Regularly Beat The Best Savings Account Rates Article Discussion Area

pj650

Can anyone help me please?
I have visited my local LTSB branch & the manager, very politlely, insists that If I want to open a regular saving account, I MUST open a current account with £1,500, leave it overnight & then I'll be ok to have the reg. saver. £1,500 seems a little steep, but he "blames" the computer saying that it won't "permit" the reg saver until a total of £1,500 has been rec'd into the current account. There seems to have been contact with TSB over this, can anyone suppy a name within TSB that I can quote to my manager to rebut his insistance?

Many thanks

Pete

Afahmaep

pj650 wrote: »

Can anyone help me please?
I have visited my local LTSB branch & the manager, very politlely, insists that If I want to open a regular saving account, I MUST open a current account with £1,500, leave it overnight & then I'll be ok to have the reg. saver. £1,500 seems a little steep, but he "blames" the computer saying that it won't "permit" the reg saver until a total of £1,500 has been rec'd into the current account. There seems to have been contact with TSB over this, can anyone suppy a name within TSB that I can quote to my manager to rebut his insistance?

Many thanks

Pete

I don't think TSB exists any longer as a separate organisation so only someone within Lloyds could have said anything. Can't you fund your current account application with a £1500 cheque or mixture of cash and cheque. Remember they will pay interest from the day the cheque is received, not cleared.
Once everything is up and running simply withdraw it all and put it back whence it came once you have received cheque book / debit card.
The truth of the matter is there is no quick way of opening bank accounts or savings products unless you have prior financial history with the relevant organisation which can be immediately verified.
Also one of the reasons products such as these are offered is as bait to sell you more profit yielding products home/car insurance etc. which you should politely refuse.

Jaws123

I have had a bad experience with Lloyds. Since November last year (2006) I tried to open a regular saver. So I first requested a current account which took about 2 - 3 months to sort out. They lost my details etc.

Anyhow after that was finally set up, I put in £1, got my regular saver and asked the advisor on the phone if I can transfer money from my Cahoot current account. Yesyes, no problem. Well, now I received a nice letter from them saying that they charge me £35 penalty because my current account got £24 overdrawn (£25 regular saving minus £1 credit) . When I rang the help line, the operator said that it was only possible to transfer money from Lloyds current account to the regular saver and that I must have been advised of that. Well no, actually not. She didn't sound as if she believed me.

As I am disappointed of their service I tried to close my account on the phone but either have to go in person to my local branch or send them a letter. I am not sure if I am going to get my £1 back.