Lloyds TSB instant access monthly saver 8%

matt4504

I just went into my branch to open it. I didn't know I had to have a Lloyds current account as I hadn't really read half the posts lol but they caught me like a deer in headlights lol, I just kept on saying yes. Anyway, I paid in £100 (most i could afford) and agreed to pay £250 on the 3rd of every month. I'll get £216 interest after two years which aint to be sniffed at really.

OllieLong

I have just applied by phone and it only took about 4 minutes to set the whole thing up, very easy I say!

jonesMUFCforever

OllieLong wrote:

I have just applied by phone and it only took about 4 minutes to set the whole thing up, very easy I say!

I take it you did not get put through to India then!

sloughflint

I have just spotted this thread but haven't time to read every entry.
Could someone give me a quick answer please?
Adviser told me SO had to be from Lloyds current account so one was set up. From what little I have read here, I may have been misinformed.
Account opened 18/10 with £500
SO from Lloyds current 21/10 with £250 to monthly saver.
Can I cancel the SO from LLoyds and set up a SO from Nationwide to arrive in Lloyds monthly saver on the first of November and continue in this fashion to arrive on the first of every month thereafter?

OllieLong

I am also in the same situation as sloughflint and would like to know whether you have to fund it from a Lloyds current account.

a&akay

I was told on the phone that I had to fund it from my current account and set up the SO accordingly. However when the welcoming letter arrived it said 'If you are setting up a SO with another bank please use the above sort code and account number'. This is obviously therefore allowed. I set up an SO from the bank account I wanted and cancelled the Lloyds' SO online which is simple to do.

sloughflint

a&akay wrote:

I was told on the phone that I had to fund it from my current account and set up the SO accordingly. However when the welcoming letter arrived it said 'If you are setting up a SO with another bank please use the above sort code and account number'. This is obvously therefore allowed. I set up an SO from the bank account I wanted and cancelled the Lloyds' SO online which is simple to do.

Thanks for this. What about funding on the first of the month, in my case causing an input of £1000 within 14 days. Is that ok? I'm taking "calendar month" literally.

OllieLong

I don't see how you can put £1000 in within 14 days as you can put a maximum of £500 within the first 7 days and then a maximum of £250 a month on a set day or am I missing something?

a&akay

sloughflint. The letter also says 'Remember that you can also make one initial deposit of up to £500 within 7 days of the date shown above', ie the date the letter was sent, therefore not much time if you haven't already done this. In my case I pre-loaded my current account with £500 and when it was showing I rang the number to open the regular saver. They transferred the £500 on a date about 6 day's later. I set up the SO from my Lloyds' account 6 days after this on the same phone call (as they had said I had to do this) thus meeting the 7 day criterion above. This gave me enough time to transfer the £250 required to my Lloyds current account to meet the SO date. I cancelled the latter after it was paid and set up from my Barclays for the next month onwards, as I always wanted.

sloughflint

OllieLong wrote:

I don't see how you can put £1000 in within 14 days as you can put a maximum of £500 within the first 7 days and then a maximum of £250 a month on a set day or am I missing something?

Now I'm really confused.
The advisor transferred the initial £500 immediately and would have been happy to set up the SO for the next day if there had been enough funds. I told him to hold off as I needed 3 working days to get the first £250 across to the current account. So he certainly wasn't bothered about a balance of £750 within the first 7 days.