Lloyds TSB 5% Monthly Saver

Biggles

dazeruk wrote: »

The monthly saver isn't showing as a viable destination account when creating a new standing order mandate.

No, it is slightly annoying, you have to go back to 'My accounts', make a note of the sort code & account number, and put them in directly. Works fine, though.

6022tivo

Did this on the 0800 number this afternoon. Just set it up, and let the nice lady set up the SO. I ill think about it next year..

Thanks to the op.

Westy

I'd rather hear that your briefings are based on the actual T&C's !

There was an issue with the T&C's on opening week so what we would have been reading would have been last years anyway, and TBH if every company had a briefing all heads down reading the T&C's it would be extremely boring and promote no interaction from colleagues! It is up to the CUSTOMER to read the T&C's as with everything as they are the end user, and if they don't and they make a mistake then they are at fault, not the company. We are not all clueless like people think, banks do have good staff, it's just a shame the press don't see it this way and pour scourn on them without any experience of ever working there! :mad:

Anyways, asked again and as i said, if you get 13 payments in then great, i never set out to preach to the contrary, time will tell in this instance.

To answer the question as to why the Monthly Saver doesn't appear in the pre-populated accounts list, this is to prevent people accidentally sending an extra/early payment to the worng account, (example being they wanted to set up to another of their accounts but selected Monthly Saver by accident), it happens with ISA's as well to prevent people over subscribing their years allowance

Hope that helps

dazeruk

Westy wrote: »

To answer the question as to why the Monthly Saver doesn't appear in the pre-populated accounts list, this is to prevent people accidentally sending an extra/early payment to the worng account, (example being they wanted to set up to another of their accounts but selected Monthly Saver by accident), it happens with ISA's as well to prevent people over subscribing their years allowance

Err, my ISA does appear in my pre-populated account list!!!

So when setting up a standing order I can't select my monthly saver, which requires a SO, but can select my ISA which is full.

Biggles

Westy wrote: »

It is up to the CUSTOMER to read the T&C's as with everything as they are the end user, and if they don't and they make a mistake then they are at fault, not the company.

But it's up to the company, who wrote them, to make sure their staff know what they say, rather than rely on office rumours.

Westy

Agreed Biggles, i'm exhausted just trying to find out lol

TBH, it's never been an issue before, there have been some very minor changes to the Monthly Saver which caused lots of questions this year, that's all

A rate like this has been a long time coming, but sadly the economy is still so smashed that a lot of people love the sound of it, but when it comes to learning the facts, simply can't afford to save at all - they'd rather chuck a lump sum in

Still, let's make the most of it, great account with very little in the terms of restrictive T&C's, (loss of all interest, closure if withdrawals etc like some accounts).

Oh, and to answer about the S/O list issue, i was thinking of funds transfers, my apologies - was tired and not thinking straight

Speak you all soon

DebtKiller

DebtKiller wrote: »

Can I ask, as someone who doesn't have a LloydsTSB current account, is it worth opening one online now, then once it is all set up and "good to go", opening the RSA later NEXT month (and doing the funky 13 payments thing, of course!)...?

If so, will I be OK initially transferring a nominal amount into the current account and leaving it as it is (i.e. not touching it), seeing as its purpose is just so I can get the RSA?

Cheers for any answers!

My question didn't seem to get noticed, but I'd appreciate it if someone could answer, if anyone has any opinion?

Ta muchly.

DK

apt

Yes you can do this if you want. But a Lloyds Vantage current account is a good place to have your savings anyway on balances £5,000-£7,000. Just as far as a regular saver account linked to a current account is concerned, the First Direct 8% regular saver is better providing you do not need to withdraw the money before the year is up.

DebtKiller

apt wrote: »

Yes you can do this if you want. But a Lloyds Vantage current account is a good place to have your savings anyway on balances £5,000-£7,000. Just as far as a regular saver account linked to a current account is concerned, the First Direct 8% regular saver is better providing you do not need to withdraw the money before the year is up.

I don't have a balance of £5,000=£7,000 unfortunately but it's good to know I can open the current account and not need to use it.

hethmar

Ive tried to find this answer - please bear with me if its been covered. I can see 5% is a good rate of interest but its only on the amount you put in which is capped at £250 a month, so you only get 5% on the max amount £250 x12 for one month? Is that correct? So surely it is better to have another vantage account at 4% all year rather than open this savings account? Sorry, thicko with sums.