Lloyds TSB 5% Monthly Saver

oldfella

In your example above you wouldn't get any interest for October 2011 because the account would close on 30 September 2011.

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either you misread or I wasnt clear
what I am trying to get over is the difference between opening the account at the start and the end of the month
if you open at the start you get a month of interest on £250
if you open at the end you obviously get nothing in Oct, but in exchange you get 5% on £3250 for October 2011

carpy

Large wrote: »

I just applied for this account and they noticed I have 5 current accounts with them paying 4% and was told I can only have 3 and they will be writing to me about this. So be careful

anyone else been spoken to about having more than 3 vantage accounts??:(

yorkiebar

Ah! This was putting me off applying as I have 5 vantage accounts. (My excuse is that I applied for them all online, following the appealing "open a new account" option which was available and that the "system" didn't stop me )

psychic_teabag

oldfella wrote: »

either you misread or I wasnt clear
what I am trying to get over is the difference between opening the account at the start and the end of the month
if you open at the start you get a month of interest on £250
if you open at the end you obviously get nothing in Oct, but in exchange you get 5% on £3250 for October 2011

If you don't adjust the payment date on the S.O. then it won't make any difference when you open it. The account will run for 12 months from first payment. First payment witl earn 5% for 12 months, second for 11 months, etc.

But if you open with first payment at the end of a month and then adjust S.O. so that subsequent payments are paid early in the month, the first payment earns 5% for 12 months, second payment for 11 months 3 weeks, third payment 10 months 3 weeks etc.

You may choose to squeeze in a 13th payment which will earn 5% for 3 weeks, giving a few pennies more.

adindas

Dear yorkiebar

Could you tell us your secret. I have tried through online application but they are asking me to confirm that I do not currently have a/c with them in which I do not want to confirm as this is not true.

Could you please tell us how did you get 3 a/c under sole name ?

Thank you
ADINDAS

yorkiebar wrote: »

Ah! This was putting me off applying as I have 5 vantage accounts. (My excuse is that I applied for them all online, following the appealing "open a new account" option which was available and that the "system" didn't stop me )

exel1966

carpy wrote: »

anyone else been spoken to about having more than 3 vantage accounts??:(

Opened my 5% saver yesterday in Branch, first S/O paid in today and have now just ammended the S/O to go in Monday.

The PAM was surprised to see I had 7 vantage accounts and wondered how I managed to open them. I told her mine were all opened early on in the vantage era before restrictions were in place. She said "well done, most people I see don't seem to get the gist of having these accounts when I offer them. Now you can only have three though"
We then played a little game which I was happy to amuse her with. Could she find any Lloyds product which was considered good that I didn't already have. She gave up after a couple of minutes knowing full well she'd been beaten !

yorkiebar

adindas wrote: »

Dear yorkiebar

Could you tell us your secret. I have tried through online application but they are asking me to confirm that I do not currently have a/c with them in which I do not want to confirm as this is not true.

Could you please tell us how did you get 3 a/c under sole name ?

Thank you
ADINDAS

No secret, I've been a customer since 1984 though so perhaps there's a "loyal customer" flag set on my account

I applied when logged in to my online banking system, did you do the same ? (would seem odd that you were asked the "are you a customer?" question if you were logged in).

adindas

Well done
This is the forum for. Together we will beat the systems

ADINDAS

exel1966 wrote: »

Opened my 5% saver yesterday in Branch, first S/O paid in today and have now just ammended the S/O to go in Monday.

The PAM was surprised to see I had 7 vantage accounts and wondered how I managed to open them. I told her mine were all opened early on in the vantage era before restrictions were in place. She said "well done, most people I see don't seem to get the gist of having these accounts when I offer them. Now you can only have three though"
We then played a little game which I was happy to amuse her with. Could she find any Lloyds product which was considered good that I didn't already have. She gave up after a couple of minutes knowing full well she'd been beaten !

Westy

Hey guys, i am back

First of all let's straighten something out;

I'm afraid Lloyds staff are no better than most other banks in repeating what other staff might say without checking their facts. Just go by the printed T&Cs.

I know it was not directed at me personally, however i was not referring to the T&C's, i was merely going by what we were told in the staff briefing about the account. The trainer had clearly done his homework, as had i, i'm not a cluless idiot like some bank staff We've seen all the tricks before, just try your luck with it and if 13 go in and no comeback, happy days :cool:

The difference this year is that your 1st payment in is NOT an initial deposit like the older ones used to be, it is counted as your first S/O. Soooo

Acc opening date e.g 15th Oct (anniversary date)
1st payment Oct 31st, 2nd payment 2nd November (for examples sake ) There's the first 2 standing orders done for max interest on £500. The other payments would take to at latest the end of September. The 15th October is the anniversary, and that's your 12 done for the 5%. After that it's Easy Saver time and the fun is over

If i've got that wrong feel free to publicly mame me with a large animal :rotfl:

I notice the T&Cs seem to require at least £25 every month now - in the past you could cancel the S/O if you wanted to just leave the balance to earn interest (this seems more like the way the Halifax product works, which does require a deposit every month! But Halifax's wasn't instant access which this still is). It's academic really - you have to pay in £25 but you could just take it straight out again...

Worry not, the account is flexible enough to allow you to miss a months S/O. You will NOT be stripped of all your interest at year end, you'll just end up with £25-£250 less at the end

Hope that clears up!

psychic_teabag

adindas wrote: »

Dear yorkiebar

Could you tell us your secret. I have tried through online application but they are asking me to confirm that I do not currently have a/c with them in which I do not want to confirm as this is not true.

Could you please tell us how did you get 3 a/c under sole name ?

Thank you
ADINDAS

This thread is probably more appropriate for qns about vantage:https://forums.moneysavingexpert.com/discussion/2292261

When I attempt to apply for an account from within online banking, I always get "we cannot offer you a secondary account at the moment". I just phoned up the 0800 number listed on the web page and got my second account that way (and got my monthly saver at the same time). With hindsight, wish I'd asked for third account while I was there.

I'm also reluctant to follow the online application which requires a confirmation that I don't already have an account.