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LloydsTSB Save The Change Fun Loophole

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  • thumshie
    thumshie Posts: 631 Forumite
    I've just notived this on my online statement for the Lloyds Online saver

    07Mar07 CSH STC MATCHING NET 40.00 384.07

    It looks to me like they have added £40 already (although I thought that I earned £50 for Feb). I thought that they didn't add Feb earnings until April.

    Has anyone else got something similar or can they shed some light on it?

    Thanks :confused:

    Got it too(as has every post of page 14 :) ). they actually say they'll pay before April...
    They mentioned in Ts'&c's they'd deduct basic tax rate(20%) off the £50, hence £40. Search this thread theres alot on it..

    http://www.lloydstsb.com/stand_alone/savethechange_terms.asp
    TsandCs wrote:
    2. Matching funds for February purchases will be credited to your nominated savings account before 1 April 2007 and for March purchases before 1 May 2007, providing that an eligible savings account is still open and you are still participating in the Save the Change scheme on the date that the matching funds are credited.

    4.Tax will be payable on your matched payment on the same basis as the interest on your nominated savings account. For example, if you currently receive interest net (after the deduction of income tax) on your nominated savings account and the amount to be matched is £10 you will receive £8 in matched funds. Example based on UK tax position. Offshore accounts may be subject to tax applicable to your country of residence.
  • foolsgold99
    foolsgold99 Posts: 412 Forumite
    Part of the Furniture Combo Breaker
    Ah, it suddenly all becomes clear. Thanks Thumshie
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I have two current accounts and was doing STC on both, but so far the £40 has only come through for one of them. Anyone else got both?
  • Andyboy
    Andyboy Posts: 257 Forumite
    Part of the Furniture Combo Breaker
    Just checked. i have my first 40 too.....have already spent enough for this month as well!
    Andyboy :idea:
  • Kathy12345
    Kathy12345 Posts: 24 Forumite
    Yep got mine too. Now I think I'll open a Halifax account to get myself £100 there too! I love all this money saving it's fun. :T
  • username
    username Posts: 740 Forumite
    Part of the Furniture 500 Posts
    I got my £24; not bad for a bit of free money from the bank! Must try better this month though. ;)

    What's this tax thing they bang on about - as far as I am aware (when I worked; I am a student) I didn't pay tax on my earnings as I was under the £5k thresh hold. :confused:
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    username wrote: »
    What's this tax thing they bang on about - as far as I am aware (when I worked; I am a student) I didn't pay tax on my earnings as I was under the £5k thresh hold.
    Unless you tell the bank otherwise, they will deduct (lower rate) income tax on all money earnt. You need to fill out an R85 if you feel you shouldn't be paying it - see http://www.hmrc.gov.uk/taxback/form-r85.htm
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I have now queried why I have only received £40 and not £80, as I had two current accounts on the go. Thought they might be staggering the payments but curiousity has got the better of me. It has gone to a Supervisor and they will get back to me. I double checked with them it was permitted before I got going and I have the paperwork with both accounts registered. They didn't want to commit themselves over the phone instantly until they had "kind of reread their own Terms and conditions" As far as I am concerned, they have agreed to it, and can hardly back track on what I have from them in writing. With their profits, they can afford to give me £160 over the two months!!! So I'm waiting to hear their reply.
  • Robinmsa
    Robinmsa Posts: 156 Forumite
    I recieved my £40 too, most impressed as I wasn't expecting it until April, that was on the 7th march, can I draw this out now??? I've forgot what it said in the terms & conditions?
    :rotfl: Smile Your Saving:rotfl:
  • LittleVoice
    LittleVoice Posts: 8,974 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I don't think the T&C covered withdrawals as such, just that the STC arrangement has to be in force at the time the LTSB matching payment is made to your savings account and, of course, that the designated savings account is still open to receive the matched funding (so I would at least keep the minimum in the savings account after the end of March.
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