Lloyds 8% Regular Saving ending

jenchin66

Have opened my account today, all done over the phone including depositing the £500 from my current account:T

reehsetin

got the t+c's n the post today, anyone else get a thing asking them for a signiture to be sent off in a specific envelope? i didnt actually get the envelope - great will ring them
how long since i open it can i open the savings acc?

Madiba_2

You wont be able to make the deposit from your icesave unless you change your icesave nominated account. i think.

GlynG

Planning to open one of these at last and to go down the route of getting £1,000 in in a fortnight – thinking opening the account around the 20th would be good, paying the 1st standing order ASAP after opening the account and then changing it to go in on the 1st? Sound ok?

Can I transfer the initial £500 in a few days before and then open the regular saver with £500 from the current account? Or is it better to actually open it with £500 cash?

Kazza242

GlynG wrote:

thinking opening the account around the 20th would be good, paying the 1st standing order ASAP after opening the account and then changing it to go in on the 1st? Sound ok?

The 20th sounds fine. Your 2nd £250 standing order (SO) payment must not go in within 7 days of opening your monthly saver, otherwise it will bounce.

GlynG wrote:

Can I transfer the initial £500 in a few days before and then open the regular saver with £500 from the current account? Or is it better to actually open it with £500 cash?

When I opened my LTSB current account and monthly saver, I brought in £750 in cash with me. The personal banker deposited the £500 straight into my monthly saver and deposited the other £250 into my current account to cover the 1st SO which went in 4 days after the account was opened. All you'll need to do then, is ensure that you have the money in the current account in time to cover the 2nd SO payment and thereafter.

Milarky

Kazza242 wrote:

The 20th sounds fine. Your 2nd £250 standing order (SO) payment must not go in within 7 days of opening your monthly saver, otherwise it will bounce.

Yep! that happened to me because I was too keen (and didn't read the instructions!) Fortunately they will resubmit the rejected amount after a couple of days - and you can then move the SO date to as early in the month as you like. (Bit of a quirk that)

jimbow25

Is this definitely closing? Their latest "Saving and Investing" brochure proudly trumpets the Monthly Saver on the top corner of the front page and quotes from this site and moneyfacts.co.uk on the relevant page, which it didn't back in December when I opened my Classic Account there. It hardly seems like something they'd do right before dropping the account.

The staff also said they had no knowledge of it closing when I asked them today. I was going to open one when my finances are a bit clearer to make the most of the 2 years but I may rush in and start with £50 a month if it is closing. I would be annoyed if they closed it because it would probably stop any other leading bank from offering a 2 year saver.

Kazza242

jimbow25 wrote:

Is this definitely closing? Their latest "Saving and Investing" brochure proudly trumpets the Monthly Saver on the top corner of the front page and quotes from this site and moneyfacts.co.uk on the relevant page, which it didn't back in December when I opened my Classic Account there. It hardly seems like something they'd do right before dropping the account.

The staff also said they had no knowledge of it closing when I asked them today. I was going to open one when my finances are a bit clearer to make the most of the 2 years but I may rush in and start with £50 a month if it is closing. I would be annoyed if they closed it because it would probably stop any other leading bank from offering a 2 year saver.

On the Lloyds TSB homepage (a few weeks ago), there was a notice stating that the offer would close on March 5th. I see that they seem to have removed this notice now, but that doesn't mean that they aren't going to close it.

I'd recommend checking the LTSB website from March 1st, because if they still intend to close the offer I think they will put this info back on their webpage. In any case, why not open the account before the originally proposed closure date, that way at least you won't miss out on the offer.

jonesMUFCforever

The current offer of 8% is to close in March. Does not mean that they will not bring out another one shortly therafter.
I would suggest that the T&C will be a lot stricter and I think that a minimum of £1500 per quarter through a LTSB current account will be enforced (or transfer of salary). Somebody high up dropped a right bollock with the last one with sites like this exploiting the rule that deposits had to come from a 'LTSB current a/c' when in fact they did not state this.

Someone else on this thread asked how a bank could 'lose' money on a promotion like this - easy really Base rate at 5.25% Some Personal Loan rates at 6 and 7.9% where is the profit?
It was meant to attract new current account customers and it certainly did this but not in the way it intended.

YorkshireBoy

ejones999 wrote:

Somebody high up dropped a right bollock...

What with the monthly saver, a free £100 from the STC promotion, and a constant stoozing stream of £15K 0% credit card repeats, I'm looking forward to the left one dropping as well.