Lloyds 8% Regular Saving ending

jimbow25

If you got refused, I strongly suggest you call and try again. I just opened mine 10 minutes ago. Today is the last day, the person on the phone said they are obliged to let people open it while it's still advertised on the website.

Oddly they threw a small spanner in the works that I wasn't expecting: I wanted to start mine up with a £200 deposit and then £100 per month DD starting in March but they said the first DD had to wait until next month which is contrary to the "get it started with £750" theory. I protested but since I'm not maxing out my allowance I did a £300 initial deposit with first DD in April so it doesn't make much difference but it would affect some people's plans a lot more.

Thanks for the warnings on here, they did tell me a week ago when I called that there were no plans to close the offer. I've had to start it with less money than I wanted to but at least the faffing around opening the current account has got the account opened before the offer closes.

jonesMUFCforever

The terms and conditions are crystal clear - you can only have one Monthly saver.

jimbow25

I don't see how the terms can be "crystal clear" for an account that hasn't actually been announced yet. Most likely they won't want people to have both but that's in no way confirmed at the moment.

Kazza242

ejones999 wrote:

The terms and conditions are crystal clear - you can only have one Monthly saver.

At present, the terms and conditions you are quoting apply to the 2 year monthly saver. LTSB may well apply the same condition to the 1 year monthly saver or add a condition that prevents existing 2 year monthly saver customers from opening the 1 year account. In the same way that Barclays prevented existing 10% regular savings customers from opening the 12.5% account. I should think that they would have to apply some sort of condition as the two accounts are not the same.

However, remember when Abbey launched their fixed rate monthly saver (7%) there was a stipulation that stated that each customer could only have one monthly saver. Yet when they launched their next fixed rate monthly saver, existing monthly saver customers were allowed to open the new one even though the 1st account hadn't yet matured. In fact I was just one month into mine!

jimbow25 wrote: »

I don't see how the terms can be "crystal clear" for an account that hasn't actually been announced yet. Most likely they won't want people to have both but that's in no way confirmed at the moment.

Very well said. That's exactly my thinking too. I think, like Barclays, it's very likely that LTSB will restrict it so that existing 2 year account holders will not be eligible to open the new account, but we cannot confirm that until tomorrow when the terms and conditions that will apply to the 1 year account are released.

Jim_B_3

On the topic of how many monthly savers you can have, the T&Cs when i applied state "You can have one monthly saver either in your name or jointly with someone else", which very definitely does not mean "You may have one and only one monthly saver".

jonesMUFCforever

The ONE is highlighted in that term.
As I said to a previous poster who got the huff if you think it is wrong then go to the bank and try to open another one (assuming you have one already of course).

Later on in the T&C it states ''If your Monthly Saver ends early you will not be able to open another Monthly Saver before the second anniversary of account opening.''

stphnstevey

I thought the 'Mad Mavericks' were supposed to help people and lead by example, not start arguements!

jonesMUFCforever

Well we will see then won't we.
I challenge anyone on here to prove that they have been able to open 2 accounts.
If anyone can I will donate £10 to a charity of their choice. Can't say fairer than that can you?

reehsetin

ive opened the account, starting balence transfered on the 9th, can i start putting in my £250 straight away

Kazza242

ejones999 wrote: »

The ONE is highlighted in that term.
As I said to a previous poster who got the huff if you think it is wrong then go to the bank and try to open another one (assuming you have one already of course).

I didn't get in a huff, I was responding to the tone of one of your earlier posts which you directed towards me.

ejones999 wrote:

Wrong but if that is your opinion all I can say is try it!

There was really no need for that kind of response IMO. It was completely over the top and against the spirit of these forums.

ejones999 wrote:

Later on in the T&C it states ''If your Monthly Saver ends early you will not be able to open another Monthly Saver before the second anniversary of account opening.''

I am familiar with the 2 year monthly saver terms and conditions. The point I was making, which you seem to have missed, was that the one year account LTSB are launching tomorrow may have a different terms and conditions to the two year account. Therefore, I (probably along with a lot of other MSE's) will read those T&C's when they become available. LTSB may well add a condition to the 1 year account that prevents existing two year monthly saver customers from taking advantage, but like I do for all my accounts, I will read the T&C's instead of assuming that is or isn't the case.

I'm not bothered either way as I have numerous other high interest regular savings accounts already.