Lloyds TSB instant access monthly saver 8%

rangers_fc

Can someone please explain requirements of these accounts predominantly the current account, The terms and conditions mention main account how do the forum interpretate this, As this seems like a good saving offer however I want to understand the terms and conditions before I invest

mary

Judi wrote:

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.

If you are already a customer, why do you have to take anything in as ID.
All my life I've been with Lloyds, I am known in the branch - I just turned up , gave them my Debit card to access the account number and that was all. Is the branch where you are going, not somewhere you regularly visit?

MPH80

RangersFC - I was in a branch today asking about the account - I'm not currently a LTSB customer and have no intention of switching.

I was assured I just needed A current account - I did not need to switch my salary.

I'm still not sure I believe them - but given they couldn't provide me with an appointment to open both accounts before June 2nd - I returned to my office and did the current account online. Just have to wait for the A/C no/sort code before I can open the monthly saver.

M.

Prosaic

Judi wrote:

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.

Be careful, Judi. I had a similar 'chat' last year with them

They sit you down, smarm over you & offer you coffee etc then try to flog you insurance policies, credit cards etc

I would phone back and say you can't make it to the branch & can they oblige over the phone. It's easy- did it myself this afternoon

Kazza242

rangers_fc wrote:

Can someone please explain requirements of these accounts predominantly the current account, The terms and conditions mention main account how do the forum interpretate this, As this seems like a good saving offer however I want to understand the terms and conditions before I invest

You do have to have/open a Lloyds TSB current account in order to open the monthly saver. However, you do not have to have your salary paid into the LTSB current account. However, as I understand it, you do have to show that you are using the current account. My monthly saver SO has been setup on the current account, so that should show that the account is not idle. In addition to my monthly saver deposits, I also intend to transfer over approx. another £250 into the current account each month. I'm taking the extra precaution, because I don't want them to think that I am breaching the T&C's by not using the current account. A breach of the T&C's can result in the monthly saver being (prematurely) converted into a guaranteed tracker - currently paying 2.40%AER for balances under £10K.

mary

I think you go in, "sitting in the driving seat", you've read all about the offer, you know exactly what you want, all you need is for them to do the paperwork. Take control. You tell them, politely, what you have come for. You don't have time and are not interested in anything other than the 8% Regular saver. My branch manager was on the ball, she suspected that the SO would not set itself up online and brought in a paper form to fill in while I was there, so I could see it was all done.

System

Prosaic wrote:

Be careful, Judi. I had a similar 'chat' last year with them

They sit you down, smarm over you & offer you coffee etc then try to flog you insurance policies, credit cards etc

I would phone back and say you can't make it to the branch & can they oblige over the phone. It's easy- did it myself this afternoon

They tried to talk me into 'reviewing' my account this morning when i had to ring them, i dont know what was worse, trying to listen to someone who spoke broken english or keep having to insist that i didnt want to change my account.

They grabbed me for a review about 6 months ago, i sat with them and listened to each account they tried to palm off on me, and each time i had an genuine reason for not needing their product. Although i have had good service from my bank, the products they offer are very mediocre.

Prosaic

I agree. My last review they totally overlooked the fact that I was being paid 0.01% interest and was already paying a tenner a month for the privilege! Thanks to this site I asked to be upgraded to the Plus account and for an extra fiver get a years AA cover and 4% on the balance

They also tried to tell me they were impossible to beat on home insurance. Then I mentioned I'd only renewed mine last month and Halifax were cheaper

Isn't it great being informed on these things?

bootman

I opened mine over the phone Tuesday, it's still not set up yet:eek:

I set the s/o for the 30th so it better be done before then.

I phoned last night 'India' got a lovely chap but he did not have a clue, said infor pack will be sent out in the next 5-6 days couldn't tell me when the account would be set up!

mary

Opened my 8% savings in branch on Tuesday. The STO is now visible online today Thursday for going out on 30th.