Lloyds Monthly Saver now up to 5%

baby_boomer

I opened mine by phone Thursday morning at 8.15 a.m.

The account was showing online with a £0 balance by Thursday evening.

The £250 initial deposit was transferred from my Lloyds c/a in the early hours of Friday morming. and a monthly S/0 set up by Lloyds for the 29th.

FWIW the S/0 was set up to run until further notice - so that they get your money into the Easy Saver a/c which is what this Regular Saver will become after 12 months.

But they said I could adjust the date (which I have - to the 1st) - which brings in the 13 payments issue - simply by following their own verbal directions combined with their own actions in setting up my S/0.

I have a feeling that I successfully made 13 payments in the first year into that super 2 year 8% Lloyds Reg Saver of 2006/7.

But we'd better check with Lloyds if this is OK.

anna42hmr

looks like i may not be able to transfer in today and set up another dd for next month as its not showing online as yet, so looks like first payment i will be able to make will be june afterall

oldfella

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.

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my first payment went in on the 29th - change the SO to the 1st, then make 12 more payments. There is nothing in the T&Cs to prevent this.

anna42hmr

anna42hmr wrote: »

looks like i may not be able to transfer in today and set up another dd for next month as its not showing online as yet, so looks like first payment i will be able to make will be june afterall

just called their telephone line again this am, as its not showing on my online access yet, thought i may be able to arrange a transfer for the first payment this month before 1st June,

But they have advised me that the only way can be paid in is via standing order even for the first payment?? this despite the website and other peoples experience implying otherwise?

I am just about to set up a standing order to the account number they have advised me my new account is to go through on thursday next week (hopefully its enough time for the standing order to be set up)

Dagobert

The account opened over the phone on Thursday at 15:30 has not appeared online yet, nor has the DD.

I phoned to check progress of my application but they can't. I was told it will take 24 hrs exactly (sounded like BS to me to get rid of me). If I wait till 15:30 it'll be too late to go to a branch.

This reminds me of the saga I had in 2006 opening their 8% Monthly Saver: opened over the phone, account did not appear, went to branch where pending application was closed and another one was opened on the spot.

oldfella

mine is up OK, phoned Weds, opened Thurs, first payment today via SO.

one thing to watch, the 12 months starts from when the account is opened, not the first payment.

they set my SO to start from 28 June - no doubt a simple mistake !

Biggles

Yes, ours are both opened and funded now, with the first of the 11 SOs on 1 Jun (not 1 May, obviously, my typo!).

I'll see if anyone opening an account by phone has been given the official answer re making a 12th SO, otherwise I might ask them myself. But there would seem to be little harm in it, as the interest rate is not conditional.

KTF

I am going to go to my local branch at lunchtime and see if the account can be opened and funded today if I pay the cash into my current account today.

Then I will change the standing order manually over the weekend so that the second payment goes out on the first.

mary

baby_boomer wrote: »

The £250 initial deposit was transferred from my Lloyds c/a

FWIW the S/0 was set up to run until further notice

But they said I could adjust the date (which I have - to the 1st) - which brings in the 13 payments issue - simply by following their own verbal directions combined with their own actions in setting up my S/0.

The Branch Manager did everything for me, exactly as you wrote.
1. £250 initial deposite transferred in branch on 27th
2. S/O set up to run until further notice and running from 1st of the
month.

So I will let it run its course and therefore the 13th payment will go out on 1st May 2010. If it's wrong, it's the fault of the Branch Manager and they will have the proof.

Time will tell

Dagobert

The additional (25th) payment worked fine for their 2-year 8% Monthly Saver.

The T&Cs of the new account are the same as far as I can see.