Lloyds 8% Regular Saving ending

YorkshireBoy

Tom - dan_cup is asking how much he has to pay into the LTSB current acount each month.

Hanxx - The monthly saver account is fed by SO, not DD.

dan_cup - the answer is, in your case, the least you can get away with. If you open the current account in branch, they'll ask you what you intend to use the account for. One of the options is "spending money". They'll also ask you how much you intend to deposit each month. Might I suggest you say "£250-£500, but I'll consider making it my main account if I'm happy with it".

Be aware though, I was told that LTSB carry out regular checks for account dormancy, so you might want to run some spending money through there as well from time to time.

Milarky

A bit off topic, but I found it would not be practical to upgrade from an existing 'card account' (basic bank account) which is all I have (and all you need to qualify to open the Monthly Saver btw) in order to get the debit card to register and take advantage of the 'Save the Change' incentive in February and March.

I thought that with £250 being paid in each month from September (and taken out the next day to the Monthly Saver by standing order) they would 'want' me to upgrade, but it's more involved.

They were looking for '£1000 per month' through the account to upgrade me. Now I could switch some standing orders there for other regular saver accounts, but that would be disproportionate to the benefit available. (Salary can't go into there because it's going into Barclays as a condition of their regular saver) So it looks like I'll have to give that one a miss.

Yet if approaching them as a 'new' customer I don't think they ask as much do they? It's just on a bit of basic credit scoring and: "How much would you to borrow, sir?"

Cypher

With the hikes in interest rates a fixed 8% regular saver looks less and less attractive at each interest rate rise.

Maybe they will be replacing it with a higher rate or just copy the other and do a 12 month 12%+

reehsetin

couple of questions, if its relevent im a student, already have 3 current accounts with different banks, is it likely that id get a problem opening a fourth? are there any problems with having so many?
my nationwide current account is purely used as a gateway to their e-savings, keep very minimum in there £10, would i get any problems doing the same here?
is there any problems/penalties for with withdrawing the money?
is it upto £250 a month or a minimum of £250?
does that £250 have to be in a lump sum or over the course of a month?
sorry whoever answers all these

Kazza242

reehsetin wrote:

couple of questions, if its relevent im a student, already have 3 current accounts with different banks, is it likely that id get a problem opening a fourth? are there any problems with having so many?

Probably not. It depends on which current account you go for. Like you, I have quite a few current accounts. When I applied for the LTSB one, they asked me if I wanted to apply for an overdraft, Classic Plus account etc. I chose the basic Classic current account with no overdraft etc. I don't think there would be any problems if you applied for one. Just take along all the ID they require and it should be ok.

reehsetin wrote:

my nationwide current account is purely used as a gateway to their e-savings, keep very minimum in there £10, would i get any problems doing the same here?

No, I keep under £10 in my LTSB current account, but I do use it to fund my monthly saver to avoid them viewing my current account as 'dormant'. Please note that you can use another current account to fund your monthly saver.

reehsetin wrote:

is there any problems/penalties for with withdrawing the money?

Do you mean from the monthly saver? If so, no there are no penalties for withdrawing money, though once you've withdrawn it, you cannot put it back in the account.

reehsetin wrote:

is it upto £250 a month or a minimum of £250?
does that £250 have to be in a lump sum or over the course of a month?
sorry whoever answers all these

The monthly deposit you pay in can be between £25 to a maximum £250. When you open the account you can pay in a one-off £500 lump sum within 7 days of opening your monthly saver, as well as making your first standing order payment of up to £250 in the same month. You can only make one standing order payment per calendar month according to the terms and conditions.

Bargain_Rzl

I've finally (today) got around to setting one of these up. At 1.51% (net) ahead of my mortgage fixed rate which ends 30/11/08, it makes sense to use this account to save a lump sum rather than overpay the mortgage gradually...

reehsetin

thanks Kazza242:T
think im gonna go for it unless anyone can give me a reason why nationwide e-savings is better
tried applying for the current account online, messed up half way through, will try instore/on phone

tom188

reehsetin wrote:

thanks Kazza242:T
think im gonna go for it unless anyone can give me a reason why nationwide e-savings is better
tried applying for the current account online, messed up half way through, will try instore/on phone

I suggest you do it in branch if you can. All should be done in front of you.

Kazza242

reehsetin wrote:

thanks Kazza242:T
think im gonna go for it unless anyone can give me a reason why nationwide e-savings is better
tried applying for the current account online, messed up half way through, will try instore/on phone

I echo what tom188 has said about getting it all done at your local branch. This is what I did and it was very straightforward.

drunknmunky

what sorts of ID do you need to open an account?