Lloyds regular saver - beware

frivolous_fay

The SO was set up by LTSB staff in branch when I opened the regular saver account, specifically for the purposes of funding the payments for the 12 months. So I think I have at least a glimmer of a case that that could be expected to be in effect only for the duration of the regular saver account... if not, then someone went beyond their remit in setting it to UFN.

I accept that, had I looked, I would probably have had access to the SO and been able to cancel it, but I had no reason to think it would still be in effect.
(Other than, possibly, the letter I didn't bother reading )

Baldur

frivolous_fay wrote: »

The SO was set up by LTSB staff in branch when I opened the regular saver account, specifically for the purposes of funding the payments for the 12 months. So I think I have at least a glimmer of a case that that could be expected to be in effect only for the duration of the regular saver account... if not, then someone went beyond their remit in setting it to UFN.

I accept that, had I looked, I would probably have had access to the SO and been able to cancel it, but I had no reason to think it would still be in effect.
(Other than, possibly, the letter I didn't bother reading )

Afraid the Ts & Cs (which you will have signed & dated) may come into play again, frivolous_fay:

You must set up a standing order when you open your Monthly Saver....

When your account is converted to a Guaranteed Tracker (or similar account if that account is no longer available) your account number will remain the same and we will continue to accept your standing order payments until you cancel them

frivolous_fay

'When your account is converted to a Guaranteed Tracker (or similar account if that account is no longer available) your account number will remain the same and we will continue to accept your standing order payments until you cancel them'

Spoilsport

Baldur

frivolous_fay wrote: »

'When your account is converted to a Guaranteed Tracker (or similar account if that account is no longer available) your account number will remain the same and we will continue to accept your standing order payments until you cancel them'

Check the version of your Ts & Cs - mine are titled "Version 4 - 31st May 2005" and refer to the two-year Regular Saver.

I can't imagine that they would have changed such an obvious 'get out clause' in later versions, but you may be lucky.....;)

echo

when my two year monthly saver finished in August i assumed that the money would stop coming out of the current account and it never.fortunately i didn't go overdrawn and i phoned them up to stop the SO.when i opened the monthly saver at no point did anybody tell me this-just that they would open up an easy saver account ( i think it was)

noh

frivolous_fay wrote: »

I'm pretty sure I'm correct in thinking that the LTSB accounts need to be operated via a LTSB current account, otherwise I wouldn't have bothered to open it.

You needed to be a current account holder to be able to open the regular saver. There was no requirement in the T+Cs for the regular saver to be funded from the current account.
However when I opened mine a year ago I had the same experience as you, the Lloyds staff member insisted that a standing order was set up from the Lloyds current account. I let them do so and cancelled the SO online when I got home. I then set up a SO from my Nationwide account to fund the regular saver.
As others have already said unfortunately the T+Cs do state that, after maturity, the new account will continue to receive SO payments until you cancel them. This was also repeated in the letter you received a month before maturity.

Nigel

nicholbb

Unfortunately you always need to be careful around SO and direct debits always cancel them when changinging from any supplier. I got hit for a payment 5 years after I'd moved (think it was a water company). Was a genuine mistake and all sorted very quickly once I raised it but could have caused loads of problems.

Agree with those saying be polite to banking staff, but also lie and say you were planning to put more money in when you had the chance. Get the refund then RUN!!!

Biggles

frivolous_fay wrote: »

The SO was set up by LTSB staff in branch when I opened the regular saver account, specifically for the purposes of funding the payments for the 12 months. So I think I have at least a glimmer of a case that that could be expected to be in effect only for the duration of the regular saver account... if not, then someone went beyond their remit in setting it to UFN.

Yes, definitely.

I also was asked to sit in while they asked for various details (this was the two-year one) and completed the form. I looked at what they had written and said, "You've entered SO start and finish dates of February to February - that's 25 months - the account is only valid for 24 monthly payments". She said, "Oh dear, you're quite right, I've been doing them all like this!" and amended the final SO date to January. Goodness knows what happened to the rest of her clients.....

It's LTSB staff error without a doubt, you should insist on your charges being refunded.

Just_landed

Having read this thread I Thought I better go into my branch and check what has been said. Just to give you a brief idea, I took out a 2 year monthly saver over the internet in November 06 with having a current a/c with them already it was no problem. Anyway when I checked how many monthly payments I made last night it was 22 which to me means 2 more to go. A couple of months ago I received a letter of the Toy town bank saying the monthly saver would be ending on the 24 November and then transferred over to another account, at a much lower interest rate, nothing else was said. My payments go out on about the 18th of each month so why would the last of the 24 payments go out 6 days before the end of the 8% offer (crafty I think). Anyway going back to my visit to the branch SURE ENOUGH there was no end date to the standing order for the monthly payments to go out of my current a/c. There is NOW, in fact when I asked why take a payment so close the end of the 8% offer they could not answer. So I have arranged for them to take month 23 and then cancelled the standing order. I will have to go back into my branch to get the money out on about the 24th of November if I want.
Again MSE members have saved me money, Thank you all.
Martin Lewis rules OK.
:beer: :beer: :beer:
Is everybody and his/her dog on this site tonight because its soo slow ?

Baldur

sloughflint wrote: »

My two year monthly saver should have matured on 18/10. No interest has been applied and the account is still named monthly saver rather than changing to an easy saver. Anyone else had a similar problem?

Probably due to the 18th being a Saturday (non working day), account change & interest payment should take place today.

"We will pay interest once a year. Yearly interest is paid on the anniversary of Account opening. If the interest payment date is not a working day, we will pay it on the next working day.