Lloyds Monthly Saver now up to 5%

mary

Mine's going from my Lloyds Classic Vantage @ 4% to the Monthly Saver @ 5% and instant transfer for the SO

oldfella

Not really. This LTSB product doesn't allow a lump sum deposit of 3k and the 4.3% account no longer exists so not an option for comparison purposes.

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should have been clearer - £3000 over the year means £250 per month

sloughflint

mary wrote: »

Mine's going from my Lloyds Classic Vantage @ 4% to the Monthly Saver @ 5% and instant transfer for the SO

Just out of curiosity I calculated that if the start amount in the current account was 8k, the overall rate on that 8k would be 4.14% ( despite surplus over 7k not earning any interest).

Realistically though I suppose you really will be doing a combination of new money and drip feeding so a futile calculation.

dazeruk

sloughflint wrote: »

Just out of curiosity I calculated that if the start amount in the current account was 8k, the overall rate on that 8k would be 4.14% ( despite surplus over 7k not earning any interest).

Realistically though I suppose you really will be doing a combination of new money and drip feeding so a futile calculation.

What movement of money did you use?

Vantage going from 8K -> 5K as the regular saver goes from 0 -> 3K?

sloughflint

dazeruk wrote: »

What movement of money did you use?

Vantage going from 8K -> 5K as the regular saver goes from 0 -> 3K?

Vantage starting at £ 7750 in month one and using a crude monthly interest approximation.

That's probably the optimum. Any smaller starting balance would have interest diluted by lower interest paying tiers later on in the year although realistically people would probably be topping up the accounts to maintain above 5k ie a hybrid of drip-feed/new money into a RS.

apt

That's not optimal because you'll only get 0.1% on any money over £7,000 in the Vantage account. Start with £7,000 and top up the Vantage account later.

sloughflint

apt wrote: »

That's not optimal because you'll only get 0.1% on any money over £7,000 in the Vantage account.

Optimal from a point of view of purely using as a drip feed account with the contraints of that Vantage account. If you start at less than 8k, the 3% tier has a greater impact than the virtual zero interest on the surplus above 7k.

I thought I made the topping up aspect clear:

sloughflint wrote: »

Realistically though I suppose you really will be doing a combination of new money and drip feeding so a futile calculation.

The underlying reason for my calculation was to see how it fared with the S&S if not feeding new money.

mary

I didn't do the fine tuning of calculations but knew that 4% to 5% would be as close as you can get and with same day SO transfer. Meantime I'm keeping the Classic Vantage topped up to the £7,000 (In fact I now have 4 classic vantage accounts), with maturing Regular Savers over the next few months and incoming rental as well.

jimbow25

I went to get a leaflet in branch yesterday and got pounced on by a customer services person.

* No leaflets available until the launch on Monday
* She said you must fund it from your Lloyds TSB current account, though they often said this last time around and yet it was never a problem to cancel the internal monthly transfer they'd set up and then set up your own, so long as you actually have a current account. Have others found the same?
* She was keen on my current account business when I said I don't regularly use my Classic account. (If it's not a requirement of the account I'm not interested for now...)

Biggles

jimbow25 wrote: »

I went to get a leaflet in branch yesterday and got pounced on by a customer services person.

* No leaflets available until the launch on Monday

No, not true (well, it may be about leaflets but one or two branches have got the wrong end of the stick about 'launch date', like mine did originally). The 5% rate started on 26 May, as confirmed by their own website. Eventually, they admitted I was correct (I had already confirmed it by ringing the helpline anyway) and they opened the accounts Thu and funded them the same day.

You may still be able to get a May payment in if you ring the helpline today, but I imagine the date of an instant transfer, even now, would show as 1 Jun, so poor CS has done you out of interest.