Lloyds TSB instant access monthly saver 8%

$17mma

Went into branch today to open acct and they tried to flog us some Platinum classic current account and then said that if we take this account they will charge us the priviledge of doing so!!.. well in true MSE style I turned them down and said that we would just like a bog standard current account.They also said that sal HAS to be paid into acct not just merley a credit of min £500, hmmm we will see...In addition they said SO will be set up to take first payment of £250 on 23rd,which I will change online to 1st of each month.So far so good all smooth sailing just waitin tosee if these SO are going to work..

Looking_after_the_pennies_2

Hello everyone

I have received the reply to my letter of complaint to LLoyds Customer Care Team, re returning my SOs

Unfortunately, they completely misunderstood the query-so I have had to write another one!

(They thought I didn't understand how to set up a SO!:rolleyes: )

Will update when I get the next reply.

humfer

lipidicman wrote:

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

Phoned them up today as I applied last week without checking my details quoted me 2 weeks to get it all opened. All very different to the person I spoke to last week when opening who told me the £500 would be taken out straight away and that the SO would go out tomorrow....

humfer

humfer wrote:

Phoned them up today as I applied last week without checking my details quoted me 2 weeks to get it all opened. All very different to the person I spoke to last week when opening who told me the £500 would be taken out straight away and that the SO would go out tomorrow....

Looks like I was a little hasty in slagging them off!! Just checked my account online and they have debited 2 lots of £500 (one for me, one for the wife) so considering they were opened last wednesday thats not too bad. Lets hope the SO's go on time tomorrow now

$17mma

$17mma wrote:

Went into branch today to open acct and they tried to flog us some Platinum classic current account and then said that if we take this account they will charge us the priviledge of doing so!!.. well in true MSE style I turned them down and said that we would just like a bog standard current account.They also said that sal HAS to be paid into acct not just merley a credit of min £500, hmmm we will see...In addition they said SO will be set up to take first payment of £250 on 23rd,which I will change online to 1st of each month.So far so good all smooth sailing just waitin tosee if these SO are going to work..

Ok I have been pondering on what the lady told us in the branch , that a sal HAS to be paid into the account to qualify for the monthly saver rate.... has anyone else been told this. Is this reason for concern do you think

redagila

$17mma wrote:

Ok I have been pondering on what the lady told us in the branch , that a sal HAS to be paid into the account to qualify for the monthly saver rate.... has anyone else been told this. Is this reason for concern do you think

I have checked the agreement I signed at the Bank when opening my accounts on 26 May and no mention is made of paying in salary. This was also confirmed by the assistant at the Bank. She also told me that although the agreement states a credit of £500 is needed into the Classic Account this is an old requirement and not now needed! In fact, I was asked how much I would pay in each month and said probably £100 for spending money which was input into the computer and was told this was perfectly OK. I am fairly confident in the information from this assistant as have seen her before on other matters and she appears to know what she is talking about. However, the agreement does have other statements about using the c/a as main a/c, etc. so who really knows. Personally I will not pay in more than £100 each month and argue if any problems develop.
Be aware that you can only have one Monthly Saver and make one payment each month into the saver a/c and this must be by s/o. However, you do not have to use the c/a for this s/o if it is easier to xfer directly from money elsewhere (other than Lloyds s/a).
Hope this information is helpful.

$17mma

redagila wrote:

I have checked the agreement I signed at the Bank when opening my accounts on 26 May and no mention is made of paying in salary. This was also confirmed by the assistant at the Bank. She also told me that although the agreement states a credit of £500 is needed into the Classic Account this is an old requirement and not now needed! In fact, I was asked how much I would pay in each month and said probably £100 for spending money which was input into the computer and was told this was perfectly OK. I am fairly confident in the information from this assistant as have seen her before on other matters and she appears to know what she is talking about. However, the agreement does have other statements about using the c/a as main a/c, etc. so who really knows. Personally I will not pay in more than £100 each month and argue if any problems develop.
Be aware that you can only have one Monthly Saver and make one payment each month into the saver a/c and this must be by s/o. However, you do not have to use the c/a for this s/o if it is easier to xfer directly from money elsewhere (other than Lloyds s/a).
Hope this information is helpful.

The amount that they enter into the computer on opening the account, which states how much you will credit to the account per month do they hold you to this? we said that we would credit approx £600 per month but now thinking that we really only want to put in max £500 or min £250 which is needed monthly for the SO to the monthly saver.

Really dont want to risk loosing the monthly saver by not crediting the acct as stated at time of opening..

mary

You can always put it in and take it out again to feed another regular saver if you have one. That's what I do with A&L, have to pay in £500 per month, pay one regular saver to them and the other 250 to a different regular saver

$17mma

mary wrote:

You can always put it in and take it out again to feed another regular saver if you have one. That's what I do with A&L, have to pay in £500 per month, pay one regular saver to them and the other 250 to a different regular saver

Thats what i was thinking but all the money juggling am worried i will get it wrong. As sal goes into one acct and bills from another acct and savings left right and centre :rolleyes:

Final question: can i pay the £500 in cash or does it have to be transfered and look official from another account?

redagila

Mary I also do that with A&L & Halifax.However wonder as they state "c/a should be the c/a you use most often for your everyday banking" if Lloyds could say you are not meeting the requirements, any more than if I only pay in £100 each month. At the end of the day, it really depends on how much they decide to monitor the c/a.