Lloyds TSB NEW Monthly Saver

someone

Just been looking at Martins new Regular Savings Accounts guide realised that Lloyds TSB have the best account by miles.

* Its 8% which is 1% more than Halifax (Well you get 14.2857...% more in actual £)

* You can keep the money in for two years so you get 8% on your first years investment

* Interest is paid annually (not sure if its to the reg saver)

* You can Withdraw without any penalties

* You can put £500 in + you Standing order in the first month (putting £750 for you first month)

* You can miss payments with no penalties


I do have some worries
They say you have to have you MAIN account with them or they can change it to a Guaranteed Tracker (Martin says just stick a pound in the account and off you go). They also say At any time they can require you to close your Monthly Saver.

There is also another problem
I already have 3 current accounts
* Nationwide - My main account
* Natwest - Used for when I need to use a debit card
* RBS - Makes it easier for my granddad to give me money at Christmas and B-Day
Would opening another account badly affect my credit rating when I’m over 18?

Robert_Sterling

someone wrote:

They say you have to have you MAIN account with them or they can change it to a Guaranteed Tracker (Martin says just stick a pound in the account and off you go). They also say At any time they can require you to close your Monthly Saver.

I think that if you put in £1 in the account and off you went ... Then this would not be considered as your main account.

I think Martin's suggestion that it would falls well below his normal standard.

[Deleted User]

someone wrote:

* snip *

See this thread, and the further link therein.

http://forums.moneysavingexpert.com/showthread.html?t=216877

someone

Deleted_User wrote:

See this thread, and the further link therein.

http://forums.moneysavingexpert.com/showthread.html?t=216877

thanks normaly i know if somethings been posted before bu i have been away for a few weeks

anyway looks like its ok to open an acount with £1

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.

[Deleted User]

someone wrote:

I already have 3 current accounts
* Nationwide - My main account
* Natwest - Used for when I need to use a debit card
* RBS - Makes it easier for my granddad to give me money at Christmas and B-Day
Would opening another account badly affect my credit rating when I’m over 18?

TBH I do not know the 'correct' answer to this. The institutions obviously would prefer you just to have one current account i.e theirs.

However from an intuitive point of view, and in the spirit of competition and choice, I do not see why you should not have multiple current accounts, as long as you are comfortable with that and have the ability to manage and administer them properly. To that extent and assuming that you do, the track record and goodwill that you build up logically should l be a benefit to your credit rating.

(PS I have 4 current accounts). :beer: