Lloyds 8% Regular Saving ending

reehsetin

tom188 wrote:

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

oops already retried online, all went through, printed off the application, have to see if i actually get it though, if i dont ill go into the branch

lipidicman

Cypher wrote:

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%+

Where else are you going to get 8% for such a long period. Remember the real bonus with this account comes in year two. Year one's average balance is around £1700, year two's will be more like £5000

dan_cup

YorkshireBoy wrote:

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.

thanks mate, this is indeed what i was asking although i realise it wastn too clear.

well if i deposit the 250 in each month to fund reg saver i could always put say 300 in and spend the other as i would in a normal current account, i take it u get a debit card with the current acc?.

Cypher

lipidicman wrote:

Where else are you going to get 8% for such a long period. Remember the real bonus with this account comes in year two. Year one's average balance is around £1700, year two's will be more like £5000

I ain't knocking the account, I have one myself, all I was saying is it becomes less attractive at each interest rate rise especially for those of us who don't use our full ISA allowance each year.

lipidicman

Cypher wrote:

I ain't knocking the account, I have one myself, all I was saying is it becomes less attractive at each interest rate rise especially for those of us who don't use our full ISA allowance each year.

Ok.

However I am concerned that you aren't using your ISA allowance each year. That will be the best bet in the long run.......

steveh2001

Hi guys - tried to open a regular saver today...

They wouldnt let me as they said i had to pay £500 a month to keep the current accoutn active!

ANy thoughts?

tom188

If you are opening in a LTSB regular saver this is incorrect.

I suggest you search to see similar articles on this subject and this common problem. You need the current account, you dont need to fund it.

steveh2001

I am opening a LTSB Regular saver - this is regarding the compulsary current account attached with this

But the guy in my local branch insists this is the case - should i try again? Or just open it anyway despite his worries? Or try a different branch?

tom188

There is plenty of information around the site including I think official clarification. Have a look for the original (long) thread on this which I believe includes this.

You do need to have to fund the account but you do need to have it. If you cannot persuade your branch this is the case I suggest you try another branch.

steveh2001

"You do need to have to fund the account but you do need to have it. If you cannot persuade your branch this is the case I suggest you try another branch."

DIdnt understand your top sentance? I guess the guy in this branch knew i was out for the 8%!! Basically he said i can open it, but you may get it shut down... So if you guys think its OK ill just open it anyhow somewhere else.