Lloyds TSB instant access monthly saver 8%

Jim_B_3

Did they spot that you had two without prompting from you?

lipidicman

lipidicman wrote:

I'll repeat my advice on account opening for those who are going to do it in June (end of June for max interest!):

DO IT IN BRANCH with someone who is account opening trained. It can be done there and then and you can see it on the screen.

Has anyone had bouncing SO's or two accounts when they opened this account in branch?

jonesMUFCforever

RubyBish wrote:

My first SO was on 30/05 and my 2nd was 05/06 and has been rejected.
There is plenty of gap between them so I dismiss the theory that they are rejected on this basis alone.
My SO comes from my lloyds current ac. I wonder if I will have better success if I transfer the June amount from a different bank?

Terms and conditions of the account are that the standing order to feed the monthly saver has to come from a LTSB current account.

Are you sure that you had sufficent cleared funds in your account to meet the s/o?

jackieblue

Jim_B wrote:

Did they spot that you had two without prompting from you?

Jim,
Actually no they didn't. The reason it came up was because they had actually set up two SO's into it. This time they set up the two SO's into it from my current account at least, whereas for my first Montly Saver they set up the SO from my Online Saver, which is apparently not allowed or possible, but they managed it.
Cheers
Jackie

jackieblue

I've had a phone call from my branch (not the call centre or anywhere central) re the returned SO.

Quote (ish)

"I think the wording in the T&C's is misleading and Head Office will need to change it, but the calendar month for each SO starts on the same date as the account is opened. So if you open the account on 30/5 you have until 29/6 for the first SO and then the next SO could only be paid from 30/6 onwards, etc."

"When I first looked into your query I read the terms as you did and had to phone HO for clarification and this is what it means".

I said that what it means and what is says are two different things and they should really apply what it says, not what they meant to say. She agreed but was unable to do anything.

When I mentioned that the interpretation must vary widely because at this stage many account holders now have £1,000 in their account, she said they she could only discuss their accounts with them.

She did suggest if I wished I could write in to the branch and they would forward the letter on.

I know I probably should but don't think I can be bothered. If it had happened to all of us, then maybe but I don't feel inclined to be a lone voice complaining "it's not fair".

I just got a bouquet from them because they opened 2 Monthly Savers, both with funds from my online saver when asked to use the current account, set up 3 SO's (one for £250 and 2 for £25) from my online saver (can't be done apparently), closed one Monthly Saver and transferred the funds back to the current account (remember they came from the online saver), and yet I apparently managed to remain polite but evidently frustrated through all my phone calls. By the final phone call it's true I was laughing - but that's because I had just been thorugh the biggest admin farce I've ever experienced.

The first time I try to jump on a bandwagon and copy the cleverness of others I get my bellbottoms caught in the spokes. Ah well.

lipidicman

jackieblue wrote:

I've had a phone call from my branch (not the call centre or anywhere central) re the returned SO.

Quote (ish)

"I think the wording in the T&C's is misleading and Head Office will need to change it, but the calendar month for each SO starts on the same date as the account is opened. So if you open the account on 30/5 you have until 29/6 for the first SO and then the next SO could only be paid from 30/6 onwards, etc."

"When I first looked into your query I read the terms as you did and had to phone HO for clarification and this is what it means".

I said that what it means and what is says are two different things and they should really apply what it says, not what they meant to say. She agreed but was unable to do anything.

The meaning of a calendar month seems pretty clear cut but it would seem that many companies do treat this as from a given day to the 'next month -1'. Until now I had never considered this to be how they used the term. Lloyds really needed to tell their staff this as I specifically checked before recommending the 'get £1k in' method here that it was in accordance with the T&Cs.

BUT as you have pointed out, why are so many other accounts running smoothly?

Looking_after_the_pennies_2

I have had several converstions with the call centre, payment services and my branch re: the definition of a calendar month, as this is the reason they have been bouncing my SOs.

My branch manager is adamant that I cannot pay any more money in until 30th June, despite all the call centre people and the girl I spoke to in the branch agreeing that what I wanted to do was acceptable under the Terms and Conditions of the account.

I have now written a formal complaint to Customer Care and am awaiting a reply.

I doubt if I will get anywhere, but it's worth a try

payless

I can understand them saying s/o needs to be calender month apart ... but not starting 1 month after acc opening

Your Opening Payment:

• 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 (see 4 below) .

4) Your Standing Order Payments:

• For a period of 24 months from account opening you can make a monthly payment of between £25 and £250;
• If your payment is less than £25 or more than £250, we will return it to you;
• No other money can be paid into your account;
• Your first payment must be made within 30 days of account opening;
• Payments can’t be made from another Lloyds TSB savings account;
• You can only make one payment each calendar month;

personally I opened mine towards end of month, £500, then £250 from the 1st monthly.. OK I know others have managed an extra £250, but I did not want to give cause for problems

Kazza242

I find Lloyds' explanation to jackieblue and L_a_t_p very odd!

Their explanation doesn't make any sense to me. I opened my account on 24th May with £500, then first SO reached the account on 30th May and second SO on 1st June. I checked my monthly saver again this morning, the balance is still £1,000. If Lloyds' argument was correct, then why have myself and so many other Lloyds monthly saver holders not had the same problems?

I just hope all goes well when my July SO goes in.

jackieblue

Apparently the software has also been doing some transactions twice and cancelling others for no apparent reason. Oh and the account isn't launched to the public yet ! Its launch date is 14th June !!!