Lloyds TSB instant access monthly saver 8%

amy21_2 · 19 May 2006 at 12:10PM

Hi, I know its not been advertised yet, but I found out about it and thought I'd give savers like me a heads up... new savings acc lloyds are bringing out v.soon. I can't remember all the details on the acc but if u watch their website stuff should b on there soon, as with all are some t&cs i'll write down the ones I remember, to get 8%....

*acc lasts for max 2yrs
*min opening bal £500 (although instant access acc so can move this about)
*standing order must be set up to pay in min£25 a month, max £250 a month for 24 months...i forget the rest

anyways hope it helps sum ppl,

Hobo_2 · 19 May 2006 at 5:04PM

Hope it`s not "New customers only" any idea Amy

mr_fishbulb · 19 May 2006 at 5:52PM

Do you need to open a current account with it?

jonesMUFCforever · 19 May 2006 at 5:59PM

mr_fishbulb wrote:

Do you need to open a current account with it?

You have to have a LTSB current account to feed the standing order and this current account must be your 'main' account.
You can decide for yourself what they mean by main.

Ted_Bloke · 19 May 2006 at 7:26PM

ejones999 wrote:

You have to have a LTSB current account to feed the standing order and this current account must be your 'main' account.
You can decide for yourself what they mean by main.

It would be OK if you could decide for yourself what is main.
But probably it will mean your salary or pension is directly mandated into it, and of course a fair old amount going through.
This site encourages you to have a number of these arrangements going. But unfortunately some of us have only one salary or pension

.
OK for a two-income household. Maybe someone has been able to manage it? I've posted on this subject in my post on the Derbyshire yesterday.
http://forums.moneysavingexpert.com/showthread.html?t=167143&page=7

mary · 19 May 2006 at 7:37PM

so when are the details coming out?

jonesMUFCforever · 19 May 2006 at 11:35PM

Monday
From what I gather if you put in a minimum of £500 pm through the current account they will not harrass you to transfer all of your banking if you do not want to.

Ted_Bloke · 20 May 2006 at 1:14AM

ejones999 wrote:

Monday
From what I gather if you put in a minimum of £500 pm through the current account they will not harrass you to transfer all of your banking if you do not want to.

Better. But what % is the current account giving?

Snow_Dog · 20 May 2006 at 11:17AM

Lloyds basic account is pants like most but simply ask to open the Classic Plus account, I think there is a cap of about 2,500 but below that the interest is good.

Then open their online saver which also has quite a reasonable rate or interest. Thus anything over 2,500 transfer out to the online saver.

These aren't bad accounts, their online banking system is excellent and easy to use. Transfers between accounts is instant (which it should be anyway for all banks).

jonesMUFCforever · 20 May 2006 at 1:13PM

Ted_Bloke wrote:

Better. But what % is the current account giving?

If you open a classic plus a/c and pay in a min of £1000 and log onto internet banking on average once a month (3 times a quarter) they will pay 4%gross on balances up to £5k.

arrowsmith · 21 May 2006 at 1:52PM

Didn't see anything about this on the forum and thought it might be of use to many MSE's after seeing it in the Sunday Times today.

http://www.timesonline.co.uk/article/0,,2097-2189450.html

Seems very good as you have to open up a current account but don't need to have a regular income put into it :j . You can pay in £750 for the first month and the £250 each month after, but if you want a month without paying you can and also withdrawn money without penaulty or loss of interest.

Any more details online ?

Lloyds TSB instant access monthly saver 8%

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