save the change + online saver

shazkhan111

i have just opened an online saver with lloydstsb to take advantage of the save the change offer, it says on the terms and conditions of the online saver that i must deposit £250 in to it.

What happens if I dont and put say £10 in there??? Will the account close? Or?

tom188

You earn nominal interest in it.
Hence why when things are tight in my everyday expenses I move the lot into my classic plus account until I can put back 250.

shazkhan111

so in effect there is no minimum for this account

has any worked out what the best way to make money off this scheme is, can i do some 1p transactions online?

Kilty_2

You'd be better opening the Guaranteed Tracker account with £1, leaves less money tied up in a savings account you dont want there

As for making money off it, I don't know, Lloyds wont let me use my Under 19's current account for the scheme

YorkshireBoy

shazkhan111 wrote:

i have just opened an online saver with lloydstsb to take advantage of the save the change offer, it says on the terms and conditions of the online saver that i must deposit £250 in to it.

What happens if I dont and put say £10 in there??? Will the account close? Or?

My reading of the conditions would be that you wouldn't be able to open the account in the first place if you didn't enter a figure of at least £250 for the opening transfer deposit.

so in effect there is no minimum for this account

It doesn't look like it, but I'd leave more than £1 in it so as not to 'draw attention'.

has any worked out what the best way to make money off this scheme is, can i do some 1p transactions online?

I posted a few loopholes on the boards (either this, or the current account - can't remember which) when the scheme was announced last year. Use the search tool.

Cypher

I moved £250 in to open it, but then I was going to move it over to my Monthly saver and leave the balance at £10, but linked to the save the change.

It only says it needs £250 to open it, in the Interest Rates it shows £1+ only earns 0.1% so it looks like its fine to operate the account below £250.

[Deleted User]

Cypher wrote:

I moved £250 in to open it, but then I was going to move it over to my Monthly saver and leave the balance at £10, but linked to the save the change.

From personal experience I don't think Lloyds Internet Banking will let you transfer between Online Saver and Regular Saver.

Cypher

Deleted_User wrote:

From personal experience I don't think Lloyds Internet Banking will let you transfer between Online Saver and Regular Saver.

Yes I did realise that, I moved it into the online saver purely to satisfy the opening conditions, on 31st Jan it will move to the Current Account, then on the 1st Feb some of it will move to the Regular Saver probably £100. The remaining money will be there for my monthly purchases for save the change I don;t normally use the TSB current account so the balance is usually only about £5

[Deleted User]

Cypher wrote:

Yes I did realise that, I moved it into the online saver purely to satisfy the opening conditions, on 31st Jan it will move to the Current Account, then on the 1st Feb some of it will move to the Regular Saver probably £100. The remaining money will be there for my monthly purchases for save the change I don;t normally use the TSB current account so the balance is usually only about £5

Similarly, I think the only way to move funds between the Lloyds Current account (Classic, in my case) and Regular Saver is by standing order.

shazkhan111

""

I posted a few loopholes on the boards (either this, or the current account - can't remember which) when the scheme was announced last year. Use the search tool.

""

cant find it ?

shazkhan111

has any worked out what the best way to make money off this scheme is, can i do some 1p transactions online?