Lloyds Monthly Saver now up to 5%

Dagobert

Milarky wrote: »

I've just opened one over the phone ... But they wouldn't do a standing order for Friday (24 hours needed - so presumably one had to ask for this during banking hours to fall within that)

Who knows whether the SO will actually come off to-morrow? If not I'll be gutted.

I wonder what mary meant by deposit transferred today? I was told the deposits can only go in via SO and SOs have to be set up a minimum of one day in advance.

baby_boomer

Many thanks for your freephone number, Dagobert. It worked fine for my Mum . And it saved her extra as a BT limited user subscriber.

She apparently thinks they'll transfer £250 from her existing current account tomorrow - although I'm not counting on it.

If they don't, but the a/c has been opened and available online, then she will be able to transfer the money online anyway, before setting up first SO / second payment for early June.

Dagobert

I am not sure whether the account allows a manual transfer in. We'll see.

jimbow25

Thanks for the warning, it's nice to see a bit of competition for these accounts: at the moment only Barclays seem to offer more than 4% without very strict application requirements. It's just a shame it doesn't last 2 years like the great one they once did (late 2006 / early 2007) but best not to be too greedy I guess!

I think I might wait a few weeks and try and do my first 2 deposits in late June / early July if I open one, as we're so late in May now.

The last one of these I had with Lloyds was difficult to open and close but otherwise fine.

anna42hmr

Dagobert wrote: »

I am not sure whether the account allows a manual transfer in. We'll see.

the way i read their online info on this below quote, i think you can do and then the rest of them have to be via standing order:
How do I apply?

If you have a Lloyds TSB current account you can open a Monthly Saver. Get started with an initial deposit from only £25 up to £250 in the first and then set up a standing order for the next 11 months.

http://www.lloydstsb.com/savings/monthly_saver.asp


i have opened an account over the phone this afternoon, will check my online access tomorrow to see if it is listed and do an internal transfer tomorrow (can only pay in once a month so hopefully can set a instant transfer for tomorrow so get it in this month as well as one for next month etc

mary

Dagobert wrote: »

Who knows whether the SO will actually come off to-morrow? If not I'll be gutted.

I wonder what mary meant by deposit transferred today? I was told the deposits can only go in via SO and SOs have to be set up a minimum of one day in advance.

The branch manager transferred the £250 straight out of my current account into the Monthly Saver in front of me - a direct transfer. It wasn't a SO. but she set up the 11 other payments by SO.

oldfella

but she set up the 11 other payments by SO.

---

best to change it to 12 more payments - you can get £3250 in by making a 13th payment on 1st May 2010

mary

Haven't investigated yet, but where does it say you are allowed to make 13 payments?

Biggles

oldfella wrote: »

best to change it to 12 more payments - you can get £3250 in by making a 13th payment on 1st May 2010

Now, that's interesting. The initial info http://www.lloydstsb.com/savings/monthly_saver.asp says 'Get started with an initial deposit from only £25 up to £250 in the first and then set up a standing order for the next 11 months'. So that would mean 1 May 09 to 1 Apr 10 inclusive.



But the 'product specific T&Cs' http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp just say that:-

• For a period of 12 months from Account opening you can make a monthly payment of between £25 and £250.
• If your payment in is less than £25 or more than £250, we will return it to you.
• No other money can be paid into your Account.
• Your first payment must be made within 30 days of Account opening.
• Payments can’t be made from another Lloyds TSB savings account.
• You can only make one payment each calendar month.
• If you miss a payment you can’t make it up.

So, though LTSB have set my last SO as 1 Apr, it looks as though I could amend that to 1 May.

It will be interesting to see if anyone asks the question.....

mary

Biggles wrote: »

Now, that's interesting. The initial info http://www.lloydstsb.com/savings/monthly_saver.asp says 'Get started with an initial deposit from only £25 up to £250 in the first and then set up a standing order for the next 11 months'. So that would mean 1 May 09 to 1 Apr 10 inclusive.
.....

You couldn't make a SO for the 1 May 09, as the account was only made available this week (i.e. the end of May 09). So, an initial deposit of £250 in May (if you were lucky) and then 11 others by SO (one per calendar month) i.e. 12 in all, I think.