Lloyds TSB instant access monthly saver 8%

mary

My branch are having their training meeting about it this Wednesday when the bank has a later start. Seems as though the staff don't have advance warning, as the "blurb" about it only arrived on Friday! So, let us know how you get on with their interpretation of it.

mary

Judi wrote:

I have also made an appointment to go in to open this regular savings account, i too am going in on the 30th (bit too busy to go in before), i also want my standing order to go out on the 1st but am now wondering if i have given the system enough time to set up the process..... any thoughts?

I was told it takes 3 days to set up the SO i.e. go in 30th set it up, 31st, 1st it's up and running when done in branch.

lipidicman

I've picked up the application form. The member of staff thinks I can get an SO in in may if I open the account Tuesday morning and that this is OK according to the terms (One SO per calendar month, opening deposit is seperate from the first SO and it does not say they cannot be in the same month).

My advice is therefore
1) Pay in the opening deposit late on in a month leaving enough time for the SO to get in there in the same month
2) Change the SO date to be early in the next month.

Result? You get £1k in there almost straight away!

If anyone sees a problem here then let me know

Sillychuckie

"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)."

That rather worries me.
How do they define its use as a 'main current account'?
Do you have to pay salary in?

I'm a student with no standing orders or direct debits, so even my main current account has little or no activity. I doubt they would believe me.

Anyway, to make the most of all this, the way I see it is this:
Early in a month, say 3rd-4th, pay in the £500.
Earlier in the next month (say, 1st), begin your standing orders of £250.
That makes the most out of the 8% rate for the most money, for the longest time.

Am I wrong?
Alternatively, just pay in the £750 early in the first month instead, continuing the £250 payments also at the earliest time in the month possible. 1st would be ideal.

lipidicman

Sillychuckie wrote:

Anyway, to make the most of all this, the way I see it is this:
Early in a month, say 3rd-4th, pay in the £500.
Earlier in the next month (say, 1st), begin your standing orders of £250.
That makes the most out of the 8% rate for the most money, for the longest time.

Am I wrong?

You are wrong.
You can certainly better this by paying in the £500 late in one month and starting the SO's early the next. Your average balance will be higher.
You can possibly better it further by doing what I suggest in the post above. I think it is OK, but I can't be sure

edit: you edited, but there is still a problem with your thinking. The opening deposit needs to be LATE in the first month so you get the largest balance in ASAP. By doing it early you are bringing the maturity date back, trading a time with a large (closing) balance, for a time with a small (opening) balance, see?

Sillychuckie

AH, yep. OK
I see now that its done by date rather than by 24 deposits... so yep, best get the amount high ASAP.
Are you sure you can change the date on the standing order like that with no probs?


Also, if you apply via phone, do you have to post off docs to prove you are who you say you are?
I can't imagine all this is going to get done before June. If you do it in the branch, is it all done there and then? Is that the best way? Have you got your sort code/acct numbers for the transfers yet?

EDIT: Just phoned them. If you aren't an existing Lloyds customer, you can't do it over the phone. Branch only. Guess I'll have to pop in tomorrow. Have left it too late today.

mary

you can change SOs on line, simply amend the date you want to move it to. Done it many times

lipidicman

Sillychuckie wrote:

Are you sure you can change the date on the standing order like that with no probs?

You can do this. Is it fine according to the terms? That's a different question, but it seems to be OK from a quick read

Sillychuckie

Yeh, I meant according to the terms. Obviously it can be changed with online banking, but I meant, would Lloyds be OK with it.
And yep, I don't see anything to suggest otherwise.

Guess I'll be popping into the branch tomorrow then. I hope they can get it all set up there and then.

Hobo_2

Hi, Have an existing joint current account @ Lloyds, went & filled forms (with branch manager) to open one each (me & wife) all OK.
Looking online now only one account has been opened & £500 already in it.
Maybe wrong but i suspect only one may be allowed per current account, despite managers OK, reading the site conditions

2/ "You can have one monthly saver either in your name or jointly withn someone else"

any ideas?