Lloyds 8% Regular Saving ending

steveh2001

Also - if this is the case - when opening the current account - if they ask how much are you going to pay into it for credit check's what does everyone say? £250/month?

YorkshireBoy

Steve, I have to say I've never seen anyone procrastinate as much as you have over this account.

The format should be as follows...

• You walk into branch, and ask to open a Classic current account.
• You want it for spending money initially, but may consider switching your banking if you're happy with the account.
• They'll ask you how much you'll be paying in...say "around £250 per month to start with, sometimes more, sometimes less"
• On completion of the current account application, THEY will ask YOU if you would like a monthly saver account.

It couldn't be any easier. I was up and running with a fully functional (debit card, cheque book, and online access) current account in 4 days, and had £1000 earning me 8% within a fortnight of my branch visit.

A word of warning...the branch staff told me that LTSB monitor the current accounts for dormancy, so you'd be well advised to run a few transactions through it each month.

steveh2001

YorkshireBoy wrote:

Steve, I have to say I've never seen anyone procrastinate as much as you have over this account.

The format should be as follows...

• You walk into branch, and ask to open a Classic current account.
• You want it for spending money initially, but may consider switching your banking if you're happy with the account.
• They'll ask you how much you'll be paying in...say "around £250 per month to start with, sometimes more, sometimes less"
• On completion of the current account application, THEY will ask YOU if you would like a monthly saver account.

It couldn't be any easier. I was up and running with a fully functional (debit card, cheque book, and online access) current account in 4 days, and had £1000 earning me 8% within a fortnight of my branch visit.

A word of warning...the branch staff told me that LTSB monitor the current accounts for dormancy, so you'd be well advised to run a few transactions through it each month.

Thanks for your help! I think the dormant account thing was what he was going on about, but he set a level on the account of £500 spending else they would downgrade it.... Might start it on the internet tonight and go into town tomorrow (different branch ) to set it up fully.

apoorstudent

I opened this today... Apparentely the minimum is £25. I also asked whether there's any penalty for not paying in the minimum each month, and they said no - just that you won't be able to put in double the next month.

apoorstudent

YorkshireBoy wrote:

...and had £1000 earning me 8% within a fortnight of my branch visit.

How did you have that much in after just a fortnight?! They told me £500 maximum as a first deposit, then £250 each month onwards...

steveh2001

I just spoke to the helpdesk - they advised you can use the current accoutn just for saving... So ill ignore the guy in the office

apoorstudent

^I dunno whether I'm misunderstanding your comment (haven't read the entire threat), but... why would you use the current account when you could feed the money in from a regular savings account?

[Deleted User]

apoorstudent wrote:

How did you have that much in after just a fortnight?! They told me £500 maximum as a first deposit, then £250 each month onwards...

Deposit £500, say, mid-month and set up standing order 1 of £250 for sometime in the second half of that same month. Then alter the date of standing order 2 of £250 to 1st of the next month. Hey presto, £1000 in a fortnight.

Kazza242

Deleted_User wrote:

Deposit £500, say, mid-month and set up standing order 1 of £250 for sometime in the second half of that same month. Then alter the date of standing order 2 of £250 to 1st of the next month. Hey presto, £100 in a fortnight.

I think you mean £1,000.;)

I opened my LTSB monthly saver last year on around the 22nd of the month and deposited £500. I then setup the standing order for the 25th, after that payment went in, I changed my standing order to the 1st of the following month, which took my balance up to £1,000.

longforgotten

I'm not surprised that the 8% account is ending in March. When I opened the account last week the member of staff told me that Lloyds were losing money on this account and she thought they withdraw any time soon.