Lloyds TSB 8% monthly saver

lipidicman

StuSter 1) is right on. It is in the T&Cs (scroll up a bit to post 7)

and from what I read here 2) is true as well (post 5). From a common sense standpoint it makes sense: I cannot see why they would mind you bringing in 'new' money.

jonesMUFCforever

Sillychuckie wrote:

it needs to come from an external account. not a lloyds one.
The whole point in these regular savers (from the banks POV) is to bring in new cash. this is why it must come from an external source.

Sorry wrong. The monthly standing order to the monthly saver MUST come from a LTSB current account.If you are an existing current account customer you can use that account if you do not have LTSB current acount you must open one and in the terms and conditions of the monthly saver offer the LTSB current account must be your 'main' account.

jonesMUFCforever

MSE_Dan wrote:

Hi folks,

We have spoken to Lloyds today to get this treble checked, and the advice in Martin's article is definitely correct.

To confirm, the standing order for the monthly saver doesn't have to come from a Lloyds TSB account.

Any advice given by Lloyds staff which differs to that is likely to be due to a breakdown in communication, which Lloyds are trying to rectify at the moment.

HTH

Dan

I don't know who you spoke to (If it was a telephone centre with an Indian accent!!) then they are talking out of their backside.
The whole idea of the offer is to get customers of other banks to open a current account with LTSB. It is a loss leader and they hope to recoup some of this by cross selling other products to you such as insurance loans and credit cards. ie like any other offer with any other bank.

jonesMUFCforever

lipidicman wrote:

You misread the thread, the assertion here was that the standing order does not have to come from a lloyds current account and I believe that that is correct. However as I posted above you do need to have a lloyds current account and use it as your main account.

Wrong! The standing order must come from a LTSB current account.

regularsaver1

doesn't this make it better to go do a regular saver elsewhere where you don't have to have a bank account with that savings provider

mary

Depends if you can find 8% or more elsewhere, without any catches!

Aark

I think I might have found the source of the confusion. A Google search gave a article from The Sunday Times in which Paul Pester (Lloyds TSB managing director of consumer banking) is quoted as saying you don't need to actually use the Lloyds TSB current account.

Paul Pester at Lloyds TSB said: “Anyone who opens a current account, even with just £1, will be able to benefit from Monthly Saver.” Customers may receive letters encouraging them to use their current account more often, but Pester said they will still qualify for the 8% rate if they do nothing.

http://business.timesonline.co.uk/article/0,,9063-2189450,00.html

I had already e-mailed Lloyds TSB to ask for some clarification on this.

I don't know who you spoke to (If it was a telephone centre with an Indian accent!!) then they are talking out of their backside.
The whole idea of the offer is to get customers of other banks to open a current account with LTSB. It is a loss leader and they hope to recoup some of this by cross selling other products to you such as insurance loans and credit cards. ie like any other offer with any other bank.

The fact that Lloyds TSB are clearly hoping to cross-sell does not necessarily mean that you have to actually use their current account. The terms of regular savings accounts vary between the Banks and Building Societies and Lloyds TSB's terms are vague and it has been reported that they are to be amended.

Lloyds TSB may simply be hoping that people will want to use their products that they can market to them once they have opened the Monthly Saver and current account. They may also be hoping that some people will leave the money saved with Lloyds TSB after the two years has elapsed.

jonesMUFCforever

[

The fact that Lloyds TSB are clearly hoping to cross-sell does not necessarily mean that you have to actually use their current account. The terms of regular savings accounts vary between the Banks and Building Societies and Lloyds TSB's terms are vague and it has been reported that they are to be amended.}

The terms and conditions state that the LTSB current account must be your main account.

Aark

The terms and conditions state that the LTSB current account must be your main account.

I agree more or less that is what is on the website.

2) You can have one Monthly Saver either in your name or jointly with someone else. To apply:

• you must be 16 or over; and
• have your main current account with Lloyds TSB. 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).

It's vague though because they don't say they will convert the account, they say they can convert the account. The Sunday Times article I posted, the information provided to MSE Dan (http://forums.moneysavingexpert.com/showthread.html?t=216877) and the terms which Martin based his article on suggest that this clause will either be amended in due course or will not be enforced.

As I mentioned, I have e-mailed Lloyds TSB to get clarification for myself and have received the following reply today:

"I've now passed your email to our Customer Service Recovery department in Birmingham, where this matter will be addressed. You'll be contacted with regards to this matter within the next five working days."

So I will see what they say.

Aark

Wrong! The standing order must come from a LTSB current account.

I can't find this in the Terms & Conditions. Can someone copy and paste if it is there.

Alteratively, where is this information coming from - Lloyds TSB branches, telephone customer services, e-mails?