Lloyds TSB 5% Monthly Saver

samizdat

I'm confused. My LTSB Regular Saver seems to have matured a bit earlier than I expected.

The first payment seems to have gone in on 29 November 2010, and interest has just been credited on 11 November 2011.

I seem to remember opening this by phone, and being asked what day I wanted payments to go in on. I think I may just have said, well, soon or something, then read here about payment timing, and logging in to change the initial SO to the 29th of the month - maybe the account was already opened soon after I phoned them, so I just managed to create an 11.5 month reg saver?

jennifernil

Yes, the opening date will be just after you phoned to open it.

patrickbateman

samizdat wrote: »

I'm confused. My LTSB Regular Saver seems to have matured a bit earlier than I expected.

The first payment seems to have gone in on 29 November 2010, and interest has just been credited on 11 November 2011.

I seem to remember opening this by phone, and being asked what day I wanted payments to go in on. I think I may just have said, well, soon or something, then read here about payment timing, and logging in to change the initial SO to the 29th of the month - maybe the account was already opened soon after I phoned them, so I just managed to create an 11.5 month reg saver?

I got stung in exactly the same way, opened it mid Nov last year in branch but with the first payment set up to go in at the end of the month and then amended the SO for beginning of the following months... oh well I guess you live and learn, only a tenner or so's difference!

Now trying to work out where to put this money... all the usual options are utilised. (First direct, santandar home saver, cash ISA)

Yorkie1

Mine's due to mature middle of next month and I'm starting to make plans.

First Direct 8% account - am I right in understanding that I also need to open their current account "1st" and pay in a certain amount per month to that account (which can transfer out again if desired), and then the transfer into the 8% account comes from the 1st account?

Or is there a more straightforward way of having the 8% account without paying the monthly fee?

Am a little confused ...

Ta.

Peonie

Yorkie there are different options, the £10 a month fee starts after 6 months but you do not have to pay the fee if you do one of the following:
Have a FD credit card (and you don't have to use it).
Maintain a balance of £1,500.
Credit the account by £1,500 each month, if cash flow is a problem this could be completed by transferring £375 in and out of the account 4 times a month (minus the £300 for the monthly saver).
There are more options but the above 3 are my preferred and so why I remember them.

Yorkie1

Peonie wrote: »

Yorkie there are different options, the £10 a month fee starts after 6 months but you do not have to pay the fee if you do one of the following:
Have a FD credit card (and you don't have to use it).
Maintain a balance of £1,500.
Credit the account by £1,500 each month, if cash flow is a problem this could be completed by transferring £375 in and out of the account 4 times a month (minus the £300 for the monthly saver).
There are more options but the above 3 are my preferred and so why I remember them.

Thanks Peonie. So I wouldn't need to open a 1st current account if I used any of those 3 other options?

Excellent. With 3 Vantage accounts and a Halifax one I'm getting a little account-heavy!

gt94sss2

Yorkie1 wrote: »

Thanks Peonie. So I wouldn't need to open a 1st current account if I used any of those 3 other options?

If you want a Regular Saver with First Direct, you need to open a current account with them.

Peonie was explaining the various ways you could avoid the £10 monthly fee.

However, many people like First Direct's service so much that it becomes their main account..

Regards
Sunil

Biggles

Peonie wrote: »

Yorkie there are different options, the £10 a month fee starts after 6 months but you do not have to pay the fee if you do one of the following:
Have a FD credit card (and you don't have to use it).
Maintain a balance of £1,500.
Credit the account by £1,500 each month, if cash flow is a problem this could be completed by transferring £375 in and out of the account 4 times a month (minus the £300 for the monthly saver).

Maintaining a balance of £1 is enough, as long as you are laundering £1,500 through the account each month.

Yorkie1

Thanks all, much appreciated!

pqrdef

To avoid the monthly fee on a First Direct current account, all you have to do is open an Everyday e-Saver online and put £1 in it.

But don't forget the £100 joining bonus. You don't have to do any switching, but you do have to put £1500 through in a month, once.

And beware the tricksy website, which doesn't show standing orders until they've been paid.