Loughborough BS 8% Regular Saver

SalsaDanca

I posted my application form yesterday afternoon, with a cheque for the first deposit. I've just checked my internet banking, and the cheque has already been debited from my current account! How the hell did they do that so quickly?

At least I know that my application has been received and accepted. :T

Compound_2

SalsaDanca wrote: »

I posted my application form yesterday afternoon, with a cheque for the first deposit. I've just checked my internet banking, and the cheque has already been debited from my current account! How the hell did they do that so quickly?

Which bank are you with? If it's the same as Loughborough's then your cheque can clear on the day it's paid in.

SalsaDanca

Compound wrote: »

Which bank are you with? If it's the same as Loughborough's then your cheque can clear on the day it's paid in.

I'm with Lloyds TSB.

cheggers

Think the account is a lifetime sign away for your membership rights, not good for a windfall

But a decent rate.

Afahmaep

I've just opened a Halifax 6.1% Current Account.
The Halifax requires £1000 to be deposited each month to get the 6.1% rate up to a maximum of £2500. Anything above this earns a paltry 0.1% so I will put in EXACTLY £2500.
I will then arrange for the £250 monthly payment to Loughborough BS (maximum allowed) to be paid from the Halifax 6.1% account on the 1st of each month plus the transfer of 2 other Standing Orders (one of £250 and one of £500) so that the EXACT amount coming out of the Halifax is £1000 leaving £1500 in the Halifax.
Top up the Halifax with £1k (minimum funding) IMMEDIATELY back up to £2500 and just leave to carry on by itself.
This hopefully means I will have £2500 earning 6.1% almost indefinitely in a CURRENT ACCOUNT.

Kazza242

I've received my passbook and t&c's pack today. The passbook lists the 9 digit account number, but I couldn't initially find the details required to setup the SO.

I just called Loughborough and have been told the following details:

Sort code: 30-00-80
Generic Account Number: 01781004
Reference: Is your unique 9 digit account number printed on the back page of your passbook and on your account confirmation letter.

Looking at the Loughborough BS sort code we can see that their clearing bank is LTSB. This explains why SalcaDanca's cheque debited so quickly.

Important: If you are funding the Loughborough regular saver from your LTSB current account, don't set your SO date any earlier than the 1st of the month or you will make more than one payment per calendar month, thereby breaching the RS T&C's. It also means that your money will leave your LTSB current account and arrive in your regular saver on the same day without loss of interest. I think I'm going to use my LTSB current account to fund this one, as it already funds my LTSB 8% RS.

mary

Snap, got all mine back today by recorded delivery. The passbook does have the details in it of Sort Code etc., if you look at the bottom of the first page of small print. However I'm slightly puzzled by the entry which says:
Date 15.3.07 Cheque (27/03/07). Yes I fund virtually all of my accounts from Lloyds, so that's good to know that it goes through instantly.

Quite separately two days ago I handed over a cheque to someone who had done work for me at lunch time and before close of business on the same day it was debited from my Lloyds account. I'm assuming that the person who handed in the cheque was also with Lloyds, but have never known a cheque to be deducted so instantly. I had imagined at the earliest the next day, so may be Lloyds are speeding up.

stphnstevey

Applied but haven't heard anything - has everyone else got theirs?

mary

Got it back in a couple of days, quick turn around.

Kazza242

I sent my application off on Wednesday 14th March by recorded delivery and received my passbook in Saturday's post.