Lloyds TSB instant access monthly saver 8%

Riviera_Kid

pfpf wrote:

woohoo, i got accepted for the Lloyds classic account today(its all i wanted). i didnt think i would because of some recent problems but hey hoo.

i only wanted it so i could attach the Reg Saver.

does anyone know if the telephone application for the Reg Saver is painless enough? as easy as going into a branch?

can i pay my £500.00 by DC over the phone? i will be depositng my monthly from an external account which i now understand is acceptable?

thank you.

I opened my account by going to the branch and it took three trips before they got it set up correctly (and even then they failed to set up the standing order despite me filling in a form). My mum opened her's up over the phone and although she had some difficulty understanding the foreign person on the other end of the phone, at the end of the phone call it was all set up correctly. So you should have no problems doing it by phone, in fact it might even work out easier than going to the branch! :rolleyes:

pfpf

thank you..

REG SAVER.

so can i pay my initial £500.00 by DC over the phone? are there additional forms to be signed?

:beer:

jonesMUFCforever

ED wrote:

ejones999 – thanks again! Could you confirm if it's currently true Lloyds accounts 'Classic' + 'Classic Plus' pay interest on all Standing Orders and Direct Debits for :

(1) the day funds leave the Lloyds account; and

(2) the following 2 days?

If true, the 4% AER (3.93% gross) interest offered for 'Classic Plus' account would be useful for some of us!

I have to be honest in saying I don't know.

bluu2k

I was very impressed with Milarky's calculation in post #12, and found no fault in it at all:

Milarky wrote:

FIRST YEAR: Opening credit of £750 and 11 payment of 250 monthly thereafter. Average balance in account £2125 and interest payable 8 percent gross of this : £170 (£136 for basic, £102 for higher rate taxpayer)

SECOND YEAR: Opening balance of £3670 (non taxpayer), £3636 (20%) or £3602 (40%). Added to this is the average balance for 12 monthly payments of £250, starting on the 1st anniversary: £1625. So that's 8 percent of either £5295 (non taxpayer), £5261 (20%) or £5227 (40%): £423.60, £420.88 gross/£337.34 net (20%) or £418.16 gross/£250.90 net (40%)

And therefore believed that each account with max funding would earn gross £170 + £423.60 = £593.60 (£474.88 after 20% tax). Adding this with your capital of £6500, you would have £6974.88 in hand at closure.

However, just had a quick check on Lloyds's tool http://www.lloydstsb.com/savings/savings_calculator.asp
and terified to receive the followings:

Your total savings £6780.65

Where is my another £194.23, Mr Bank? Or am I missing at some points?

KTF

I think the Lloyds calculation assumes that you only pay in £500 in the first month rather than £750 that most of us have done/will do.

bluu2k

BLUU2K wrote:

...just had a quick check on Lloyds's tool http://www.lloydstsb.com/savings/savings_calculator.asp
and terified to receive the followings:

Your total savings £6780.65

Where is my another £194.23, Mr Bank? Or am I missing at some points?

KTF wrote:

I think the Lloyds calculation assumes that you only pay in £500 in the first month rather than £750 that most of us have done/will do.

Oh, if my £250 would turn out a profitable amount of £194.23 over the two years :j :j :j ... But too good to be true, I should realise??? :eek:

Other Lloyd monthly saving 8% followers, how much will we have after two years, do you think?

capehorn

If you miss out on the £250 in the first month (like I managed to do this week ), then you miss out on £41.60 gross.

(250 * 1.08 * 1.08) - 250.

monki_man

Hey Guys,

Need some advice. I gave two Reg savers account at 8%. This is for two years as you're well aware. the reason why I've been given two reg savers is because of Human error, I was meant to get a letter regarding having two accounts but instead I got a phone call saying how according to their T&C i'm only allowed one.

This is true and i wasn't denying the fact one can only be open but when i was adviced by their telephone customer service, they told me two was common :S (hard to believe but for some reason they didnt record that conversation!)

Anyways i then got a letter from my branch telling me how one of them will be converted into a tracker rate or if they havent heard from me by the 9th September, it will be closed down.

My problem is, the two monthly savers are still active and they have taken £500 from my current account to fund both my Reg savers account. the question is as it's still active is this a tracker account? I know the tracker rate is poor but do you think i should keep quiet for another 22 months and hope i get the 8% for both accounts?

I need to go on their website or in another branch to see if the tracker account takes £250 from your current account every month. or are they saying the rate i get back will be what you get on a tracker account. I'm just puzzled any advice?

jonesMUFCforever

My understanding is that you will get the 8% on ONE monthly saver account.The other standing order will continue to credit your tracker account until you decide to cancel it.
IMO check out the interest rates on the online saver and close the tracker and transfer it there.

jinkssick

So I should opt to put £500 in. Then £250 in a SO say, the 27th of the month I opened, then change the SO date to the 2nd of the next month?

Is this right?