Lloyds TSB instant access monthly saver 8%

tim_n

Bizarrely I've just got my account details through from signing up online. I sent back a signature to them (as instructed) but they've not seen one single form of ID! Scary o_0

Then again, I've not got an overdraft so that maybe why.

I'm about to open the saver account, so how is it best to do it? I've heard its best to put in £500, then £250 via s/o then put in £250 on the 1st - I guess I'm too late for that right now though.

exel1966

tim_n wrote:

I'm about to open the saver account, so how is it best to do it? I've heard its best to put in £500, then £250 via s/o then put in £250 on the 1st - I guess I'm too late for that right now though.

Not too late at all. Open the 8% Reg Saver in Branch and deposit the first £500 today and set up an S/O for £250 to go out ASAP this month (29th), then once that's gone through OK change the S/O to the 1st/2nd of next month to maximise the interest gained.

lmentry

I have my main current account with lloyds and opened the regular saver account last friday with £500 but was told my first s/o payment would have to be in september. is this a case of lloyds clamping down on us savers getting more into the account or just my bad luck with the lloyds staff?

exel1966

lmentry wrote:

I have my main current account with lloyds and opened the regular saver account last friday with £500 but was told my first s/o payment would have to be in september. is this a case of lloyds clamping down on us savers getting more into the account or just my bad luck with the lloyds staff?

I opened my account in May when the account first became available. At that time it was possible to deposit £500 + £250 S/O in the first month of opening. As far as i'm aware that has not changed.
Think it may just have been bad luck, though from reading other posts on this subject LLoyds Branches have been issuing contradictory advice and information. Lloyds are in the process of re-wrting the T&C's for this account so things may get a little clearer soon !!

KTF

lmentry wrote:

I have my main current account with lloyds and opened the regular saver account last friday with £500 but was told my first s/o payment would have to be in september. is this a case of lloyds clamping down on us savers getting more into the account or just my bad luck with the lloyds staff?

You still have time to pay in the 250 if you are quick as you can pay in a max of £750 in the first month. You can just to a transfer over from your current account online if the funds are there.

lmentry

KTF wrote:

You still have time to pay in the 250 if you are quick as you can pay in a max of £750 in the first month. You can just to a transfer over from your current account online if the funds are there.

Thanks guys, just checked on the lloyds website and this is what it says;

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;

So, i have changed my standing order from my current account to the 30th and will change it to the 5th or so for september.:D

Keep saving. LM

tim_n

Sorry, doesn't it take 3 working days? So the money will be debited on the 29th and arrive on the 1st?

Shouldn't I just put the SO as the 28th to be sure?

tim_n

Had a 'lively discussion' with the banking receptionist who was setting up my account about paying in from an external account! Deposited £501 in my current account and transferred it in to open the saver. They then discussed it about themselves, rang HO and got a straight answer - the customer is always right ;- )

exel1966

tim_n wrote:

Sorry, doesn't it take 3 working days? So the money will be debited on the 29th and arrive on the 1st?

Shouldn't I just put the SO as the 28th to be sure?

The 28th is Bank Hol Monday so it won't go til the 29th. To be doubly sure of no problems you could set the next one up for the Monday 4th which leaves 4working days between them. Then change to the 1st for October. I only left 2days between changing mine and it all worked ok.

tim_n

Can I do the SO today?