Lloyds TSB instant access monthly saver 8%

[Deleted User]

Kazza242 wrote:

Although the Lloyds current account doesn't require you to switch your salary to them, I intend to cycle money in and then out every month. This should avoid any potential problems. I don't want them to think that I'm not using the current account enough, resulting in them prematurely converting my monthly saver into a guaranteed tracker.

I applied for a current account online last weekend, as the first stage, but they have been in touch today asking what I will be using it for, and how much I will be paying in per month. The problem is I have two current accounts already.

lipidicman

Deleted_User wrote:

...they have been in touch today asking what I will be using it for, and how much I will be paying in per month....

'I will be mainly using it for a place to keep my money and I will be paying in the money that I have each month. May I ask why you are asking?'

exel1966

Walked into my Branch (on spec) this afternoon and 10 minutes later came out with the new account and £500 deposited in it. Couldn't have been simpler though I am an existing customer.
Another £250 to go in via S/O 27/05 and will then change the S/O to add another £250 on 01/06.

My thanks to the OP.

Dagobert

I'm wondering whether I might have a bit of a disaster on my hands here:

I opened the Monthly Saver on Monday night over the phone and documents were supposed to be sent out quickly so customers are able to meet the 7 day deadline for the initial funding.

As I did not have £500 in my TSB current account and as I want to fund the account from external sources, I have to wait for the account details to arrive and/or the account to appear online.

The account has not appeared yet and I have been told that a new account usually takes 3 days to appear. Customer Services cannot see the account either, so my hands are tied.

Are any of you new account holders seeing the Monthly Saver online yet?

exel1966

Checked my account online 30 mins after opening it and all details were listed.

Jacky-f

I also opened a monthly saver account by phone on Monday evening. I was told I would receive the paperwork in 7 days. The account isn't showing online and the £500 opening deposit hasn't gone from my current account yet.

grumbler

I was able to see the account online yesterday after opening it in my branch. However, even today I still cannot see the SO on my current account. Allegedly it takes about two days to process the SO.

Kazza242

Deleted_User wrote:

I applied for a current account online last weekend, as the first stage, but they have been in touch today asking what I will be using it for, and how much I will be paying in per month. The problem is I have two current accounts already.

During my application, I do recall the personal banker asking me those same questions. A list of options were available, she clicked on 'other monthly funding'. Because of the section in the T&C's that states that the account must be one's 'main account', I told them that I would be transferring up to £500 per month into my Lloyds current account. This suits me, as £250 of it will go to the monthly saver and the other £250 I'll have available for my day-to-day spending.

I told Lloyds that: although I have to keep my salary with Barclays, because I have their RS account, I will transfer some of the funds to the Lloyds current account each month. You could say that you intend to use your account to pay bills, make deposits/withdrawals and to fund your monthly saver etc. You could also say that you intend to transfer money into your current account each month, but don't specify too high a sum, as they may hold you to it.

Don't worry about having two current accounts already. Before opening today's accounts, I already had three current accounts with different banks.

Prosaic

Opened my savings account today over the phone, which was very easy
( I'm already a Lloyds customer)

Interestingly, the woman I spoke with said this was her 10th call to open a monthly saver in a row, so everyone on this board must have been ringing

She did say that the branches aren't up to speed with it yet which is why there are no posters up etc regarding it, and advised that anyone wanting to open one would be better off doing it over the phone. I gather a lot of branch staff haven't been trained on it yet

The 8% is a load of old sales waffle too..after my 40% cut it's 4.8%...still good enough to equal a decent ISA though

System

I was told i would have to go into the branch to open my regular savings account.... which annoys me greatly as i dont see why i should have to when others are just opening them over the phone. I have had my confirmation through the post today as to my appointment. I have a list of items i need to take to prove my identity, address etc, for goodness sake i shouldnt have to go through this, they have had my custom for the last 12 years! Not only that, the id they need to prove my identity is a current driving license, or passport - i have neither.