Lloyds TSB instant access monthly saver 8%

lipidicman

Yep, chesky. As I have said, do it in branch

I am interested to know if those whose second SO went in on the 1st is still there on the 2nd? I know Kazza242's is. What about mary? Still OK?

Mine went in today (2nd) so I guess it could still be rejected.

Also, the bank took my initial £500 from my online saver, but my SO is from my current account (is this OK by the T&Cs?)

Kazza242

lipidicman wrote:

I am interested to know if those whose second SO went in on the 1st is still there on the 2nd? I know Kazza242's is. What about mary? Still OK?

Mine went in today (2nd) so I guess it could still be rejected.

Also, the bank took my initial £500 from my online saver, but my SO is from my current account (is this OK by the T&Cs?)

Lloyds taking your initial £500 payment from your online saver, should be ok, according to the T&C's. As I understand it, it's the SO payments that must come from the current account.

http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp

For the opening payment, it states the following on their website:

"You can make one payment of up to £500 within 7 days of opening your Monthly Saver - this does not include your first standing order".

For the standing order payments, it specifically stipulates:

"Payments can’t be made from another Lloyds TSB savings account."

mary

lipidicman wrote:

I am interested to know if those whose second SO went in on the 1st is still there on the 2nd? I know Kazza242's is. What about mary? Still OK?

Yes, my second SO went in on the 1st and still there on the 2nd.

lipidicman

Good news on your SO mary, hope mine is the same

And thanks Kazza, that is how I took it. I haven't looked at the printed terms that I signed yet. If there is any problems then I was misinformed by branch staff (including the manager) so I should be able to get it sorted

lipidicman

Judi wrote:

I went in and opened my account on the 30th and paid £500 into the account. I moaned that because the earliest appointment they could give me was the 30th but i really wanted to pay in my money and have the standing order set up for the 1st and the chap i saw told me it wouldnt be a problem but he did say, that this months payment would be slightly later than the 1st. He was right, they have took the £250 standing order that i wanted to start on the 1st, today.

Subject to the concern some people have about rejected payments you should have got an SO in at the end of the month and the second one in on the 1st! The way you have done it you could have opened the account on the 1st and it would have made little difference. There is no rush for the end of the month unless you are finessing to the nth degree and trying to get the balance up to 1k almost straight away

Looking_after_the_pennies_2

Hello everyone

I set up my Monthly Saver on the phone on the Tuesday (2nd day it was available). £500 opening balance showed up this Tuesday, followed by the first SO on 31st May. I then changed my SO to 1st June.

On 1st June, the payment left my current account but was bounced straight back, never actually showing as a transaction on my Monthly Saver account.

Any ideas what caused this? I assume I had set up the SO ok, as the money actually left my current account

debtfreelondon

I set up my saver over the phone on the 22nd and as it hadn't been set up as of Wednesday I rang to complain. Spoke to a very nice lady at phone bank who made it her personal business to sort it out.

She did just that. Thing is that the savings department has also set up an account so I now have 2 monthly savers showing on online banking.

Bearing in mind you're only allowed 1, do I say something or leave it be?

Kazza242

Looking_after_the_pennies wrote:

Hello everyone

I set up my Monthly Saver on the phone on the Tuesday (2nd day it was available). £500 opening balance showed up this Tuesday, followed by the first SO on 31st May. I then changed my SO to 1st June.

On 1st June, the payment left my current account but was bounced straight back, never actually showing as a transaction on my Monthly Saver account.

Any ideas what caused this? I assume I had set up the SO ok, as the money actually left my current account

I think that your standing order dates may have been too close together (at least where Lloyds' system is concerned). My first SO was set to the 30th May. I then changed it to the 1st June. There is a whole working day between the two SO dates in my case, which may have made all the difference.

Looking_after_the_pennies_2

thanks Kazza.

I have reset it for Mon 5th, and will see what happens then!

lipidicman

It does appear to be a 'too close together' thing and seems to only apply if you did SO1 on 31/05 and SO2 on 01/06. If anyone has had a bounced payment that were not on consecutive days then please let use know.

Also the people's who bounced, were these coming from a lloyds account as only these (and not external SO's) would be instant

(Mine were on 30/05 and 02/06. Mine could still bounce I suppose but people who did 30/05 and 01/06 seem to be fine.)