Regularly Beat The Best Savings Account Rates Article Discussion Area

Former_MSE_Archna · 23 June 2006 at 2:43PM

This thread is specifically to discuss the content of the

Regularly Beat The Best Savings Account Rates Article

To discuss or ask a question about this article: click reply

To read the old thread: click here

codetown · 23 June 2006 at 5:52PM

Hi,
good article, but I think there is the need to clarify one very important point for many of us. I would not transfer my main current account to lloyds, but am ready to stick a few pounds there to keep the regular savings alive.

In your article you say:

Lloyds current account needed, but it’s no hassle. Technically it must be operated via a Lloyds current account, yet as there’s no requirement to pay your salary in, you can just stick £1 in. Use its no-fee charging Lloyds Classic Plus account. It’s worth noting this account is market leader for those in-credit earning over £15,500 as it pays 4% interest and gives a £50 sign-up bonus (see Top Current Account article).

while Lloyds says:
http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp

Requirements...

have your main current account with Lloyds TSB. Your main current account is the current account you use most often for your everyday banking. If you don’t use your Lloyds TSB current account as your main current account we can convert your Monthly Saver to a Guaranteed Tracker (or similar account if that account is no longer available).

Can anyone clarify this? What would be necessary to have the "Lloyds TSB current account" qualify as main account?

Former_MSE_Dan · 27 June 2006 at 1:37PM

Hi,

Good Question!

We checked this out with Lloyds directly, and this was their answer

We are in the process of updating the terms and conditions on the monthly saver as we appreciate that it isn't clear for customers. The situation is that customers can open a current account for £1 and it doesn't have to be their main account - staff should be able to verify that this is the case and we hope to have updated literature that accurately reflects this shortly.

Hope this helps.

Dan

[Deleted User] · 27 June 2006 at 4:22PM

A lot of questions may be covered by this informative existing thread...;)

http://forums.moneysavingexpert.com/showthread.html?t=200061

stphnstevey · 28 June 2006 at 1:56PM

Stroud and Swindon are also offering a slightly lower Reguler Saver Account at 7%,

HOWEVER the little gem with this one is it allows you to invest upto £1000 (unlike most others limit of £250 month) a month. Therefore great to transfer a large balance, upto £12000 in a year. This also means that more of your money is at the higher rate for longer in the year. So if you have used up your ISA allowance and have alot of spare cash in a year, this might be for you.

BEWARE - Branch based only and also no withdrawals in the year.

:money:

Nick_sub · 28 June 2006 at 10:29PM

ARe Lloyds still doing the £50 sign-up bonus for the Current account? I can't see any mention of it on their website.

BillScarab · 28 June 2006 at 10:52PM

As these are taxed like normal savings accounts does that mean that a non-tax payer can calim the full 8%? My wife is a non-tax payer so all our savings are in her name except for an ISA I have, so could we set one of these up for her and get the full 8% on it?

brranger · 28 June 2006 at 10:57PM

I think thats right Bill just fill in a r85

System · 28 June 2006 at 11:17PM

I used a printed online R85 from the Inland Revenue Website a couple of weeks ago which i found was handy.

BillScarab · 28 June 2006 at 11:21PM

Excellent looks like my wife will be setting up an account at Lloyds soon!

BillScarab · 28 June 2006 at 11:32PM

hmm, just looking around and found this on the Alliance and Leicester site. It's only good for one year and you have to open a current account (although I believe it's one Martin reccommends) but it pays 10%AER. May be of interest to people.

http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-regular-saver&ct=htmlquartprsjune06

Regularly Beat The Best Savings Account Rates Article Discussion Area

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free