Lloyds TSB 8% monthly saver

babe_ruth_3

Went into Lloyds tsb today to open a reg saver (the 8% one that you are all talking about).

Now, I don't mind opening a current account too to feed the saver account but the guy said I would have to put at least £500 per month into it to qualify for the saver account.

Iv'e had a quick look through this thread but cant seem to find out any one mentioning paying £500 per month into the current account. I know they do one that requires £1000 per month but i just wanted a basic one. I thought Martin said that there is a current account that you can open with just £1.

Anyone know?

jonesMUFCforever

The terms and conditions say that the current account must be your main account.
No way will a £1 a month + £250 per month to cover the standing order constitute a main account.
Play the game pay in £500 per month and just use the rest for your day to day shopping etc.

s71hj

Re the discussion about walking into the branch and depositing £250 cash: By my understanding of the new LLoyds policy of paying interest from day of receipt of a cheque, you could receive interest on the same money from the chq account and the Lloyds account for 4-5 days if you paid the £250 in by chq on a Thurs.

Yorkshireman_3

s71hj wrote:

Re the discussion about walking into the branch and depositing £250 cash: By my understanding of the new LLoyds policy of paying interest from day of receipt of a cheque, you could receive interest on the same money from the chq account and the Lloyds account for 4-5 days if you paid the £250 in by chq on a Thurs.

Sorry but u've lost me completely now

Kazza242

s71hj wrote:

Re the discussion about walking into the branch and depositing £250 cash: By my understanding of the new LLoyds policy of paying interest from day of receipt of a cheque, you could receive interest on the same money from the chq account and the Lloyds account for 4-5 days if you paid the £250 in by chq on a Thurs.

Yes, you would receive interest pretty much straight away, but would the funds be available to meet the SO? I'm not too sure and therefore, I wouldn't risk it.

s71hj

Yorkshireman wrote:

Sorry but u've lost me completely now

When you pay a cheque into a Ltsb account, you receive interest on the amount from the date you pay it in, even though it doesn't leave the other account until 3-4 days later (once the cheque is cleared.) If the cheque is one you've written to yourself from another account in your name, you are getting interest on the same money in 2 different places, and if you deliberately pay the cheque in just before a weekend, you extend the amount of days you are doubling up the interest, because the cheque clearing system doesn't operate on a Sat and Sun.

jonesMUFCforever

s71hj wrote:

When you pay a cheque into a Ltsb account, you receive interest on the amount from the date you pay it in, even though it doesn't leave the other account until 3-4 days later (once the cheque is cleared.) If the cheque is one you've written to yourself from another account in your name, you are getting interest on the same money in 2 different places, and if you deliberately pay the cheque in just before a weekend, you extend the amount of days you are doubling up the interest, because the cheque clearing system doesn't operate on a Sat and Sun.

Although this is all true the cheque is still uncleared until it has gone through the clearing cycle. This means it is not available to be used as payment of the monthly standing order until it is cleared.

giggs11

ejones999 wrote:

Although this is all true the cheque is still uncleared until it has gone through the clearing cycle. This means it is not available to be used as payment of the monthly standing order until it is cleared.

well thts easily solved by paying in the cheque 3-4 days before the SO is due

jonesMUFCforever

giggs11 wrote:

well thts easily solved by paying in the cheque 3-4 days before the SO is due

Pay in monday funds available on Friday am

moneysaving_2

hi

can someone plaese fill me in all info requiered to invest in the Lloyds monthly saver account because lloyds website seems to be giving different info from wot martin is giving.


any info will be much appreciated as im am completely lost in this.

many thanx david