Withdrawing cash from Lloyds TSB monthy Saver

moneylover

I have one of the 2 year monthly savers with Lloyds at 8% that will finish in Feb. I am thinking of taking most of the money out and putting in a fixed rate bond as I am not expecting the rates to be very good come Feb. I just want to check, as I get a bit neurotic about the small print, that I can withdraw most of the money (I am going to leave about £80) but my interest on the withdrawn money will still be 8% up to withdrawal date plus I can carry on adding money until February?

Will the money (£5000) move instantly into my current account if I do the transaction online?

Many thanks!

Milarky

moneylover wrote: »

I just want to check that I can withdraw most of the money (I am going to leave about £80) but my interest on the withdrawn money will still be 8% up to withdrawal date plus I can carry on adding money until February?

Correct.

Will the money (£5000) move instantly into my current account if I do the transaction online?

Correct also.

But, 8% till February! That's 3 months+ you are giving up for perhaps 12 months@6.5% now. There will always be fixed rate deals so it is a shame you feel you have to break into this cash... Still, you know your mind..

YorkshireBoy

Milarky wrote: »

But, 8% till February! That's 3 months+ you are giving up for perhaps 12 months@6.5% now.

But moneyfacts shows a couple of 7%+ 12 month fixed rate products still available. Might swing the balance?

moneylover

Yes, its 7% for 2 years starting now which does swing the balance for me.