Lloyds TSB 5% Interest

Shyam787

Hi Everyone,

Lloyds TSB are offering 5% interest on their now monthly saver. Anyone has any further information regarding this (Any pros and cons).

Thanks.

OneADay

Opened it last month - standard regular saver - no cons other than having to open a current account in order to get the monthly saver. Otherwise basically same as any other regular saver account.

I did get a charge for being overdrawn though on current account. Basically first the lady in branch failed to set up standing order from beginning of month. I phoned up when I found no money taken from account. The chap on phone tried to make transfer which put me negative by £250. Standing order got setup though but then got letter about penalty.

Phoned up again to moan - and got charge waived without asking and a £10 credit free for "customer care".

psychic_teabag

See this thread : https://forums.moneysavingexpert.com/discussion/2785940

Loco

First Direct are doing 8% on their regular saver if that's of any interest.....(though you can't access your saved funds unless you close the account)

JapanG

I went in to a Lloyds branch today to open a Monthly Saver account. The manager informed me that they have just been notified that the offer will finish on Friday 10th December, and the rate will drop from the current 5% (gross) to 2%.
If you are considering opening one of these account you may wish to do it quickly, as it won't be worth it after Friday.

guitarman001

The rate is only available for a year, right?
And this is gross and also eligible for tax?

Sounds a hassle - might yet open one. Have two Vantage accounts which I'm still filling up.

JapanG

Hi Guitarman,
That's right, it is just for 12 months after which the rate is pretty weak. It'll therefore be worth jumping off onto something offering a better rate at that point. It is a gross rate, so the net is 4%.
There's a very good explanation of the pros and cons of regular savings accounts under the Savings tab

Jock_Tight

Opened one in October.

Had one last year at the 5% rate and made £64.28 for my £250pm.

Its drip fed from one of my Vantage accounts (have 3).

anna42hmr

JapanG wrote: »

I went in to a Lloyds branch today to open a Monthly Saver account. The manager informed me that they have just been notified that the offer will finish on Friday 10th December, and the rate will drop from the current 5% (gross) to 2%.
If you are considering opening one of these account you may wish to do it quickly, as it won't be worth it after Friday.

looks like they still have it as 5% at the moment online so if people are quick enough, may be able to get it on the phone today or in branch this morning if people are close to one that is open on a saturday.

also does any one know how long it takes to show up on online banking as when i opened over phone on thursday evening they advised 24 hours but not showing up still this morning (saturday)

Yorkie1

Just opened it this lunchtime so it's still available now.

The advisor said it would take 24 h for it to appear online - I'd wait till close of play on Monday, anna42.

anna42hmr

Yorkie1 wrote: »

Just opened it this lunchtime so it's still available now.

The advisor said it would take 24 h for it to appear online - I'd wait till close of play on Monday, anna42.

thanks yorkie1 will do