Regularly Beat The Best Savings Account Rates Article Discussion Area

Kazza242

sashacat wrote:

I would open a lloyds current account but don't want it to be my main one...can you open the lloyds account and not have main income paid in and still get the RS account?

Yes. You only need to open the LTSB current account with £1 - if you open the Classic current account. There is no requirement to transfer your current account there or pay your salary into it.

Your LTSB monthly saver SO can come from an external current account, it doesn't have to come from the LTSB current account.

Riviera_Kid

Shelle wrote:

Alternative would be to do the Alliance and Leicester offer at 12% and transfer my current account to them in order to qualify.

As far as I'm aware you don't need to transfer your current account to them - all you need to do is fund the current account with £500 per month.

Also A&L are running a refer a friend bonus where you and another A&L account holder can get a free £25 for signing up

*edit*

Sorry I just noticed it's already been answered here http://forums.moneysavingexpert.com/showthread.html?t=360553

Judwin

Just back from LTSB branch in town after setting up a new Classic account, and a Monthly saver. Some of the (mis)info I was given was shocking. I've got what I wanted, but getting it - sheeezzz - took 90 minutes.

Kazza242 wrote:

Yes. You only need to open the LTSB current account with £1 - if you open the Classic current account. There is no requirement to transfer your current account there or pay your salary into it.

Your LTSB monthly saver SO can come from an external current account, it doesn't have to come from the LTSB current account.

She told me that ALL LTSB current accounts required you to fund them with at least £1000 per month. I challenged this politely, saying "That conflicts with what it says on your web site". She stuck to her guns, but I just politely nodded my head, and ignored her. The account is now open, and as soon as the info arrives, I'll stick £1 in.

Next the Monthly saver.

victoriab wrote:

If anyone at Lloyds tells you that you can only set up the standing order from the Lloyds Current account, ask them to contact the PROCEDURES DEPT, who will tell them that the standing order can be set up from a current acct at any bank.
It was a long and painful process for me to get to this point, talking to call centre staff on the telephone and finally in a branch, but 8% (and being a non tax payer) it seemed worth it. It's all up and running now.

I wish I'd printed that out before I went. I was told the same as many others here - "the SO had to be from my new LTSB account". Again I said "That conflicts with what it says on various web site". She stuck to her guns, and I stuck to mine, so we agreed to disagree. Eventually I did get out without signing the standing order warrant. Just got to set up the SO from my A&L account now :rotfl:

The other thing is - You can start the Monthly saver with a £500 initial deposit, and set the first standing order to go into the account immediately, That means you can effectively open the account with £750 on day 1 (ignoring the fact that it'll take 3-5 days for the SO to reach the account from an external bank), and then follow with 23 more £250 payments.

:beer:
Judwin

deefadog

Hi all, I have had one of these accounts for a few months now and i am a little confused with the interst it states -

6.10% AER (fixed until 30.04.08) on balances up to £2,500, 0.10% AER (variable) on balances over £2,500

So does this mean eaither -

1) if you have under 2.5k in their you'll get 6.10% AER and if you have over 2.5k in their you'll just get 0.10% on the whole amount?

or

2) if you have over 2.5k in their you get 6.10% AER on the 2.5k and anything above this gets 0.10%?

Thanks

Dan29

deefadog wrote:

Hi all, I have had one of these accounts for a few months now and i am a little confused with the interst it states -

6.10% AER (fixed until 30.04.08) on balances up to £2,500, 0.10% AER (variable) on balances over £2,500

So does this mean eaither -

1) if you have under 2.5k in their you'll get 6.10% AER and if you have over 2.5k in their you'll just get 0.10% on the whole amount?

or

2) if you have over 2.5k in their you get 6.10% AER on the 2.5k and anything above this gets 0.10%?

Thanks

Option 2

deefadog

Thanks, thought it would be, but had to make sure. Will have to find another stash for my other cash then

Gambler

Are there any links to spreadsheets that will help me work out exactly how much extra interest I would get by opening up some regular savings accounts?

Thanks

busabus

Ooop, this is the second good deal I've lost out on this week. Lloyds have changed their terms:

"fixed interest rate of 8.00% AER*/gross for one year."

No more 8% on 3 grand for the second year. Doesn't make this any different from other accounts. **edit except for the £500 up front loading.

Article needs to be updated.

debjam

I know this probably sounds a really dumb question but I take it by what I have read so far that I can open more than one Regular Saver.

How do I do this if I have to have my salary paid into a "current" account, I only get one salary, but I am in the position to drip feed a couple of regular savers, do I drip feed the current accounts with £1000 each month by moving the money around?

I'm sorry for being thick.

Afahmaep

debjam wrote: »

I know this probably sounds a really dumb question but I take it by what I have read so far that I can open more than one Regular Saver.

How do I do this if I have to have my salary paid into a "current" account, I only get one salary, but I am in the position to drip feed a couple of regular savers, do I drip feed the current accounts with £1000 each month by moving the money around?

I'm sorry for being thick.

You've hit the nail on the head.
There is a 'big difference' between firstly your 'salary' or 'income' having to be credited and secondly '£1000 per month' having to be credited.
The 'first' means what is says, the 'second' the option of bouncing money around, eg from main account to secondary account.
Building Societies don't have any of these problems and I would seek out these. The current 'hit list' to check out is on the Moneyfacts Web-site
http://www.moneyfacts.co.uk/savings/bestbuys/savings_regular.aspx