Lloyds Monthly Saver now up to 5%

jimbow25

It's OK I knew I could probably open one in May even though the 'launch' is next week I was just reporting what the branch had said regarding leaflets (presumably there might be some posters etc put up as well to entice people that's what I took the "launch" to mean).

It wasn't really convenient to get my money in there by this weekend anyway so to get the most amount of money in in the first few weeks, I'm going to wait until about 20th June I think and do my first 2 deposits in late June and early July.

Biggles

Now I've got the printed T&Cs, it's clear that there's no problem with making 12 monthly payments (after the initial one):-

Your standing order payments:
• For a period of 12 months from Account opening you can make a monthly payment of between £25 and £250.
• You can only make one payment each calendar month.
• If you miss a payment you can't make it up.

There are others, of course, but those seem to be the relevant ones.

jimbow25

jimbow25 wrote: »

* 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?

Can I just check whether others have funded this account fine from an account outside Lloyds?

I've just set mine up and was told I had to do it from my current account but I will cancel the S/O and do a new one from 1st July from my current account if possible. This was certainly not a problem with the old 8% one.

I was also told you can't miss a monthly payment so there must be deposits of £25 per month at least though as the account is instant access it isn't a big deal even if this part is true.

subjecttocontract

You have to be a Lloyds current account holder and the S/O has to be from another Lloyds account.

TuftyMatt

Opened mine today.

Phoned and they had problems with my ID check even though I have an account with them. Went into local branch and all sorted now.

Anyone know of any others paying 5% or more along the same lines as this?

kimmylee

Barclays have beaten Lloyds TSB with a higher monthly saver rate of 6%AER /5.84% Gross /4.67% net rate per annum plus NO WITHDRAWAL RESTRICTIONS.
If you do withdraw you will fall to the lower rate to 3.03%AER / 2.99% Gross / 2.39% Net Rate for that calendar month. Yet this still beats Abbey's super fixed montly savings account (also offering 6% AER / but severly penalises you to 0.1% AER interest if you withdraw). Interest on this account is paid monthly.
And you can deposit values from £20 -£250 per calendar month, max. investment in 12 months is £3000.

So if you just want to leave your money untouched than for 1% more interest this is the savings account for you! Apply today before it's too late!

Click here for more info.

Biggles

kimmylee wrote: »

Barclays have beaten Lloyds TSB with a higher monthly saver rate of 6% AER

Barclays had had their 6% running for a while before Lloyds' 5% rate came in (see earlier threads). In fact, when I opened mine early last month, the 6% had already been running longer than the staff expected, so it could be closed/cut at any time.

jimbow25

subjecttocontract wrote: »

You have to be a Lloyds current account holder and the S/O has to be from another Lloyds account.

They often say this (though it's not in the T&Cs I don't think) but in practice there seems to be no problem funding from elsewhere.

Many people who've opened accounts in this thread will have tried to fund them from another bank's account - especially if their everyday banking is elsewhere so I'm just wondering if any have had problems. I funded the former 2 year regular saver from my HSBC account every month without any problem for example.

jimbow25

jimbow25 wrote: »

Can I just check whether others have funded this account fine from an account outside Lloyds?

Just to answer my own question, the account welcome letter I've just had says (emphasis mine)

If you asked us to set up a monthly standing order, this will be completed for you. If you are setting up a standing order with another bank, please use the above account details and make sure the first standing order is due to reach your new account within 30 days

So it looks as though you are free to use another account for funding contrary to what staff seem to have been told.