Lloyds TSB 5% Monthly Saver

exel1966

No it doesn't make you slow, Im only referring to maximising your profits. You're right in what you say in post 168 providing you do change the S/O for the second and subsequent payments. It will only be 14 days interest difference.
The bigger difference occurs when you open and keep the S/O at the same date.

MiserlyMartin

Interesting reading. I opened one of these on 25th of Oct and asked how quickly the STO could be set up to go in Oct. They said that the 30th would be ok to hit the account in Oct, so I agreed. The new monthly saver is showing a payment on the 1st Nov!!! Who made the mistake here me or them? Does a STO not count on a weekend and I forgot about this relying on the customer service advice?

Should I cancel the account and apply for a new one towards the end of this month? I was starting to wonder if they prevent you from getting 13 payments in??

Biggles

MiserlyMartin wrote: »

Should I cancel the account and apply for a new one towards the end of this month? I was starting to wonder if they prevent you from getting 13 payments in??

No, as mentioned in earlier posts, they just take a while to get the account, and the first SO in particular, set up. I'm afraid if you rang them on the 25th it was never going to happen by Fri 28th.

exel1966

MiserlyMartin wrote: »

Interesting reading. I opened one of these on 25th of Oct and asked how quickly the STO could be set up to go in Oct. They said that the 30th would be ok to hit the account in Oct, so I agreed. The new monthly saver is showing a payment on the 1st Nov!!! Who made the mistake here me or them? Does a STO not count on a weekend and I forgot about this relying on the customer service advice?

Should I cancel the account and apply for a new one towards the end of this month? I was starting to wonder if they prevent you from getting 13 payments in??

I'd suggest a simple error was made by the CSA who set it up not realising the 30th was a Saturday. The S/O will never move on a weekend date, it will always be deferred to the next business day. It's just unfortunate your's has pushed you into the following month.

Your options are to run with it or cancel the account and start again, perhaps later in the month ?

As per my earlier post ; I Opened my 5% saver (28th) in Branch, first S/O paid in (29th) and just ammended the S/O to go in Monday (01). All went very smoothly.

hethmar

Much appreciate everyones kind input but tbh, for £15 a year, Im not sure Id want to faff about with opening another account. Perhaps Im not the best MSer

bubbles0169

wow well that was weird!
i phoned lloyds to get the new 5% savings account only to be told i couldnt open it as i closed a monthly saver in may of this year
it was a different account so different interest rate but because id closed a 'monthly saver' i couldnt open another one within 12 months
so we finished the call and put phone down
the phone rings back after a couple of minutes, its the lloyds lady i just spoke to, shed spoken to someone else and found out it is the start of the account that matters(september last year)apparently so i can actually go ahead and open the new 5%(i checked it was the same,£25-£250 deposit from classic a/c by SO)
it just flagged up on her sytem she couldnt go through with it but she could on a different system
strange a?

captain_barclay

Beware the Lloyds Monthly Saver only pays 5% on the first deposit . Each monthly subsequent deposit is not compounded or added to what is already in the account.

Note that the following and subsequent deposits have interest added to each one in isolation and for the term left until the original term runs its course.

So with deposits not added together and a falling time of each subsequent depost you dont end up with much. Certainly not 5%.BEWARE/ I was on the phone for long time to find all this out .

I told Lloyds that their ads are misleading.

Baldur

captain_barclay wrote: »

Beware the Lloyds Monthly Saver only pays 5% on the first deposit . Each monthly subsequent deposit is not compounded or added to what is already in the account.

Note that the following and subsequent deposits have interest added to each one in isolation and for the term left until the original term runs its course.

So with deposits not added together and a falling time of each subsequent depost you dont end up with much. Certainly not 5%.BEWARE/ I was on the phone for long time to find all this out .

I told Lloyds that their ads are misleading.

The LTSB Regular Saver works in exactly the same way as any other Regular Saver, as far as interest rates are concerned - reading the main site article & using the regular savings calculator would have saved you 'a long time on the phone'.

MarkFromCornwall

captain_barclay wrote: »

Beware the Lloyds Monthly Saver only pays 5% on the first deposit . Each monthly subsequent deposit is not compounded or added to what is already in the account.

Note that the following and subsequent deposits have interest added to each one in isolation and for the term left until the original term runs its course.

So with deposits not added together and a falling time of each subsequent depost you dont end up with much. Certainly not 5%.BEWARE/ I was on the phone for long time to find all this out .

I told Lloyds that their ads are misleading.

I don't think they are misleading. You do get 5% on the money you put in the account. Obviously they aren't going to pay you 5% interest on money months before you have paid it into the account. If they did you could have two banks both paying you interest on the same money!

Funkyfreddy

captain_barclay wrote: »

Beware the Lloyds Monthly Saver only pays 5% on the first deposit . Each monthly subsequent deposit is not compounded or added to what is already in the account.
[..]

Eh ?

So on a monthly deposit of £250 (assuming 12) what are you suggesting will be the interest earnt and the final balance after 12 months ?

FF