Lloyds TSB 8% monthly saver

jonesMUFCforever

From a branch

grumbler

ejones999 wrote:

From a branch

Ejones, you are well aware of the fact that the information coming from a branch is very often (of course, not always) contradictory and can be proven wrong after checking printed T&C ...

Using the Lloyds TSB current account as a main account doesn't necessarily mean that all SOs must come from this account.

jonesMUFCforever

grumbler wrote:

Ejones, you are well aware of the fact that the information coming from a branch is very often (of course, not always) contradictory and can be proven wrong after checking printed T&C ...

Using the Lloyds TSB current account as a main account doesn't necessarily mean that all SOs must come from this account.

I did not say this.
I said that the transfer to the monthly saver HAS to come out of a Ltsb current account.

grumbler

ejones999 wrote:

I did not say this.
I said that the transfer to the monthly saver HAS to come out of a Ltsb current account.

Well, and can you quote some more reliable source of information than some gossips? I don't want to say that this information is wrong. I just don't see anything about this in T&C.

kenshaz

This thread appears to have got into a tangle ,a full explanation was given by MSE DAN ,and that appeared self explanatory,I understood his answer to an incorrect assumption

lipidicman

MSE_Dan wrote:

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

To reiterate my understanding of the T&Cs: you do have to have a lloyds current account which you must use as your 'main account':

Lloyds_T&Cs wrote:

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).

I do not believe that this contradicts Dan's assertion above. With the lack of further evidence from ejones999 I would suggest that lloyds insist you use the lloyds current account as you main account (though they may not enforce this) but that the standing order for the regular saver does not necessarily have to come from this account (lloyds would be mad to refuse external money IMHO!)

regularsaver1

what does this say about the Lloyds account if the T&C are not even that clear?

mary

It happens to other instititutions as well. Quite often the Ts & Cs haven't been updated as in the case of credit cards and you are offered 9 months yet the Ts&Cs say 6 months. They are not as sacrosanct as they should be

jonesMUFCforever

Have it your own way LIPIDICMAN.
Think about this though why would they want to pay a market leading rate of 8% for 2 years just to attract new money to a saver - what do LTSB get out of that?
They could borrow money on the money markets far cheaper than that.They hope to regain their 'losses' by cross selling other products to you.
Have you actually opened one of these accounts and if so have you set up the standing order from another bank?

lipidicman

ejones999, I have opened an account. I would even go so far as to claim to have opened one of the first few accounts (I picked up the forms on the 22nd of may and returned them at 9am on the 23rd, the first day the account could be opened I believe). I set my standing order up from my lloyds account which I already had.

However I stand by this:
'I would suggest that lloyds insist you use the lloyds current account as you main account (though they may not enforce this) but that the standing order for the regular saver does not necessarily have to come from this account (lloyds would be mad to refuse external money IMHO!)'

I have thought about this account a lot, as I have helpfully advised many people on it. Note I have qualified my statement with 'I would suggest' and 'from the Terms and Conditions'. You have told people that they are wrong without providing a good argument and evidence

In reply to this:
'Think about this though why would they want to pay a market leading rate of 8% for 2 years just to attract new money to a saver - what do LTSB get out of that?
They could borrow money on the money markets far cheaper than that.They hope to regain their 'losses' by cross selling other products to you.'

I agree, this is precisely why lloyds insist that you have a lloyds current account and use it as your main account. This way they can cross sell and increase the money going through for that customer. However where the Standing Order comes from is a separate issue IMO. If it comes from a outside current account then all should be well with lloyds. You still have a lloyds current account and you must use it as your main account (ie have an income paid into it etc), they just get 'some more money'.

Finally in reply to:
'Have it your own way LIPIDICMAN.'
This isn't really the issue. I have stated what I believe from the Terms and Conditions. I would be a little surprised if the SO cannot come from a non-lloyds account and I have tried to explain why, but I will be happy to accept that I am wrong if I am. The problem is the only info that you have is from in branch and those of us who opened these accounts know only too well that we had to set the branch staff right a few times.

I hope this reply does not sound too confrontational, it is hard to get across tone on a forum and for that reason I apologise if I have misread the tone of your posts ejones. My intentions on this thread are to get to the bottom of the requirements for this account so people can make the process as smooth as possible. I have no axe to grind here!