Lloyds TSB 8% monthly saver

huntersaver · 4 July 2006 at 1:40PM

Further to Martin's tip (28/6/2006) about Lloyds 8% monthly saver, I've just signed up for the Lloyds Classic Current account as the necessary first step - after a lot of hassle. During this process, I was advised that Martin "got it wrong". You can't do a standing order transfer from your existing current account direct to the monthly saver. It must be from the newly opened Lloyds TSB current account. Thought you should be aware.

$17mma · 4 July 2006 at 2:08PM

Thanks but thought that was general knowledge? you need a Lloyds account to run along side, unless you already have one. Think this is the thread you should have read..http://forums.moneysavingexpert.com/showthread.html?t=200061

jonesMUFCforever · 4 July 2006 at 10:06PM

huntersaver wrote:

Further to Martin's tip (28/6/2006) about Lloyds 8% monthly saver, I've just signed up for the Lloyds Classic Current account as the necessary first step - after a lot of hassle. During this process, I was advised that Martin "got it wrong". You can't do a standing order transfer from your existing current account direct to the monthly saver. It must be from the newly opened Lloyds TSB current account. Thought you should be aware.

If you already had a LTSB current account then this is wrong.

Sillychuckie · 4 July 2006 at 11:41PM

it needs to come from an external account. not a lloyds one.
The whole point in these regular savers (from the banks POV) is to bring in new cash. this is why it must come from an external source.

Former_MSE_Dan · 5 July 2006 at 1:52PM

Hi folks,

We have spoken to Lloyds today to get this treble checked, and the advice in Martin's article is definitely correct.

To confirm, the standing order for the monthly saver doesn't have to come from a Lloyds TSB account.

Any advice given by Lloyds staff which differs to that is likely to be due to a breakdown in communication, which Lloyds are trying to rectify at the moment.

HTH

Dan

Gers · 5 July 2006 at 2:56PM

Sillychuckie wrote:

it needs to come from an external account. not a lloyds one.
The whole point in these regular savers (from the banks POV) is to bring in new cash. this is why it must come from an external source.

Nope - I'm transferring monies from my Lloyds TSB Online Saver account into my current account and then into the Regular Saving account. Old money all round and internal to boot.

lipidicman · 7 July 2006 at 11:56AM

MSE_Dan wrote:

To confirm, the standing order for the monthly saver doesn't have to come from a Lloyds TSB account.

But you do have to have a lloyds current account which you must use as your 'main account'

Lloyds_T&Cs wrote:

2) You can have one Monthly Saver either in your name or jointly with someone else. To apply:
you must be 16 or over; and

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).

Kazza242 · 7 July 2006 at 1:02PM

I hold the same opinion on this as lipidicman (above). The terms and conditions do state that the Lloyds TSB account must be one's 'main account'. If your LTSB current account remains dormant all year, then LTSB could convert your 8% interest paying monthly saver into a guaranteed tracker account, paying just 2.40%!

I haven't moved my direct debits over to LTSB, but it made better sense to setup my standing order from my new LTSB current account to fund the monthly saver. That way at least my current account will be seen as being 'active', as I transfer money over to it each month, which then gets transferred to the monthly saver.

KMK · 7 July 2006 at 3:59PM

After reading on this thread that you can open a Saver without a current account,I went into the branch at Redcar today specifically to open an 8% Saver account, and after checking for several minutes, the assistant said that you must have Lloyd's current account before you can open a savings account. So a wasted journey for me!

lipidicman · 7 July 2006 at 4:10PM

You misread the thread, the assertion here was that the standing order does not have to come from a lloyds current account and I believe that that is correct. However as I posted above you do need to have a lloyds current account and use it as your main account.

[Deleted User] · 7 July 2006 at 4:15PM

So what are we saying here?

1) You cannot have the Saver without having a Lloyds current account.

2) As long as you do have a Lloyds current account (that you use as your 'main' account), you can have a Saver but you do not necessarily have to use your Lloyds current account to fund it - you can fund it from elsewhere.

What a tangled web we weave.

Lloyds TSB 8% monthly saver

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