Regularly Beat The Best Savings Account Rates Article Discussion Area

stphnstevey

I checked with Lloyds - they no longer do the £50 bonus.

Would have been a corker if they gave you £50 as well as 8% interest!!!!

chrisbur

Good Question!

We checked this out with Lloyds directly, and this was their answer


Quote:
We are in the process of updating the terms and conditions on the monthly saver as we appreciate that it isn't clear for customers. The situation is that customers can open a current account for £1 and it doesn't have to be their main account - staff should be able to verify that this is the case and we hope to have updated literature that accurately reflects this shortly.


Hope this helps.

Dan

I made an appointment with my Lloyds TSB branch and myself and my wife both asked to open accounts, a classic account(no monthly minimum deposit) and the 8% regular saver. We were told that unless we were planning to opperate the current account, that is put money in regularly and pay our bills through it, we could not have the savings account. I showed them a copy of the above and they told me they would check with head office. They came back and said that there was no change to the original rules the account was only available to anyone who was using the current account as their main bank account.

Does anyone know who or what department at Lloyds TSB said that the rules were changed?

stphnstevey

Just opend a Lloyds monthly saver. I was told that deposits must go through a Lloyds Current Account, but thanks to this discussion board :money: , I asked for her to show me where it said that in the terms and conditions. She couldn't and I insisted she check this. She didn't want to, but had to check with head office. She came back saying that the deposits do NOT have to come through then Lloyds Current Account. However, it is stipulated that you do need to have a Current Account with them, but I was NOT asked to put money regularly into (or through) it.

:beer:

She did try to sell me there 'Classic' Current Account, but as there was a fee for this, I insisted on a basic account and thats what I got. Will just put a pound in it to keep it open.

We chatted a bit and she mentioned that she did not feel the breifings they had on this account was clear and she would bring this up with their regional directors.

Sounds like the staff have taken their own interpretations of the terms and conditions of this account, so if you aren't getting the account as I have, I push them to check with Head Office.:T

[Deleted User]

stphnstevey wrote:

She did try to sell me there 'Classic' Current Account, but as there was a fee for this, I insisted on a basic account and thats what I got. Will just put a pound in it to keep it open.

Well done.

However FWIW I am pretty certain that there is not a fee for the Classic account - there is for some of their numerous other current accounts, but not the Classic.

stphnstevey

So many accounts - to many names!!! Your might be right. She tried to flog me one that cost me £15 a month (with free AA cover and Travel insurance - which i could get alot cheaper elsewhere) and wasn't too happy that I thought it was a pile of ****. :rotfl:

Kazza242

stphnstevey wrote:

So many accounts - to many names!!! Your might be right. She tried to flog me one that cost me £15 a month (with free AA cover and Travel insurance - which i could get alot cheaper elsewhere) and wasn't too happy that I thought it was a pile of ****. :rotfl:

The £15 per month account is called 'Classis Plus' I believe. When I opened my monthly saver I went for the Classic account, which does not carry a fee or have a requirement to pay in money each month.

grumbler

Kazza242 wrote:

The £15 per month account is called 'Classis Plus' I believe.

Classic Plus is a free account too. Accounts with a monthly fee are called 'Added value accounts': Select, Gold Service and Platinum

Kazza242

grumbler wrote:

Classic Plus is a free account too. Accounts with a monthly fee are called 'Added value accounts': Select, Gold Service and Platinum

Yes, just had a look at their website. To get 4% interest though, from a Classic Plus account, it requires £1,000 a month to be paid in. I didn't really fancy doing that, that's why I went for the Classic account which now funds my LTSB monthly saver.

fish10

I opened my classic a/c a couple of weeks ago and was told by the manager that I had to have a minimum of £500 going in every month and the regular saver had to be funded from the classic a/c. Sounds like none of the branches are very clear on the terms. I'll check next week. Annoying, as we've just set up a £500 direct debit!
fish10

Aark

I opened my classic a/c a couple of weeks ago and was told by the manager that I had to have a minimum of £500 going in every month and the regular saver had to be funded from the classic a/c. Sounds like none of the branches are very clear on the terms. I'll check next week.

There appears to be all sorts of rubbish floating around in Lloyds TSB's systems. When I applied for my Classic Account (online) I got a set of Terms & Conditions which said you must deposit at least £500pm. I just crossed that section out and signed my alteration. They didn't complain about it.

The LTSB website states:

If you apply for a Classic account, you’ll get 0.10% AER interest on your balance. (you don't need to pay in a minimum each month and Internet banking is optional)

If you apply for a Classic Plus account, you'll get 4.00% AER (3.93% Gross interest) on any credit balance under £5,000. You'll need to pay in at least £1,000 each month and use Internet banking regularly. Any balances above £5,000 will receive our standard interest rate of 0.10% AER/Gross.

Also when I had to see someone to open the Monthly Saver they tried to persuade me to put some usage through the Classic Account. I only transferred £501 to the account, £500 to go in the Monthly Saver and £1 as my minimum current account balance. The standing order comes from my main Alliance & Leicester current account.

Lloyds TSB's Investment Product Manager has confirmed via e-mail that the information in Martin's article is correct and they are in the process of amending their Terms & Conditions.

This is from the e-mail I received:

Thank you for your feedback; as you have stated in your email we are indeed in the process of amending our Monthly Saver Terms & Conditions. However as you may appreciate it does take a little time co-ordinating the amends to branch systems/internet/printed versions so that they do all remain consistent and are updated at the same time.

The information contained on moneysavingsexpert.com I]sic[/I is in fact correct and we have relaxed the account opening requirements since the launch of Monthly Saver; meaning that the account is now more accessible. A Lloyds TSB current account is required, it may be opened with £1; furthermore, this Lloyds TSB current account does not need to be the funding account for Monthly Saver.

[...]The change in procedures has been communicated several times since launch and we expect to easily accommodate all potential Monthly Saver customers in future.

Many thanks for taking the time to feedback and we hope our response has fully answered your questions.

Yours sincerely

Alan Mochrie
Lloyds TSB
Investment Product Manager