LloydsTSB Save The Change Fun Loophole

ab7167

I opened my online save with £1 from my Lloyds current account - all up and running and sweeping nicely, as far as I can tell. I'm not very organised, probably not enough to get the full £50 (i do tend to use cash for everything as I overspend otherwise!) - but should be a nice bonus of about £40 by current calculations!

husky510

I have got both a lloyds current account and online saver, so how do i register? Followed the link, but it only tells you about it but not how to register, can it be done on line?

Kashim

I would strongly recommend opening up an Egg Savings account (as suggested by Martin) and then make at least 4 seperate £1.01 transfers a day FROM the Egg Internet site. This is the easiest way to earn the £50 cash with economies of effort, as it will save you a lot of time and potential embarrassments at the shops.

Ka$h

JR19

husky510 wrote:

I have got both a lloyds current account and online saver, so how do i register? Followed the link, but it only tells you about it but not how to register, can it be done on line?

I think the best option is to telephone their Customer Service line on
0845 3 000 000 (I have both a current and saver account and signed up online for 'save the change', but didn't hear anything and phoned them after a week, only to be told that my online registration hadn't worked!) and ask to register for 'save the change'. Failing that, you could go a local branch where they are also registering customers for 'save the change'.

HCBM1973

Paul_Herring wrote:

You open with £250, then the next day, withdraw £249. (Leaving £1)

On the 1st of April (provided you've had enough transactions) you may withdraw another £40 (From February's transactions, leaving £1)

On the 1st of May (provided you've had enough transactions) you may withdraw another £41 (+any accrued interest) and close the account.

I can't see this stipulated explicitly in any of Lloyd's T's and C's - have you spoken to them about this to make sure, or is this your interpretation of them?

Thanks

Paul_Herring

HCBM1973 wrote:

Paul_Herring wrote:

You open with £250, then the next day, withdraw £249. (Leaving £1)
On the 1st of April (provided you've had enough transactions) you may withdraw another £40 (From February's transactions, leaving £1)
On the 1st of May (provided you've had enough transactions) you may withdraw another £41 (+any accrued interest) and close the account.

I can't see this stipulated explicitly in any of Lloyd's T's and C's - have you spoken to them about this to make sure, or is this your interpretation of them?

You don't indicate which part of my comments you cannot find so:

Paul_Herring wrote:

You open with £250, then the next day, withdraw £249. (Leaving £1)

http://www.lloydstsb.com/legal/savings_legal/online_saver_page.asp

LTSB wrote:

Interest
o we calculate interest on a daily basis on cleared credit balances.
o we will pay you interest after deducting tax at the appropriate rate unless you are eligible for and register to receive interest without tax deduction. Details are included in your welcome pack.
o if your account has a balance below the Minimum Opening Balance, other than a balance of less than £1, it will earn interest at the fixed rates of 0.10% p.a. AER/Gross, 0.08% p.a. Net.

Paul_Herring wrote:

On the 1st of April...

http://www.lloydstsb.com/stand_alone/savethechange_terms.asp

LTSB wrote:

Save the Change February and March Matching promotion
[...]
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.

Edit: And as pointed out by the post below this, I've completely ignored any STC money moved daily from your current account - this can be transferred out when you want.

theluckiswithme

Paul_Herring wrote:

You open with £250, then the next day, withdraw £249. (Leaving £1)

On the 1st of April (provided you've had enough transactions) you may withdraw another £40 (From February's transactions, leaving £1)

On the 1st of May (provided you've had enough transactions) you may withdraw another £41 (+any accrued interest) and close the account.

This still doesn't answer my question. Say I spend £1.01 tomorrow in a shop. The £1.01 goes to the retailer and then at the end of the working day £0.99 gets moved from my Lloyds TSB current account into my Lloyds TSB savings account. Can I then move that £0.99 from my Lloyds TSB savings account into an account that I have with another bank that gives me far more interest? Or do I have to leave the change that has been sweeped across in my Lloyds TSB savings account in there until 1st of April where it will be matched by Lloyds TSB?

Paul_Herring

theluckiswithme wrote:

Can I then move that £0.99 from my Lloyds TSB savings account into an account that I have with another bank that gives me far more interest? Or do I have to leave the change that has been sweeped across in my Lloyds TSB savings account in there until 1st of April where it will be matched by Lloyds TSB?

Oh - thanks for getting me out of that rut - I was too busy concentrating on the matched funds to concern my replies with the money actually moved from your current account - yes you can move it

Bloke

:mad: Registered last week for the scheme and heard nothing so just rang the customer services line who say there is no indication that it has been done and that they cant set it up over the phone and to just 'pop in to a branch' - not overly easy when you work 9 to 5 every day :mad:

Just tried registering online again but not going to hold my breath. Those that registered online after the scheme had started, how many days did it take to show in the payments/transfers section?

Paul.

needaspirin

Loz wrote:

Slightly off topic but was very disappointed to find that Lloyds TSB are now charging £35 a year for their credit card from next month - have cancelled after being with them for years and switched to Goldfish.

I have searched LLoyds website and cant find anything relating to the introduction of charges. As far as I am aware the Platinum Credit Card is still without annual fee.