Lloyds TSB Classic Plus and Monthly Saver accounts

michyb

I tried to open a classic plus account in order to then open a monthly saver and get 8% interest on my savings having read the advice on money saving expert.

However I was told by Lloyds TSB that in fact you do need to put a minimum of £1000 per month into a classic plus account and that I cannot transfer money from a non TSB account into a monthly saver and that it does in fact have to come from a Lloyds current account.

I am now confused as this goes against what is advised on the money saving expert website.

Has anyone else been told this? Any advice would be appreciated.

Thanks

Cannon_Fodder

There have been some very long threads saying "yes you do", "no you don't" because - mostly - the branches don't seem to be told about Head Office clarification of terms and conditions.

Technically £1000 a month "funding" is a requirement of operating the Plus account - but that can mean simply transferring in early on in the month, and back out a week later.

Bottom line, I am operating a Plus current account simply with a couple of months £1000 in and out to start with - they haven't altered it from a Plus account yet (kiss of death!) - while moving the Monthly Saver funds in from A&L by DDM - and not forgetting the extra £500 one-off that you can put in - from your first £1000 into the current account perhaps.

Seems to be ok...

richgirl

I have opened one without putting anything into my current account

[Deleted User]

See my post #66 on this thread.

You do have to fund £1000 to the Classic Plus account but not the more basic Classic account.

Kazza242

michyb - You don't need to open the LTSB Classic Plus current account to open the 8% monthly saver. Why not open the Classic current account instead - which does not require monthly funding. This is what I did and then you can open the monthly saver.

gem4

I've had classic current accounts for years and have never paid £1000 to any of them. My £250 S/O goes from that to the regular saver, but is only transferred into it a day before from another saver account. Why do you need the 'plus' account?

jimbow25

Can I repeat something in here that I asked in the long-running Lloyds regular saver thread which didn't get any responses:

I've just tried to open the Classic current account ahead of starting one of these savers, and I've had a letter from the bank asking me to confirm my net income: the following page says they actually need to know "the source of my income together with how often it is received and the amount expected".

I wasn't planning to use the current account regularly or pay my wages into it, I was hoping to "just stick £1 in" as the advice page on this site suggests you can, so do I need to call them and say I want the current account to do proper current account stuff, or can I say "it's an extra account for spare money, I don't want to pay a salary into it"? Are they likely to refuse me the account?

Kazza242

jimbow25,

For anti-money laundering reasons the banks do have to ask the source of each applicants income. I wouldn't put too much emphasis on what you tell them here.

I gave them a (very) approximate figure of my net income and stated that it came from my salary and investments. I specified 'monthly' for when my income is received and gave them a very rough figure of my income.

I doubt that LTSB would refuse you the account just because you aren't paying your salary into it. I'm not paying my salary into mine and many MSE's aren't either, but we are still taking advantage of the 8% monthly saver. It is extemely unlikely that they would reject your application because of this. As LTSB have amended the monthly saver terms and conditions which has removed the statement that the LTSB current account had to be one's 'main account'.

jimbow25

Thanks Kazza that's very helpful I'll get on the phone to them today then.