Lloyds TSB regular saver.

oldfella

you have answered most of your questions

20% tax is deducted at source for savings - if you dont earn £7185 you write to the tax man asking for a rebate. If you earn more than £38335 you tell him in your tax return about the savings interest.

Mike

BSingh

Can someone answer my question please?

sloughflint

BSingh wrote:

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?

There's nothing to stop you doing it but you'll have to do the maths to see if it is worth keeping the pot in the online saver which isn't a brilliant rate. You might be better off keeping it elswhere and transferring depending on what rates you've got.

[Deleted User]

BSingh wrote:

Can someone answer my question please?

Perhaps if you tried thanking people for the responses received already?

Furthermore only you are in full possession of all the facts relating to your specific circumstances, so only you can make the calculation and make the decision. MK?

rangers_fc

Ok I currently have a classic plus current account with TSB however the reason I have this was to ensure I could hold the regular savers account. It now becomes clear from reading this thread, you dont have to fund youre Classic plus account on a regular basis to hold the regular savers account. With this in mind I visited my local branch to downgrade my account to a normal classic account. The teller informed me that this was not neccesary I would just not earn interest as the account held less than the £1000 threshhold is this correct as I am wary of the dreaded bank charges word

BSingh

Thank you eveyone for their responses! Didnt realise that this was the reason why people dont reply....

tom188

BSingh wrote:

Thank you eveyone for their responses! Didnt realise that this was the reason why people dont reply....

Well what is your question. Ive answered your one about time taken in transfers somewhere already.

Milarky

Just to point out that with online banking you have control of the dates of the Lloyds Monthly Saver and can adjust these to suit the dates when your payments arrive.

Alternatively, as you can pay cash over the counter at a Lloyds branch to your current account the day before it sweeps into the MS (or the same day provided you have an overdraft of at least £250 to cover) then there really are no 'lost days' issues. (Currently it takes two days to make payment direct to the MS from most accounts* - which is one day longer than this method)

[Come November this won't apply as the BACS cycle speeds up by two days. Please remember this and don't send payments on (eg) the last day of the month or it will arrive 'too early'!]

*doing a test transfer for £1 to the Lloyds current account will establish the exact number of days and will be the same number of days as it would take to go to the MS account as well. (Only ONE payment to the MS per month is permitted however, so don't test transfer there!)

steveh2001

Hi guys - few questions...

If for example - I opened the account today, and deposited £500 - would this mean the lloyds current==>RS Standing order would be set to arrive on the 15th each month? And i assume lloyds current ==> lloyds RS would be instant, if i do the cancelling method, i would need to set my SO 3 days in advance, so the 11th of Jan for this example (over the weekend?). And i cannot send a £1 to the regular saver as i am only allowed one transfer?

Thanks for any help!

YorkshireBoy

steveh2001 wrote:

If for example - I opened the account today, and deposited £500 - would this mean the lloyds current==>RS Standing order would be set to arrive on the 15th each month? And i assume lloyds current ==> lloyds RS would be instant, if i do the cancelling method, i would need to set my SO 3 days in advance, so the 11th of Jan for this example (over the weekend?). And i cannot send a £1 to the regular saver as i am only allowed one transfer?

It's possible for you to get £1K in within the next 3 weeks or so, which gives your savings the best possible kick start.

Open the account tomorrow, and deposit £500.
Set the first £250 SO payment for as soon afterwards as you can, say 23rd Jan.
After that payment has gone through, reset your SO for the 1st Feb.
Subsequent SO's are then left to go in on the 1st of the month.