Another Monthly Saver (Ipswich Target Saver 8% )

homersimpson_3

OTOH, Lloyds TSB seem to be more flexible on this. I opened one of their Monthly Saver accounts today in branch (having had a current account with them for a while) and they set up a SO to come out tomorrow, plus the initial payment which I made today.

also you can only make one payment in a month not more than one to make it up to 250 (e.g. 50 + 200).
how does the book get updated to show deposiits via standing orders- do you have to send it to them each month or does it just get credited at end of year? do you get envelopes to send in back to them so they pay for postage?

mary

I have one or two other regular savings accounts with passbooks (leeds, Leek, Principality etc). The pattern seems to be, basically you sit on the book for the 12 months. The payments are automatically logged in each month on your account and then at the end of the 12 month period, you return the book to them (on the maturity date), the book will be updated in one fell swoop with your 12 payments, plus the interest. When you send it off to them, make sure you tell them where you want your savings put, whether transferred by BACS to your current account, or a cheque. Check with them what their rules are in your 12th month, so that you don't lose any time.

menaxus

In the case of the Ipswich, it looks like you don't get a choice and the balance is automatically transferred into a new Premier 30 account.

I've also noticed that the Target Saver stays open for another year (maybe indefinitely?) after the money is transferred out, so if the interest rate is still as good this time next year you can do nothing and effectively start off a new regular savings account.

buses7675

Hi All,

Emailed Ipswich before and they said although the total of the Target Saver will transfer into a Premier 30 account after one year, you can withdrawn this by cheque by posting the passbook for your Target Saver to them - Assumedly as linked accounts they use the same book?

Could anyone who has already applied confirm that the address you sent your application to is the Head Office address of PO Box 547 Ipswich IP3 9WZ.

Cheers

Steve

exel1966

buses7675 wrote:

Hi All,

Emailed Ipswich before and they said although the total of the Target Saver will transfer into a Premier 30 account after one year, you can withdrawn this by cheque by posting the passbook for your Target Saver to them - Assumedly as linked accounts they use the same book?

Could anyone who has already applied confirm that the address you sent your application to is the Head Office address of PO Box 547 Ipswich IP3 9WZ.

Cheers

Steve

Yes, I sent my application to that address - see previous post for service speed !