Lloyds TSB Incentive Saver

Lynt_3

Any thoughts on this guys?
I've read and re read the t n cs and not sure if it is a good idea or not

http://www.lloydstsb.com/savings/incentive_saver.asp

Thanks.

missile

There are better deals but I thought it was a good deal, for rainy day / money you might need instant access to.

Jonbvn

Why would you bother, when you can get a better rate with penalty free access with several accounts?

Baldur

There are easy access accounts available which offer the same or better rates of interest without the interest penalty for withdrawals - e.g. ING Direct - 3.2% fixed for a year for new customers.

Check out the savings comparison sites.

Lynt_3

I bank with Lloyds, and thought it might be a convenient (no need to fill in forms etc) way to save money I won't need in the next few months. I just couldn't quite figure whether or not it was worth bothering.

I have an account with ING which I have never used (with only around 5p in it!), following the fiasco with Kaupthing. So I guess I can't open their 3.2 fixed.

Thanks for your input guys.

Baldur

Lynt wrote: »

I have an account with ING which I have never used (with only around 5p in it!), following the fiasco with Kaupthing. So I guess I can't open their 3.2 fixed.

Close it, wait for 3 days and you are then a new customer and can open the new account.

Lynt_3

Ooh what a good idea. How clever you are Baldur :A

suweb5

Hi
Like the OP, I bank with Lloyds TSB and thought this account would be convenient so I opened an account a couple of months ago. I have now changed my mind and decided I can do better as I won't need access to the money. My question (and I'm probably going to sound really stupid) is when should I withdraw the money to minimise interest loss? I opened the account on 19 August so should I close the account on 19 October or 20th? I fear that one date or the other will mean no interest for October and I can't work out which.:o

thumshie

suweb5 wrote: »

I opened the account on 19 August so should I close the account on 19 October or 20th?

The best day to withdraw is when you see -via online banking - the interest being paid into your account..Once they make the monthly interest payment,withdraw it all.

suweb5

Thank you thumshie.