron

Steve_xx wrote: »

In fact there's not that many accounts that currently pay much over 1.5% so it may be best to leave them inact for now.

I dunno, Santander, TSB, BoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind

Archi_Bald

ColdIron wrote: »

I dunno, Santander, TSB, HBoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind

From that lot, only Santander offer, without any guarantee though, any sort of account longevity. The rest is 1 year or less, and I think it will be safe to assume BOS and TSB will announce changes to their Vantage and Enhance quite soon. TSB Enhance has already been withdrawn for new applications. And a lot of people will have missed the boat on multiple Santander 123s.

Steve_xx

ColdIron wrote: »

I dunno, Santander, TSB, BoS, Yorkshire Bank, Clydesdale and Nationwide spring to mind

Yes sorry, I meant accounts apart from those current accounts that you mentioned.

Steve_xx

I think what's happened here is that Santander have stolen the march with their 20k limit 123 account. So other banks have no doubt seen substantial withdrawals to Santander. Hopefully this is the case and maybe others will follow suit and offer something better interest wise. Though the problem of the amounts of direct debit mandates required to service these multiple accounts is becoming a real problem.

Archi_Bald

Steve_xx wrote: »

Though the problem of the amounts of direct debit mandates required to service these multiple accounts is becoming a real problem.

It doesn't have to be. See Mr. H's post a few minutes ago.

badger09

Hmmm

Reduction of Lloyds Vantage rate to 1.5% is very bad news, and the introduction of a single Club account (yes, I know there is also a joint account option) is no consolation :mad:

I suspect this is the beginning of the end for multiple decent rate current accounts

Oh well, it was probably too good to last. Now where did I put that cruise brochure

G_M

badger09 wrote: »

Hmmm

Reduction of Lloyds Vantage rate to 1.5% is very bad news, and the introduction of a single Club account (yes, I know there is also a joint account option) is no consolation :mad:

I suspect this is the beginning of the end for multiple decent rate current accounts

Oh well, it was probably too good to last. Now where did I put that cruise brochure

Definately bad news. With 6 Lloyds Vantage accounts, that's £30K that will need a new home....well, 25 after opening a new Club Lloyds.

Magazine subscription? Big deal! :rotfl:

Dustykitten

I wonder if they will offer some kind of new ISA when the allowances increase in July to try to keep some of the funds from the Vantage accounts.