Lloyds TSB instant access monthly saver 8%

MattyNeth

Popped into the lloyds Lansdowne branch in Bournemouth this monring to enquire about the regular saver.

Lady I spoke to said you had to open up a current account at the same time. I said this was not the case, and asked her to check. She went to a PC to check announcements from head office, and again came back saying there was nothing there and I had to open a current account. Again I asked her to phone head office.

At this stage her manager came out, in what can only be described as aggressive body language and facial expressions explaining that I HAD to open a current account or own a current Lloyds/TSB current account to open the regular saver. I simply said that Alan Mochrie had said this was not the case, and gave them my phone number to call me back and I walked out.

This is why I closed my Lloyds Bank current account approx 8 years ago and moved to First Direct - dreadful dreadful customer service. I did vow never to buy another product from Lloyds again after my experience last time, but the 8% regular saver and the chance to put one over on them turned my head. Not sure I'll bother now. See if they call back...

KTF

You have it wrong. You do have to open a current account. You do not have to transfer your banking details to them i.e. make it your main account (which is what the confusion was about).

MattyNeth

thanks KTF - my mistake....

skap7309

KTF wrote:

You have it wrong. You do have to open a current account. You do not have to transfer your banking details to them i.e. make it your main account (which is what the confusion was about).

Hi i am interested in the saver account and have read in the tips to open a current account with LTSB and just pop in £1. I have done a search and on reading the 'important info' this cropped up -

You can have one Monthly Saver either in your name or jointly with someone else. To apply:

you must be 16 or over; and
have your main current account with Lloyds TSB. Your main current account is the current account you use most often for your everyday banking. If you don’t use your Lloyds TSB current account as your main current account we can convert your Monthly Saver to a Guaranteed Tracker (or similar account if that account is no longer available).

The way i see it as i am with A & L i will not be using it as a main account? Can it be used or not?! :rolleyes:

EDIT: Ive just had a good read through this thread and the answer is there! (19 pages seemed daunting at first!)

jonesMUFCforever

Well you tell us which is your main account and then go back to the t&c and which answer do you come up with ?

tomstickland

I can't believe I've not spotted this deal before! I've got a main, salary receiving LTSB account and a rate of 8% AER is outstanding.
Are there any catches?

1st_Time_Saver

Im totally confused from reading this thread!

Question:

Can i open a standard current account with them now and then open a regular savers account at a later date?

I wanted to drip feed the money through from my ISA when it finishes next year. The plan would then be to open the regular savers account with £500the month before my ISA finishes, put £250 into the Lloyds current account at the same time and then set up an SO from that account for the same month.

(deep breath) I would then move the money from the ISA into a high interest savings account (suggestions welcome, have just applied for a cahoots savings account because i get £26 from quidco and it seems like an ok account) and set up an SO to be paid into the Regular Savers account each month for the next two years.

So, my main questions are:

- Does that make sense?
- Have i understood it correctly?
- Will it work?

Thanks for listening (Im a newbie, be gentle!)!

1st TSx

oldfella

Does that make sense?

---

not if you pay tax - you will get interest tax free on your ISA

the Lloyds saver only lasts 2 years

Mike

anniecave

I'd agree - if you have an ISA, keep it, it's tax free!

If you have spare cash without that, then go for the regular savers

anniecave

tomstickland wrote:

I can't believe I've not spotted this deal before! I've got a main, salary receiving LTSB account and a rate of 8% AER is outstanding.
Are there any catches?

As far as I can see, it seems like a really good deal. It's a regular saver. You can get money out if you need to (but you then can't put it back in again) you can save up to £250 per month.

I'm planning to switch my current account to Lloyds TSB later this month anyway, so I'm going to go for it ......