Lloyds Regular Saver Withdrawal Question

nemesis3

We took out the 2-year Lloyds Regular Saver in February 2007, so it is due to mature this coming February. However I am considering transferring a substantial part of it to the BM fixed rate bond now, rather than having to take what might be available in February.

I can't remember the T & Cs regarding withdrawals and can't find the paperwork either. Can someone remind me of the conditions regarding making a withdrawal? Are there any penalties, drop in interest rates?

Baldur

My Ts & Cs (Version 4 - 31st May 2005) simply say:

You can make withdrawals from your account but you cannot replace any money you withdraw

P.S. Don't forget to cancel the Standing Order, which you almost certainly had to set up, after your last payment or it will continue to pay into the dire variable rate account into which the Monthly Saver matures.

Careful_ly

I had one of those, and still have the details on my pc.

You can make withdrawals, but cannot replace the funds you withdraw.
No penalty for withdrawals. No drop in interest rate.
No interest on less than £1, so dont take it that low, and carry on funding min £25 maximum £250 till end of term.

HTH

nemesis3

Thank you for the information ... now just need to find that Lloyds cheque book

jimbow25

Careful_ly wrote: »

I had one of those, and still have the details on my pc.

You can make withdrawals, but cannot replace the funds you withdraw.
No penalty for withdrawals. No drop in interest rate.
No interest on less than £1, so dont take it that low, and carry on funding min £25 maximum £250 till end of term.

HTH

There's no minimum monthly deposit on the Lloyds regular saver. Whatever balance you leave in there will earn the same rate (presumably 8%) for the rest of the term, even if you don't make any more deposits.

torbrex

I went up to the counter and asked for £5600 in cash and got it, it saved all the bother about waiting for a cheque to clear and meant that I lost only 1 days interest instead of 3 or 4.
I will be doing the same thing on the day my interest gets paid in, if they cant do an instant transfer to the account that the money came from (BOS current acc) then next best thing is to give me the cash and I will walk the 100 metres to make the deposit.

metrobus

torbrex, did you have to transfer from lloyds reg to current before they let you withdraw the cash?
Or can I just withdraw cash directly from the regular account(or the account they set up) once the 2 years are up.

kanchhelskis

when it matures normally late in the evening, on the two years after u opened it, jus go online a transfer from your regular saver to your current account, then withdraw it all the next day in branch.


easy as that.

torbrex

metrobus wrote: »

torbrex, did you have to transfer from lloyds reg to current before they let you withdraw the cash?
Or can I just withdraw cash directly from the regular account(or the account they set up) once the 2 years are up.

I just took it straight out of the reg saver, I have never touched the current account since it was opened. I will be taking out the remainder plus interest as soon as it is credited.

Gabs27

When I received my interest on this saver account, I took out most of the money and then closed the account when the balance was just over £10 and they transferred the money back to my 'real' current account. I also closed the linked current account which I'd never really used and had a balance of 5p on there.

I have just received a cheque in the post for 11p!!!

:rotfl: :rotfl: :rotfl: