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Switching to Lloyds Classic + Vantage

(5 Posts)
nannynick Tue 14-May-13 21:28:59

Having been a long term customer of Midland (now HSBC) my account is typically in credit each month, so it would be nice to get some interest. HSBC does not pay interest on the account, so looking at switching to TSB (currently LloydsTSB but they demerge at some point soon).

Has anyone changed from HSBC to LloydsTSB? Did it go smoothly?

Does anyone bank with HSBc and have them pay you interest on your current account (if other banks offer it, surely HSBC might)?

Does anyone bank with LloydsTSB and have Vantage on their account, does it work as expected or are there pitfalls to watch out for, such as interest calculated monthly, not daily... Minimum payment in is made but you then withdraw most of it, do you still get interest on the remaining balance?

I need to read the terms carefully, I think it makes sense to switch to an account that pays interest but am a bit scared to change bank.

specialsubject Tue 14-May-13 22:16:53

I've got the vantage accounts, the same £1000 goes round between them and that counts. I get the interest each month on the right balance.

the switching service was useless, I spent a lot of time chasing them. Complained and got more compensation than I will get in interest this year. :-) That's current interest rates for you...

be careful - the offer may be Lloyds only, not TSB.

nannynick Thu 16-May-13 07:17:31

So maybe wait until they have split the company?
Switching service not being good is not great news. Did that mean you had to contact all standing order / direct debit providers yourself?

Anyone else had experience with switching to lloydstsb?

nannynick Wed 22-May-13 14:07:37

Worked out interest payment would be around £40 a year. Hmm, worth changing bank for that?

specialsubject Thu 23-May-13 12:07:12

I didn't have to contact the providers, but I got loads of texts and letters from Lloyds saying this and that wasn't happening. I needed the switch to be smooth because people like the electricity supplier and BT do rather like to be paid on time.

I'm getting about £100 interest a year from each account and you can have up to three. Also their website doesn't need an annoying plastic gadget to allow you to login.

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