Lloyds TSB regular saver.

torbrex

I visited my local TSB branch to get information on the regular saver account paying 8%, everything seems the same as MSE describes in his article with the exception that they want me to transfer my deposit from the TSB current account rather than my preffered account. This would mean 2 transfers which could mean loss of a couple of days interest each month as I would need to allow time for the first transfer to arrive into the TSB current account.

Has anyone else had a similar experience with this and how did you resolve it?
Thanks
Torbrex

Kazza242

torbrex wrote:

They want me to transfer my deposit from the TSB current account rather than my preffered account. This would mean 2 transfers which could mean loss of a couple of days interest each month as I would need to allow time for the first transfer to arrive into the TSB current account.

Has anyone else had a similar experience with this and how did you resolve it?

Yes, a lot of other MSE's have posted the same thing. The way around it is to let them setup the SO for you from the LTSB current account. While opening the monthly saver tell them that you wish to register for online banking. They should allow you to complete the initial part of the registration process in branch.

In a few days you will receive your online banking details. Login and make a note of the monthly saver sort code and account number as specified in the standing order. Go to the website belonging to the bank you want the SO to come from and login to online banking. Create the SO from there.

Log back into LTSB online banking and cancel the existing SO they have setup for you. The monthly saver terms and conditions do not prevent you from setting up your SO from another bank. A lot of MSE's are already doing this.

torbrex

thanks I will give that a try when I get the account open.

kanchhelskis

i am goin to do the same thanks kazza!

Madiba_2

I would be interested in doing this, but what date do I make the "new" SO for? My current SO is setup to sweep £250 into the reggy saver on the 1st, but that is from the TSB account, so it is instant, but if I do it from anthoer bank, wont it take a few days? So i wouldnt be any better off?

us,thecat&thedebt

brilliant thanks for this im gonna change mine

Hanxx

Madiba wrote:

I would be interested in doing this, but what date do I make the "new" SO for? My current SO is setup to sweep £250 into the reggy saver on the 1st, but that is from the TSB account, so it is instant, but if I do it from anthoer bank, wont it take a few days? So i wouldnt be any better off?

The idea behind funding the reg saver from another savings account is that you maximise interest. This may not suit everybody if you simply pay money straight into the reg saver as soon as you are paid your wages.

Anyway, if you do decide that you want to fund the reg saver from a different account you should set it up to leave the account 3 working days before the date that you want it to arrive. This is how long bank transfers tend to take, and the day that it leaves the account counts towards the 3 days.

Biggles

I would be interested in doing this, but what date do I make the "new" SO for? My current SO is setup to sweep £250 into the reggy saver on the 1st, but that is from the TSB account, so it is instant, but if I do it from anthoer bank, wont it take a few days? So i wouldnt be any better off?

The only relevant rule is that you can only make one payment each calendar month. So if you've already made one on 2 Jan, you don't want your next one to get there before 1 Feb, might be best to make the SO the 1st of each month. If your main account isn't interest-bearing, it might be worth while moving the money across to the LTSB current a/c and then sweeping on the 1st as now?

[Deleted User]

Madiba wrote:

I would be interested in doing this, but what date do I make the "new" SO for? My current SO is setup to sweep £250 into the reggy saver on the 1st, but that is from the TSB account, so it is instant, but if I do it from anthoer bank, wont it take a few days? So i wouldnt be any better off?

But don't you have to move funds into your LTSB current account to cover the SO anyway?

torbrex

I was able to open my account with no problems after insisting that the rules had been changed to allow me to set up my standing order from an account other than the Lloyds tsb current account, I just quoted MSE and told the branch adviser to check with her supervisor.
Thanks MSE and all members in various postings.

BSingh

Just about this Regular Saver...I want to take advantage of it before it closes down.
I know you cannot fund this saver from another savings account fromn Lloyds..
but..
What about if i did the following:
Keep £6000 in Lloyds online saver. 1st of every month, transfer £250 into Llloyds current account... and then £250 from Lloydscurrent account into Lloyds regular saver.
Am i allowed to do this? will it work?

The objective of this is to try to minimise the days lost in interest of transfering money from a savings account with another bank so I am thinking i may as well do it with Lloyds.
What do you guys reckon?