Lloyds Incentive Saver Account

frugalfran

We've just had letters from Lloyds confirning that our incentive accounts will be closing at the end of April and advising us that the funds there will be moving to Lloyds Easy Saver. This is not the best account on offer from Lloyds - only 1.6% for 12 months - while their E-saver is offering 2.5% for £10k+ - so, beware !! They do not have your interests at heart - only you look after your interests!!!!

JohnRo

they have your lower rate interests at heart.

Saints2011

At least they wrote look at the positive.

MoneySaverLog

Yes, I have this account diarised to drop from 3% in May time too, no letter yet. Was hoping they would offer a similar account as most places will give around 3% instant access, but if it drops to a silly rate I'll ask them to close it and open up another savings account with them.

innovate

Mine's not due to expire until June since I was late last year cordonning on to the fact that there was such a thing as an "Incentive Saver". They said they hadn't been able to tell me about it since I had ticked "no marketing bumpf" (or whatever they call it), but they were quite happy to let me have the account since I had seen the article in the Sunday Times about 'secret' savings accounts at Lloyds.

I haven't yet spoken to them about the future of my money with them, but if 2.5% is their best, it won't be staying with them. Who knows, may be that's what they want....

Have already told them that my ISA will have to move if 3.7% is the best they can do for 2 years fixed but they didn't appear to be fazed by losing an ISA customer.

innovate

MoneySaverLog wrote: »

and open up another savings account with them.

Why with them? Can't see any rates they offer on their website that come anywhere close to the top savings rates you can get. Am I looking in the wrong places?

opinions4u

frugalfran wrote: »

We've just had letters from Lloyds confirning that our incentive accounts will be closing at the end of April and advising us that the funds there will be moving to Lloyds Easy Saver. This is not the best account on offer from Lloyds - only 1.6% for 12 months - while their E-saver is offering 2.5% for £10k+ - so, beware !! They do not have your interests at heart - only you look after your interests!!!!

In fairness:

1) They have written to you outlining exactly what's happening.

2) Those Incentive Saver customers who don't use internet banking would be more than a bit peed off to have their savings moved in to an online only account.

MoneySaverLog

innovate wrote: »

Why with them? Can't see any rates they offer on their website that come anywhere close to the top savings rates you can get. Am I looking in the wrong places?

2.85% is currently the best instant access account I can find elsewhere at Virgin. The AA have a 3.2% account which I have but take an age to do transfers they are not instant. I don't do Santander.

Same bank as my main current account and somewhere to sweep money to with instant access until I get 3K together to move to one of my Vantage accounts.

I've also got to get together next years ISA allowance to pay in, was looking at what was in the regular savers that are getting 4, and 4.1% at the moment but after tax is less than the 3.7% I'd get with my 2 year fix ISA at Lloyds for £10K balance so may use that.

opinions4u

MoneySaverLog wrote: »

2.85% is currently the best instant access account I can find elsewhere at Virgin. The AA have a 3.2% account which I have but take an age to do transfers they are not instant. I don't do Santander.

The good news is that the AA accept Faster Payments in and out.

The bad news is that their rate has been 2.80% for well over a month. Good. But not 3.20%.

BM do 3.20% for easy access. The bad news is you need £50k in there to get it. 3.00% for £20k.

psychic_teabag

http://www.!!!!!!.uk/free-services/best-buy-savings-accounts/instant-access/ reports Skipton at 3.05% (min £1000), post office at 3.02% and principality at 3.01%. Don't know about speed of transfers, though. All are also listed on Martin's guide, plus ING at 2.9%

MoneySaverLog

The AA are taking 10 days to make a transfer back to Lloyds, not exactly fast. Hence I'm not impressed in terms of instant access. Hence I'm going to use a Lloyds account for instant access.

3% for £3,000 with vantage or whatever is in the incentive saver until it comes to a end.