Lloyds online saver

ali99

Hello all
Just a quick question - I have opened a Lloyds online saver account for the fun of trying to make £100 out of them when they do the "save the change" thing for the next two months. You need to put £250 in there to open the account. I know the rate of interest is lousy for less than £250 but I wasn't intending for there to be much money in there or to have the account for long.
So, does anyone know if I can just withdraw most of the £250 now that the account has been opened?
Thank you
Ali

Ian_W

Yes but you only get 0.1% on £1 - £250 see
https://www.lloydstsb.com/rates_and_charges/savings_rates_a_to_o.asp#online%20with

However, assuming you're getting the bonus and earning 4.40% interest the difference after tax on £250 in the online saver and in a top payer like ICESAVE is about 22p a month. Hardly worth getting hot under the collar about particularly as the time in transit will probably wipe out most of the difference. Oh, and don't forget you'll be losing 3.5p per annum per pound you leave in with a -£250 balance!