Lloyds TSB instant access monthly saver 8%

jonesMUFCforever

The new T&C have been given to staff. You will require to open (or have an existing) LTSB current account to open a monthly saver.

pennineman

Check here info re LloydsTSB Regular Saver.

I've recently set up such a Regular Saver - but, because of feet-dragging by LloydsTSB and the Bank Holiday, my opening deposit from a non-LloydsTSB account arrived outside the 7 day deadline for this initial deposit. They have just returned it.

I'm dripping a regular £250 in each month again from an outside account. This arrived OK and is in the account.

Staff in my local branch were unaware that this was possible and had to check with head office before they admitted this was indeed OK.

However, re whether the LloydsTSB needs to be your main account their t&c seem to indicate that it still does. Or have they amended the t&c but not on their website?

There's going to continue to be confusion here I feel so has anyone else a definitive, current answer on this?

steveteach

The terms & conditions are supposed to be revamped on the night of 14th Sept so should have new T&C in branch, new leaflets and online on 15th (or so other posts have said). However my local branch manager knew nothing about this on Friday afternoon (8/9/06)!
So lets just wait and see what Friday brings?

skap7309

ejones999 wrote:

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 ?

Youve missed my point.

Stated on Martins guide to this account you can just open an account and pop £1 in and keep it that way, but on the t&c's it states it must be used as a main account.

Now i have just applied for a classic ltsb account and once opened i will apply for the saver account.

Question - in order to get maximum interest i will be doing what has been said as in pay the first £500 + £250 at the end of the month then set up the SO to pay out on the 1st of each month. As my current account paying the money in is non-ltsb is there any delay over how long the money takes to come out?

jonesMUFCforever

Yes it will take 3 days from your non ltsb account until it hits your saver.

jinkssick

In the first month the most you can pay into the Lloyds account is £750, then a maximum £250 a month, making a total of £6,500 over two years. With interest, the most a saver can build up is £7,095.

this to me is pretty poor. interest payed back amounts to the sum of only £595. here is a way to get more from your money.

use Icici bank as your MAIN savings account. 5.15% is being paid each month where you can use take out money from this account with a lump sum of £250 which will be paid into the 12% AER account of Alliance&Leicester. 12 months x £250 = £3,000 which is there limit for a year. without taxes applied 3,000 x 12% will get you

£3,720

£720 for free. not including the tax. from help from man at home its actually £600 but it is quite a lot. not even adding the money that was made from the interest left on the Icici bank 5.15%.

at the end of the year you move the money BACK to Icici bank to gain interest on whats on their and the new amount. Then renew the A&L account and do the same process again.

shud be worth the effort. £1,480 is whats made not including tax in 2 YEARS!! compared to £595 in two years with Lloyds.

****there are little setbacks such as the minimum £250 monthly payment to A&L. And of course there taxes. NO WITHDRAWALS with A&L but yes with Icici. So see your options but there is many many good things about this LLoyds account such as withdrawals, but be sure to look around.

anniecave

skap7309 wrote:

Youve missed my point.

Stated on Martins guide to this account you can just open an account and pop £1 in and keep it that way, but on the t&c's it states it must be used as a main account.

Now i have just applied for a classic ltsb account and once opened i will apply for the saver account.

As I understand from reading the posts here, in order to qualify for the regular saver, they are updating the t's and c's so you have to have a currrent account with Lloyds, but that can be either the classic one, where you don't actually have to put money in each month, or the classic plus where you have to deposit £1000 in each month. As I understand the payment to the regualar saver each month can be from another current account if you want.

capehorn

jinkssick wrote:

without taxes applied 3,000 x 12% will get you

£3,720

Unless I totally misunderstand the A&L account, you're wrong. You won't get anything like £720 over two years because you won't be getting interest on all of the £3,000 both years. You'll be getting interest on the average amount in your account. So if the average is £1,800 in both years, you will get £1,800 * 12% * 2 = £432 interest. Pre tax.

That's why the Lloyds 8% account is considered to be so lucrative. It is over two years, so in the second year, the average amount in your account could be around £5,000, which you will be earning 8% on. This will earn you £400 on your second year alone.

jinkssick wrote:

shud be worth the effort. £1,480 is whats made not including tax in 2 YEARS!!

even if your original maths was correct, that would be over four years

Anyone feel free to correct me if I'm wrong

skap7309

anniecave wrote:

As I understand from reading the posts here, in order to qualify for the regular saver, they are updating the t's and c's so you have to have a currrent account with Lloyds, but that can be either the classic one, where you don't actually have to put money in each month, or the classic plus where you have to deposit £1000 in each month. As I understand the payment to the regualar saver each month can be from another current account if you want.

Thats what i thought and read earlier, i have since applied for the classic account and have no intention to pay anything in, with the monthly payments coming from my A&L current account.

skap7309

jinkssick wrote:

Then renew the A&L account and do the same process again.

Please correct me if im wrong but if you mean what i think you do it cannot be done.

I joined A&L when they advertised their (at the time) market leading interest rate current account. 6 months later they introduced their fixed 10% savings account,which was open to 'brand new customers only''- so that was me out. 12 months later they introduce their 6.1% market leading CA which again was for ''brand new customers only'', making the 12% unaccessable again for me. I phoned to change to the higher interest rate but ........''brand new customers only''.

So what are people like me to do? Quess its the 'poor' 8% Lloyds for us.