Lloyds TSB instant access monthly saver 8%

jonesMUFCforever

Why not set up the standing order at the time the account is opened?
If your initial deposit of cash is going to be £500 then the next payment needs to be a standing order (not cash) unless you meant to say that the £250 is to be deposited in the current account ready to meet the S/O.

$17mma

ejones999 wrote:

Why not set up the standing order at the time the account is opened?
If your initial deposit of cash is going to be £500 then the next payment needs to be a standing order (not cash) unless you meant to say that the £250 is to be deposited in the current account ready to meet the S/O.

Nope was old by branch person that first payment could be cash as long as in same month as £500 and told to set up SO online as takes too long in branch

grumbler

$17mma wrote:

Nope was old by branch person that first payment could be cash as long as in same month as £500 and told to set up SO online as takes too long in branch

A long time ago I stopped believing anything I am told at a branch. If you don't want to have any trouble later, follow printed T&C.
Monthly Saver:

3) 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;

more information on Monthly Saver:

start with an opening balance of anything up to £500, then put aside £25 to £250 a month by standing order

After my Barclays Regular Savings account was opened by branch staff with two mistakes, I was forced to close it in 1.5 months with loss of interest and to start a new one.
However, the information that SO takes too long to be set up in branch is correct.

Kazza242

$17mma wrote:

Nope was old by branch person that first payment could be cash as long as in same month as £500 and told to set up SO online as takes too long in branch

When I opened my Lloyds TSB monthly saver and current account, the personal banker deposited my £750 over the counter for me. £500 was immediately deposited into the monthly saver and the other £250 went into the current account to cover the first SO payment. A few days later I deposited another £250 to cover my second SO that took my monthly saver balance up to £1,000.

You are allowed to deposit up to £500 in cash up to 7 days after the account is opened, but the first SO payment of up to £250, must be by SO.

I received my Lloyds internet banking details around 8 working days after I opened my accounts. I think it is better to ask Lloyds to setup the SO for you when you open the account. It took them around 3 working days to setup my SO.

lipidicman

Yeah, my advice of doing it on the 23rd was made in the assumption that you already had lloyds internet banking like I did. Get the account opener to set up the standing order, that way you can hold them responsible if there are any problems. And as others have said above, follow the T&Cs, not what a bluffing cashier says!

honey123

I have called 2 weeks ago to opem monthly saving account and afet long conversation the lady told me that I should be able to see it on my internet banking in a seven days but ater i ahve waited for 10 days there was no sign of any account I went to my local branch and they were very helpful, they told me that there is no information about my previous application so they opended another account for me and they move 500 from my current account to the new saving account. today when I logged to internet banking if found that I have two saving account and two standing order for each saving account. what shall I do, shall I call them or just ignore.

Kazza242

honey123 wrote:

I have called 2 weeks ago to opem monthly saving account and afet long conversation the lady told me that I should be able to see it on my internet banking in a seven days but ater i ahve waited for 10 days there was no sign of any account I went to my local branch and they were very helpful, they told me that there is no information about my previous application so they opended another account for me and they move 500 from my current account to the new saving account. today when I logged to internet banking if found that I have two saving account and two standing order for each saving account. what shall I do, shall I call them or just ignore.

The same thing has happened to a few other people on this thread. Definitely contact them about it, as they will find out their mistake soon. I would recommend going to a branch to get this sorted out, although some people have phoned them to get it sorted.

They will close one of the monthly savers. Make sure that the SO is deleted too and that the SO to the remaining monthly saver is still there and the details are correct.

lipidicman

honey123 wrote:

I have called 2 weeks ago to opem monthly saving account and afet long conversation the lady told me that I should be able to see it on my internet banking in a seven days but ater i ahve waited for 10 days there was no sign of any account I went to my local branch and they were very helpful, they told me that there is no information about my previous application so they opended another account for me and they move 500 from my current account to the new saving account. today when I logged to internet banking if found that I have two saving account and two standing order for each saving account. what shall I do, shall I call them or just ignore.

As a word of warning for anyone else. If you have applied over the phone then it is likely your account will remain unopened for a period and your details will be in a queue. It will not be visible to branch staff and opening another account will result in this confusion. I do not know if the phone operators can investigate the staus of the process though

If you can get into a branch in the first instance, then do so!

humfer

lipidicman wrote:

As a word of warning for anyone else. If you have applied over the phone then it is likely your account will remain unopened for a period and your details will be in a queue. It will not be visible to branch staff and opening another account will result in this confusion. I do not know if the phone operators can investigate the staus of the process though

If you can get into a branch in the first instance, then do so!

Do anyone know how long this queue is? Opened one for me and one for my wife on wednesday night, but nothing has yet left my current account. By reading some of the threads here that doesn't seem unusual, but just want to know when I should start to worry....

lipidicman

From honey123's post it would seem the wait is somewhere in the region of 10 to 14 days!