How right was Martin regarding the lloyds reg saver account

babe_ruth_3

Myself & a friend both opened a lloyds monthly saver (8% 2 years) round about the same time but at different branches.

I was told (and it also states in the terms & conditions) that I had to deposit £500 per month into the current account in order to take advantage of the regular saver. My friend tells me that she has only ever deposited £250 per month (which then transfers into her reg saver).

So, this month Ive decided to pay in just £250 which goes into the reg saver on 1st April by SO.

According to Martin :money: I don't even need to put anything into the current account (well £1 anyway) to have the reg saver.

I'm worrying that they could turn my saver into an ordinary savings account for breech of t&c's.

Has anyone else tried doing the same at all? Can anyone advise me?

I know that there has been a lot of discussion alread regarding this account but I can't seem to find an answer to this exact question.

Thanks for any replies.

Afahmaep

babe_ruth wrote: »

Myself & a friend both opened a lloyds monthly saver (8% 2 years) round about the same time but at different branches.

I was told (and it also states in the terms & conditions) that I had to deposit £500 per month into the current account in order to take advantage of the regular saver. My friend tells me that she has only ever deposited £250 per month (which then transfers into her reg saver).


Thanks for any replies.

For your own peace of mind deposit the minimum £500 and then once it's shown as available take it out again via a cashpoint or online transfer.
You have then complied with the T&Cs.

babe_ruth_3

thanks,

Thats what I have been doing up to now but since my friend told me that she only pays in the 250 a month I don't understand why I have to mess about paying in and then taking out again.

I would be interested to hear if anyone else has signed up promising to pay the £500 in a month and then stopped.

torbrex

I opened reg saver in Feb and the current account at same time. I have never had more than £1 in current acc. and my deposit goes straight into regsave from my account at BOS.
I told them up front I was doing this and refered them to the terms & conditions and my actions were not questioned.
It would seem to depend on the person accross the desk and how well they know the product, if you have registered for internet banking there is nothing to stop you changing where the money comes from for the regsave.

There is another thread on this subject in this section with loads of tips and answers.

babe_ruth_3

Thanks for your reply torbrex

will i find the t&c that you refer to on their web site?

On the t&c that they gave me on opening the account it says - If you do not use your LTSB current account as your main current account we can convert your Monthly Saver to a Guaranteed Tracker or similar

By the way I think my current account is called a Classic if that makes any difference.

Biggles

I don't think there's ever been any minimum payment into your current a/c, and your SO has never had to come from the current a/c.

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

BTW the link seems to work OK, even though LTSB's web staff can't spell 'important'!

babe_ruth_3

thanks for the link biggles.:T

It looks like the T&c have been changed slightly since I opened my account.

On the second bullit point :- have your main current account with lloyds tsb.

Thats where my copy of t&c carry on to say = you must use curr account for everyday banking bla bla bla.. & we may change reg saver to guaranteed tracker bla bla bla

I think I will leave things as they are and if they do penalise me I will have to refer to the ammended t&c's.

(sorry for any spelling mistakes - I can't figure out how to spell check on here)

exel1966

Regardless of what the on-line T&C's say now or what your friend may have done, you should go by the T&C's which were sent/given to you when you opened the account as it is a legally binding contract. Sure, they can ammend things in time, but notice must be given in advance (28days?). Sometimes they may be in your favour, others not.
I hope for your sake you haven't broken the T&C's.

MSE_Martin

Martin (me) is both right and wrong. This has been going on months - i've have it in writing more than one time from the very top at Lloyds TSB that you do not need any cash in the current account to do this. Yet I have a raft of contacts from people telling me that when they try they're not allowed.

This is a case of different parts of Lloyds not talking to each other. And im sorry if anyones had any inconvenience - there's little more i can do than treble confirm with the powers that be - and i've done that.

There will be a new regular savers article up next week - and in there i've downgraded lloyds - because while in theory its good - in practice it isn't working.

Martin

babe_ruth_3

Thanks Martin,

i will look forward to the new article.

Thanks for your reply excel, and no I havn't broken any t&c's yet as I still have to the end of March to deposit another 250 in my current account.

I think I need to have another look at the t&c's to see if I can withdraw the money from the reg saver without penalty. If so, I will be waiting to see what Martin comes up with next week!

Milarky

I opened my account shortly after the terms and conditions were relaxed and the 'main bank account' condition dropped. And it was opened by the branch manager, who went over the new terms so we both agreed how the current account link was now quite incidental.

I have kept the standing order from the current account, however, and just pay in the £250 I require the day before the SO is due. Also, since SOs only leave Lloyds accounts Mon-Fri, I can amend the each SO date if I need to so that it will always fall on a working day immediately following another working day (Tues, Wed, Thur or Fri)