Lloyds TSB instant access monthly saver 8%

exel1966

Having set up the account last week with the initial £500 deposit and another £250 by S/O on the 30th, I then changed the next S/O date to 01 June and have just checked the account and it is now showing £1000. All has gone VERY smoothly indeed.

mary

Snap! Likewise!

Pagan98

exel1966 wrote:

Having set up the account last week with the initial £500 deposit and another £250 by S/O on the 30th, I then changed the next S/O date to 01 June and have just checked the account and it is now showing £1000. All has gone VERY smoothly indeed.

My wife did the same (albeit the first SO went out on 31 May). The 1 June transaction was also showing successfully last night but this morning it has disappeared. Talking to Lloyds TSB, they state that the standing orders must be 28 days apart! We have raised a formal complaint as this conflicts with their T&Cs which only say one payment per calendar month.

Anyone else had the same problem?

jackieblue

Pagan98 wrote:

My wife did the same (albeit the first SO went out on 31 May). The 1 June transaction was also showing successfully last night but this morning it has disappeared. Talking to Lloyds TSB, they state that the standing orders must be 28 days apart! We have raised a formal complaint as this conflicts with their T&Cs which only say one payment per calendar month.

Anyone else had the same problem?

We've had the 1st June SO go out - seemed good. Now I see we've had the SO amount taken back out from the Online Saver and that amount put back onto our current account. I was holding on line for them when I read your post. Did they tell you who to formally complain to because we will do so as well ?

Kazza242

exel1966 wrote:

Having set up the account last week with the initial £500 deposit and another £250 by S/O on the 30th, I then changed the next S/O date to 01 June and have just checked the account and it is now showing £1000. All has gone VERY smoothly indeed.

This is exactly what I've done. I just checked my monthly saver balance, which is now £1,000.

pagan98 & jackieblue - I wonder what is causing the problems you're having? as my 1st June payment has gone into my monthly saver and stayed there. Could the problem have occurred because there wasn't enough SO notice given? I'm not sure how much notice you have to give to change an SO date(?). All of the banks I have current accounts with allow me to change my SO's at least one working day before they are due.

I think, like other banks, Lloyds TSB require 3-4 days notice to initially setup standing orders, and then allow customers to change an SO date/amount up to one working day before the SO is due. My 1st SO went in on the 30th. I then rang Lloyds that same afternoon to have it changed to the 1st June.

Had you or Lloyds funded your monthly saver from an online saver or other savings account? Another poster earlier in the thread mentioned that Lloyds had taken the 1st SO from the Online saver, which would immediately breach the T&C's. If that is what has happened, then it isn't your fault and you shouldn't be penalised for it. There is no condition in the T&C's that states that the SO's must be 28 days apart or that the SO dates cannot be altered.

jackieblue

Kazza242,
My balance was £1,000 for a while. Now it's not. As the SO went out, it must have been set up in time. I shall probably send it again, but I would need to know which £250 was refunded - the first SO or the second. I'll keep you posted.

Dagobert

exel1966, Kazza242: I suggest you check your account again to-morrow and let us know whether the 2nd payment remained in the Monthly Saver.

As you state quite correctly, the T&Cs only limit pay-ins to one per calendar month. But maybe their software is not in sync with the T&Cs!?

Dagobert

mary wrote:

Out of curiosity, how many accounts do people run on average?
...

We should really start new threads rather than going off-topic.

• 14 regular savers
• 2 ISA
• 9 current accounts
• 17 savings accounts *
• 4 credit cards (2 cashback, 2 stooze)

* some of them empty now, some of them just to earn cashback, some linked to regular savers

jackieblue

Dagobert,
I am on the phone to them right now (on hold). You do agree that the T&C's say 1 calendar month, so if a payment was received on 31st May and the next on June this should be ok. The lady on the phone thinks it's because they are too close together but she is now on hold to another department. How do you think this could be resolved according to their T&C's ? I a real newbie as this is my second only Regular Saver (I have no idea how you juggle so many - I didn't even know there were that many around.)

Dagobert

jackieblue wrote:

the T&C's say 1 calendar month

bear in mind that the T&Cs also state that they

may vary this account's conditions ... for example to ... correct errors, omissions, inaccuracies, or ambiguities

How much is a verbal response worth? It's as good as the paper it's written on.

jackieblue wrote:

I have no idea how you juggle so many

With the help of accounting software, diagrams, and spreadsheets.