Regularly Beat The Best Savings Account Rates Article Discussion Area

Innys

Sadly, Aark's view isn't held by Lloyds TSB Customer Services. Just got this response back:

"You do have to have a current account with us in order to take advantage of the Monthly Saver. Your main current account is the current account you use most often for your everyday banking. 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). As your main current account I believe your salary would be paid into the account. Please see our website lloydstsb.com.

If there is anything else I can help you with please let me know.

Kind regards


Vanessa Smith - Lloyds TSB
Customer Service Recovery Centre"

Now I'm even more confused!!!

I

TracCap

Hi

My mom has about £30,000 to save and is unsure of where to start. She currently has it in a high street bank but is sure she should be saving it in other areas. She hasnt as yet invested her £3000 a year cash isa allowance but is wondering after doing this what would be the next best step. She isnt very internet friendly but needs to make a wise choice

Please help!!

$17mma

TracCap wrote:

Hi

My mom has about £30,000 to save and is unsure of where to start. She currently has it in a high street bank but is sure she should be saving it in other areas. She hasnt as yet invested her £3000 a year cash isa allowance but is wondering after doing this what would be the next best step. She isnt very internet friendly but needs to make a wise choice

Please help!!

Hi TracCap

the NS&I Isa is the best on the market right now, and the regular savers are looking good too there are quite a few out there.

Lloyds 8%
Barclays 10%
A&L 10%
Halifax 7%
Abbey 7% or 8% if you invest in one of their bonds or have a Abbey bank acct

There are some good bonds out there too. Check some of the threads for feedback on the various products available.

Aark

Innys wrote:

Sadly, Aark's view isn't held by Lloyds TSB Customer Services.

Now I'm even more confused!!!

You could perhaps try e-mailing [EMAIL="CONTACT.US@lloydstsb.co.uk"]CONTACT.US@lloydstsb.co.uk[/EMAIL] again and mark it for the attention of Alan Mochrie, Investment Product Manager.

murphydavid

TracCap wrote:

Hi

My mom has about £30,000 to save and is unsure of where to start. She currently has it in a high street bank but is sure she should be saving it in other areas. She hasnt as yet invested her £3000 a year cash isa allowance but is wondering after doing this what would be the next best step. She isnt very internet friendly but needs to make a wise choice

Please help!!

Sounds like your mom is a beginner so if I were you I would go to Martins main savings articles and print them out for her. (The link is over to the left “Savings and Investments”). She can then read them without having to use the computer. I would then go to his article “instant access savings” and find the blue square “updated daily-instant access savings comparisons service” and press the go button. Do a comparison for your mum and look for accounts with a high AER and symbols that indicate accounts that have phone and postal operation (Anglo Irish and Capital One at the moment) (Look at full results not best sellers) and print them out for her. She can then use phone or Mail to conduct her savings. Hope this is of help and gets her off to a good start. Don’t delay there’s lots of interest to loose.

Gonky2006

Hi
I have just spoken to the Uxbridge branch of Lloyds TSB and they told me I would need to have my salary paid into the current account. It seems that they are giving conflicting advice. I want to open a Monthly Saver account but I don't want to change banks! Not sure what to do now.

Kazza242

Gonky2006 wrote:

Hi
I have just spoken to the Uxbridge branch of Lloyds TSB and they told me I would need to have my salary paid into the current account. It seems that they are giving conflicting advice. I want to open a Monthly Saver account but I don't want to change banks! Not sure what to do now.

Hi,

LTSB seem to be giving a lot of people incorrect information regarding that account. You do not have to have your salary paid into their current account to qualify for the 8% monthly saver. B][url=http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp]LTSB monthly saver terms and conditions[/url][/B

What you could do is apply for the LTSB current account online or via the phone. Then once it is up and running and you have received your online banking details, phone and ask them to open you a monthly saver account. Your details will be passed onto the account opening team. Your monthly saver should then be opened without any problems and you will be able to view it online.

I would recommend using the current account to pay a few bills and make a few withdrawals etc. This is just to show that you are using the current account - even though it isn't receiving your salary. You could also setup your monthly saver standing order from your LTSB current account - although there is no requirement to do so. That is what I do.

Innys

Aark

I took your advise and tried to contact Alan Mochrie. I got a response saying he was out of the office and that I must pay my salary into their current account.

I have therefore decided to take Kazza'a advice and open the curent account on the Net, then ring the call centre and open a monthly saver. I still may not go ahead, though, as I wouldn't be surprised if they say in two years time that I haven't complied with the rules of the accounts.

I

Gonky2006

I too emailed Lloyds TSB regarding their monthly saver account and received this email.
In order to open a Monthly Saver it is a requirement that you have a current account with us. This account must be your main current account and as such we would expect your salary to be paid into this account. Please check the Lloyds TSB website which will provide you with further information about this and other accounts we offer at lloydstsb.com
I hope this helps

Regards

Vanessa Smith - Lloyds TSB


I think i'll just stear clear of Lloyds completely as they obiously don't know what they are doing.

pennineman

Lloyds Helpline are currently saying that you only need to keep £1 in your Lloyds Current Account to be able to access the 8% Regular Savings Account.