Lloyds TSB instant access monthly saver 8%

[Deleted User]

I have a current account with TSB, but had to go in for an appointment, at which point they tried to sell me more "appropriate" products. Have had a second appointment. Regular saver savings account still not opened!?! Havn't sold me anything else either.

dora37

jackieblue wrote:

I've just spoken to the bank as I had opened mine (or so I thought) very first thing Monday.

They now tell me that the account doesn't actually get opened over the phone. They just take all the details - the amount you want to put in, the date you want the standing order to start, the account it's coming from. They then pass that on to the department which deals with it. Although I applied Monday, this was not the opening of the account.

I suggested I would have gone to the branch if I had known that this was not the account opening it was the application. The lady said it would have been the same at the branch.

They have a backlog of processing and will get around to me as soon as possible. In other words it's not open yet.

Has anybody got their account number and seen money in it and maybe seen a Standing Order already go out to it.

It really does seem very odd.

I rang yesterday - I am a longstanding account holder, so thought it would be done instantly - I was told it will be processed 'in due course' as there is a backlog.

So who knows when it will be open

Kazza242

jackieblue wrote:

I've just spoken to the bank as I had opened mine (or so I thought) very first thing Monday.

They now tell me that the account doesn't actually get opened over the phone. They just take all the details - the amount you want to put in, the date you want the standing order to start, the account it's coming from. They then pass that on to the department which deals with it. Although I applied Monday, this was not the opening of the account.

I suggested I would have gone to the branch if I had known that this was not the account opening it was the application. The lady said it would have been the same at the branch.
They have a backlog of processing and will get around to me as soon as possible. In other words it's not open yet.

Has anybody got their account number and seen money in it and maybe seen a Standing Order already go out to it.

It really does seem very odd.

The lady you spoke to gave you incorrect information. It would not have been the same at the branch.

I was not an existing Lloyds TSB customer when I paid a visit to my local branch on the 24th May. However, they were able to open both the current account and monthly saver there and then. I handed over £750 in cash, which the personal banker took to the counter and deposited. She returned with the cashier stamped deposit stubs.

At the branch, the account would have been opened and an initial payment (up to £500) in cash would have been paid into the monthly saver straightaway. Also the SO would have been arranged too.

Kazza242

fablad75 wrote:

Hi, I'm new to this thread -and to the forums! - so I think I've missed the boat a bit. Can someone clarify this for me:

Some of you have pointed out that the best way to maximise the interest is to set up the regular saver with £500 + an immediate £250 before the end of the month, then put in another £250 via s/o at the start of the following month.

Hello fablad75. Welcome to MSE!

Yes, this is correct, but (I believe that) to do this you had to have gone into the branch by close of business yesterday to open the account and arrange the SO before the end of May. You could then have set the SO to 31st May. I opened mine on the 24th May, but the earliest date that I could set the SO was the 30th May. Opening your account today would mean the earliest date for the SO would have to be 1st June.

fablad75 wrote:

As I don't have a Lloyds TSB current account at the moment, I will have to open one before I can open the regular saver. It's now the 26th - can I open both accounts on time, or should I wait till the end of next month?

There is enough time to open both accounts and deposit an initial payment of up to £500. However, there is not enough time to arrange the SO so that the payment went in this month. This account is very good and is therefore very popular, so if you want to open one, I would not delay too long. Remember that the account could be withdrawn at any time and without notice. It's best not to miss out on this account because of delaying to open it.

fablad75 wrote:

Also, I already have two other current accounts, and I'm not planning to switch over. Will opening the Classic account be enough? And how much money should I transfer into it every month? I'm juggling money left and right now, so I don't want to deposit more than I need to - preferably just £250 per month just to fund the regular saver, if it's not too cheeky!

Sorry if these have already been answered elsewhere!

In the terms and conditions, it does stipulate that the current account does have to be used as the 'main account'. Although, you don't have to pay your salary into the current account, I am going to transfer over up to £500 per month. I'm taking the extra precaution to prevent my monthly saver from being prematurely converted into a guaranteed tracker.

lipidicman

dora37 wrote:

I rang yesterday - I am a longstanding account holder, so thought it would be done instantly - I was told it will be processed 'in due course' as there is a backlog.

lipidicman wrote:

My recommendation: If you can get to a branch, then do so. The account can then be opened for you while-u-wait. It would seem the phone line is parking you in a queue.

I hope all goes well for the phonees(?) but I needed to ensure that first S/O hits on the 30th.

So I was right, reading some of the posts above. In branch they open the account, do the transfer and order the standing order on the spot. Much better.

People who have missed the deadline should wait until late in June to maximise their returns. However they may risk the account being withdrawn. I cannot see this happening though, the account hasn't even be publicised properly yet!

fablad75

Hi Kazza, thanks for the welcome and the answers. As it's already too late to get into it this month, I think I will wait for the end of June before opening the regular saver - I guess I'm just greedy!

On another note, I did speak to a lady in customer services and she said that putting into the £500 a month is fine, so I guess I'll just be transferring that into the account and using it to pay rent

grumbler

fablad75 wrote:

I think I will wait for the end of June before opening the regular saver

There is no point in waiting. The sooner you open the account, the better. Open it with £500+£250 at the beginning of June ...

lipidicman

Well grumbler, there is a point I believe.

If you open at the end of the month, get your £500 and your first £250 SO you are then able to get the balance up to £1k within a few days by bringing back next months SO to the start of the month. You can earn about £25 extra interest (a year I think) this way as the account matures after exactly 24 months, not at the end of the 24th calendar month like some accounts

grumbler

Well, I think you are right, although my estimation is abot £20 extra interest (gross) over 2 years.

lipidicman

Cant remember if it was over one or two years, Grumbler. However it is free money for waiting a few days