Lloyds TSB 5% Monthly Saver

dazeruk

MiserlyMartin wrote: »

All this extra hassle for an extra £33.

Not sure what hassle you're talking about.

Open account, set up standing order, done.

If you're not prepared to take those 2 steps to get 50% more interest, how do you usually make your money?

MarkFromCornwall

MiserlyMartin wrote: »

All this extra hassle for an extra £33. But we have to do it to limit the damage from the insanely low base rate and savings rates that are lower than inflation! It really angers me that us prudent savers are paying the price for something they did not cause while the debt junkies continue to be rescued. The B of E do not care.

At the moment the whole economy is in a crazy state from policymakers desperate to keep the bubble going and stop market forces correcting. it will end in tears and they will prolong the pain.

Base rate = 0.5% and CPI = 3.1% and Lloyds are paying us 5%.
That sounds OK to me.

xrjtg

Opened yesterday afternoon, already showing on online banking with the first £250 taken this morning.

Now, about the variable standing order dates: is there a detailed set of terms and conditions somewhere for this account? I was only given a flimsy leaflet about their savings accounts in general, and the specific terms and conditions that I had to sign are just the few paragraphs under "Important information" on the website, which leads me to suspect that that might be all there is.

For what it's worth, I was told in branch that the SO should be on the same day each month. I suspect that's wrong, but I'm not yet inclined to change it for the relatively small gain.

premierfella

The leaflet is likely to be all there is (in addtion to standard terms and conditions). Those who apply over the phone (like myself) get the brief additional terms in the account opening letter in the post.

xrjtg wrote: »

For what it's worth, I was told in branch that the SO should be on the same day each month. I suspect that's wrong, but I'm not yet inclined to change it for the relatively small gain.

Amongst the many benefits of hanging around on this forum is the gradual realisation that bank staff, for various reasons and often with the best of intentions, do not always say things that are 100% accurate. There is no stipulation on this account that the standing order credits need to be paid in on the same day each month, and there are no restrictions preventing the "13th payment" benefit, so you can safely change the standing order date to the 1st for the second and subsequent credits to the account to gain the maximum interest benefit.

oldfella

rang up today, they allowed me to delay the opening until the 28th when the first SO will go in. Once done will change to the 1st for November onwards.

xrjtg

premierfella wrote: »

Amongst the many benefits of hanging around on this forum is the gradual realisation that bank staff, for various reasons and often with the best of intentions, do not always say things that are 100% accurate.

Yes, it's a phenomenon with which I'm familiar.

In any case, I now see that the terms I have do have the line I've failed to see multiple times: "£250 each calendar month the Account is open". I don't know how "calendar" eluded me so often.

paulw98

maybee I'm being daft but I cant see where on the Lloyds internet banking to change the date of my standing order? anyone able to point me in the right direction? ta

dazeruk

paulw98 wrote: »

maybee I'm being daft but I cant see where on the Lloyds internet banking to change the date of my standing order? anyone able to point me in the right direction? ta

After logging in, select the account the standing order is coming from.

Select the 'Direct Debits and Standing Orders' tab.

Scroll down to the list standing orders.

Select amend.

Enter the new date.

Select amend.

Enter password.

Funkyfreddy

adindas wrote: »

My understanding is that, there is not any requirement that SO have to come from Lloyds TSB group. I could be from any other banks but it has to be paid by SO and not ordinary transfer.

This is also common prectice to any other RSA accounts. A lot of people in this forum have RSA with building society and SO come from a/ac from another bank.

ADINDAS

Good Morning,

Just wondering if anybody might have more on this aspect ?

Based on my sample of one customer service person on the Llloyds Saving team they did say that the Standing Order has to come from your Lloyds current account. I might try another to see what they say.

Ideally I would have mine come from an alternative source but its not too much hassle to bounce from original source to Lloyds Current Account then to Savings Account all on the same day.

Not clear what would happen if you funded the first payment from a Lloyds Current Account (as set up on opening) - then cancelled and changed source of funds to another SO. Is it hidden in some more detailed T&C that I've missed


Thanks.
FF

Baldur

Funkyfreddy wrote: »

Good Morning,

Just wondering if anybody might have more on this aspect ?

Based on my sample of one customer service person on the Llloyds Saving team they did say that the Standing Order has to come from your Lloyds current account. I might try another to see what they say.

Ideally I would have mine come from an alternative source but its not too much hassle to bounce from original source to Lloyds Current Account then to Savings Account all on the same day.

Not clear what would happen if you funded the first payment from a Lloyds Current Account (as set up on opening) - then cancelled and changed source of funds to another SO. Is it hidden in some more detailed T&C that I've missed

I opened a Monthly Saver yesterday in-branch.

The manager asked whether I wished the Standing Order to be made from one of my LTSB current accounts or one of my external current accounts.

As it happened, it was more convenient for me to make the SO from one of my Vantage accounts but the option was certainly given to make the SO from a non-LTSB account.