Lloyds_TSB 8% Reg. Saver Question

going2die_rich

I am hoping for some advice from someone who's already got (or knows about) a Llyods TSB 8% Regular Saver.

I have been reading the terms and conditions and found this as one of the terms of having a Regular Saver with Lloyds TSB:

"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)."

http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp

Does this mean I'd have to really have my pay going into the account to have my current account deemed as my main account?

I've got a Lloyds TSB current account but it only really has about £350 in it at any one time, but I do have a monthly standing order coming out of it each month of £250 and also use it's cash machines once or twice in the month but not much (around £20 to £30). Is thats good enough to make it out as a main account? Or is the account likely to be changed to the Guaranteed Tracker accounts?

As I don't want to open a regulary saver then 2 years down the line be told they changed it to a Guaranteed Tracker account because they didn't think my account was classed as a main account due to my salary not going into it. (Would they have to tell me when they believe it doesn't meet the Regular Saver terms to change it or can they just wait the 2 years and then back date?)

exel1966

Take a look here :- http://forums.moneysavingexpert.com/showthread.html?t=200061
With 335 replies I'm sure you'll question will be answered.

[Deleted User]

To cut to the chase, you should just look at the most recent posts in that thread, and also this one, especially the posts by Aark.

http://forums.moneysavingexpert.com/showthread.html?p=2671170#post2671170

Essentially Lloyds have admitted that the T & C's on their web site and in branches are 'wrong', and they are in the process of formally amending them to reflect the informal arrangements adopted. This is due, no doubt, to feedback from nuisances like us.

going2die_rich

Thanks for the help

Innys

Just tried to see some guy at a Lloyds branch about this. The idiot had double booked, so I'll try again tomorrow.

If he gives me the "We need your salary" or "you have to pay in at least £500" line, I'll abandon it and wait until mid September when the rules have been clarified.

Innys

Just gone back to the branch again.

This time I was told that I needed to pay my salary into the current account. So I have now been to two branches and this is story I have been told on both occassions. I have also received an e-mail from Lloyds TSB Customer Services confirming this.

But I have also rung their 0845 number twice and was told that I didn't need to pay my salary into the account. However, that isn't much use as I need to go into a branch to open a current account!!!

On balance, I've decided not to open one of these. I suspect Lloyds is going to change a number of these accounts to Guaranteed Tracker status in the future and say that is because the terms of the current account has been breached. I'll go for the Ipswich BS target saver instead.

Martin - can you please update your article? Given the amount of strife I, and others, have encountered with opening a Lloyds monthly saver, I don't see how it can continue to be recommended.

KTF

My Lloyds account (Classic rather than Classic Plus as I dont need this higher interest) has just been opened. I will open the Regular Saver early next week.

I applied online, filled in the paperwork and sent it back. I then had to call them up to confirm some details after they had received the paperwork. At no time was I told (or asked to) move my salary over to the account.

Edit: Why not skip the branch and apply online?

Aark

KTF wrote:

My Lloyds account (Classic rather than Classic Plus as I dont need this higher interest) has just been opened.

I applied online, filled in the paperwork and sent it back.

That's what I did.

However, you cannot apply for the Monthly Saver online. You can only phone or visit a branch. The website says that you can just pick up a form, fill in out and return it; but my branch didn't allow me to do that and I haven't seen anyone posting to say that they were allowed to do so.

KTF

This is true. Once my money has been moved over to the Lloyds account (its in transit now) I am going to call them up and open one up. This seems to be quicker than going into the branch (I believe its instant over the phone) and sending off the form instead.