Lloyds TSB instant access monthly saver 8%

Looking_after_the_pennies_2

"a branch manager won't give a toss about the date of your standing order" (I don't know how to quote)

I have had many phone calls with LTSB about this, and was eventually put through to my branch, who confirmed with the manager that he would not accept the SO that close to the previous one, hence it bounced twice.

Pagan98

Okay, I finally have a reasoned response from Lloyds TSB regarding my bounced SO. It turns out that they bounce the SO if more than £750 is paid in to the account within 7 days of opening it.

The reason the standing order of £250 was rejected on 1 June was because you had already deposited the maximum of £750 within the first seven days.

I hope this helps Looking_after_the_pennies and others who are still struggling. FWIW, my June SO went in on 30.06.06 and I then changed the SO so that July's SO was set for 01.07.06 (taken 03.07.06) and that payment was fine.

Although they state ..this does form part of the Terms and Conditions of the account, a strict reading of the T&Cs still concludes that they are in the wrong:

You can make one payment in of up to £500 within 7 days of opening your monthly saver - this does not include your first standing order.
I made a one-off payment of £500 on opening the account.

For a period of 24 months from account opening you can make a monthly payment of between £25 and £250.
You can only make one payment per calendar month.
I only made one monthly payment on 30 May and one on 01 June.

I'm in half a mind about whether to expend the effort pursuing further or let it drop.

Regards,

P98.

Looking_after_the_pennies_2

thanks for this info Pagan, I will try bringing this month's SO forward and see what happens

I agree that it is probably not worth expending any more effort fighting LTSB, and I haven't bothered replying to the latest letter I have received, even though they are still wrong!!;)

JollyNolly

Anybody explain why Martin doesn't mention the LTSB monthly saver in his recent piece on savings accounts?

C_Ronaldo

anyone opened up one of these accounts, whats it like interest wise

tim_n

My previous post in the savings asks a couple of questions, but now I've got a couple more:

1) Do you still get £50 for opening an account - can't see any mention of it on the website (it was mentioned in Martins article)?
2) Whats this about £500 deposit? I'd love to make that kind of deposit - is it still ok now we're in July?
3) What info do I need to take into the bank?

C_Ronaldo

i got this from the lloyds tsb site

Monthly Saver

A simple way to start saving regularly. Benefit from a fixed 8.00% AER/gross for 2 years. Choose how much you pay in each month from £25 to £250 – and enjoy instant access with no penalties.

you can open it with £1 but you need to pay in between £25 and £250

tim_n

Indeed C_Ronaldo, but it doesn't answer any of the questions above ie:

1) Do you still get £50 for opening an account - can't see any mention of it on the website (it was mentioned in Martins article)?
2) Whats this about £500 deposit? I'd love to make that kind of deposit - is it still ok now we're in July?
3) What info do I need to take into the bank?

MSE_Martin

Anybody explain why Martin doesn't mention the LTSB monthly saver in his recent piece on savings accounts?

You'll see in the 'where to start with savings' bit at the top I write



[FONT=Arial, Helvetica, sans-serif]

Paradoxically, don’t start saving with a savings account. First, use any spare cash to pay off debts, which usually cost much more interest than savings pay out. After that consider Cash ISAs, which are effectively tax-free savings accounts, and Regular Savings Accounts, where you put money away each month in return for a higher rate, as both should pay you more interest. [/FONT]

[FONT=Arial, Helvetica, sans-serif]Read a full [/FONT][FONT=Arial, Helvetica, sans-serif]‘Where to Start with Savings’[/FONT][FONT=Arial, Helvetica, sans-serif] article.[/FONT]

This article is best 'instant access savings' and is about traditional accounts. However I take you're point and am going to add hyperlinks to the cash ISA and regular savings article in the first para - to hopefully make even more of a point

Martin

MSE_Martin

Anybody explain why Martin doesn't mention the LTSB monthly saver in his recent piece on savings accounts?

You'll see in the 'where to start with savings' bit at the top starts with


[FONT=Arial, Helvetica, sans-serif]

Paradoxically, don’t start saving with a savings account. First, use any spare cash to pay off debts, which usually cost much more interest than savings pay out. After that consider Cash ISAs, which are effectively tax-free savings accounts, and Regular Savings Accounts, where you put money away each month in return for a higher rate, as both should pay you more interest.

[/FONT]

At which point it links people to the "[FONT=Arial, Helvetica, sans-serif]Read a full [/FONT][FONT=Arial, Helvetica, sans-serif]‘Where to Start with Savings’[/FONT][FONT=Arial, Helvetica, sans-serif] article.[/FONT]"

This article is best 'instant access savings' and is about traditional accounts. However I take you're point and am going to add hyperlinks to the cash ISA and regular savings article in the first para - to hopefully make even more of a point

Martin