Lloyds TSB instant access monthly saver 8%

KTF

You can either do an instant transfer or change the date of the SO to tomorrow (the date change is also instant) via the online banking.

tim_n

simple yet blatently obvious. I bow to your financial brain (And rushes off to do an instant transfer!)

Remembering that _every_ penny counts = D

Former_MSE_Dan

Hi folks,

Thanks again for the help yesterday.

I've spoken to Lloyds again, and as well as further reiterating that our interpretation is correct (i.e. the current account can simply be funded with £1) they have said they hope to have the problem sorted by September 14th.

Any further developments, and we'll keep you updated

capehorn

Great news Dan. I planned to open one at the end of next month and was worried that the 'new' terms and conditions were going to make it harder for us new applicants (or it would be withdrawn before then !)

The only thing now worrying me is that the T&C's of a Lloyds TSB classic account state that you have to deposit £500 or it could be relegated to a basic account (and presumably you wouldn't then qualify for a regular saver). Does anyone think that this could realistically happen?

[Deleted User]

capehorn wrote:

The only thing now worrying me is that the T&C's of a Lloyds TSB classic account state that you have to deposit £500 or it could be relegated to a basic account (and presumably you wouldn't then qualify for a regular saver). Does anyone think that this could realistically happen?

No. I set up mine a couple of months ago now. I queried the minimum deposit of £500 incorporated in the paperwork, and was informed even then that it was obsolete. I was given 'permission' to change the figure to £1 on both signed copies.

legsXI_2

I opened a Monthly Saver over the phone yesterday. The CS advisor had to go and check when I said I wanted the initial deposit and standing order to come from a non-Lloyds account but confirmed it was ok. The standing order is all set up but he said I would have to complete a form which I’d receive within 5 working days in order to pay in the initial deposit from an account outside of Lloyds. With hindsight, this seems a little strange. Has anyone else set up their account by phone and been able to pay in their initial deposit from a non-Lloyds account over the phone?

jonesMUFCforever

Do you have a LTSB current account?

legsXI_2

Yes, but I opened it with only £1 as I don't intend to use it, only in order to be able to open the Monthly Saver account.

anniecave

Lloyds TSB are probably going to send you a paper standing order mandate, with your new monthly saver account details on it. Then they ask you to fill it in and send it to your other bank for them to arrange the standing order. That's the old -fashioned method of setting up standing orders. That would be my guess anyway. Once you get the mandate through you can just set it up yourself if you have internet banking with your other bank anyway. Or fill in the details and send it to your other bank and they can set it up.

going2die_rich

I opened one last week. I got told by the advisor opening the account that their was a mix up in the terms and conditions and the standing order has to come from a TSB account.

Doesn't really make a difference to me as I keep a small reserve amount in TSB anyway and will just top it up by £250 each month.

No mention of having to have my salary go into it.