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Lloyds TSB Regular saver T&C's

lulupense
lulupense Posts: 32 Forumite
in Savings & investments
I have just jumped through a few hoops with the TSB and their 8% regular saver. I had to fight for a basic bank account and then am informed that this regular saver can only be fed from a Lloyds TSB current account. It doesn't say this on the T&C's but the person I set this up with stated it and I have just called their contact centre who said the same thing. I have asked them for clarification and informed I was going to post this message.

I will mean a couple of transfers every month to actually drip feed the account (their basic current account pays 0.1%) but at 8% for a year it is worth the trouble. Anyone else had the same issues?
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Comments

  • babe_ruth_3
    babe_ruth_3 Posts: 279 Forumite
    Hi lulu,

    Ive just posted a thread regarding why some have to pay into the current account (£500 per month) and yet martin says you don't.

    You talk to lloyds staff (who usually say martin who?) and they insist you must have the 500 going into current account each month. I'm beginning to wonder if this reg saver is worth the effort. :confused:

    Good luck lulu
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Not sure what 'basic' account you are talking about but the old style basic and cash accounts pay no credit interest whatsoever.
    Are you thinking of the Classic account?
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    Your SO can come from any account. There's no point listening to counter staff (they're as bad at LTSB as at any bank) and even less point quoting someone to them who they've never heard of and who doesn't work for the bank, that'll only confuse matters.

    Keep it simple. Just let them set the account up; let them set up a SO from the current a/c if it makes them happy (you can cancel that online when you get home) and set up a SO or bill payment from your preferred account to the regular saver.

    It'll work, but now that it's only for one year it makes the whole rigmarole a lot less worth while.
  • babe_ruth_3
    babe_ruth_3 Posts: 279 Forumite
    Biggles wrote: »
    Your SO can come from any account. There's no point listening to counter staff (they're as bad at LTSB as at any bank) and even less point quoting someone to them who they've never heard of and who doesn't work for the bank, that'll only confuse matters.

    Keep it simple. Just let them set the account up; let them set up a SO from the current a/c if it makes them happy (you can cancel that online when you get home) and set up a SO or bill payment from your preferred account to the regular saver.

    It'll work, but now that it's only for one year it makes the whole rigmarole a lot less worth while.

    Does it matter that you are breaking your t&c's?
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    babe_ruth wrote: »
    Does it matter that you are breaking your t&c's?
    You aren't. It says nothing in the T&Cs about where the SO has to come from
    http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp

    Maybe these two 'LTSB Regular Savings' threads should be merged, they seem to be covering identical ground.
  • lulupense
    lulupense Posts: 32 Forumite
    OK - Thank you to everyone who responded. I am going to cancel the standing order from TSB cash account to TSB regular saver, set up my own from my A&L account and report them for the hard sell tactics. It is outrageous :) The sales person actually covered half the t&c's with her hand when she was quoting them to me!! They must think our heads button up the back!
  • lulupense
    lulupense Posts: 32 Forumite
    Hi Babe

    They tried to get me with the five hundred quid nonsense into the current account for three months, their credit search would only let me have a cash account so I had a lucky escape. Silly woman told me that I couldn't have the saver without the classic account and the paying in 500 quid but when I couldn't have the classic account suddenly it didn't matter any more. I am going to report them to ombudsman for shady practice, it is outrageous.

    Good luck - lulu
  • babe_ruth_3
    babe_ruth_3 Posts: 279 Forumite
    Biggles wrote: »
    You aren't. It says nothing in the T&Cs about where the SO has to come from
    http://www.lloydstsb.com/legal/savings_legal/monthly_saver_inportant_information.asp.

    Thats what I thought when I looked at the t&c's on their web site. However, when I looked at the t&c's I was given when signing up with them they differ slightly, on closer inspection it says - Terms and Conditions: Version 4

    It doesn't seem fair that they have different versions for the same dam account :mad:
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    babe_ruth wrote: »
    It doesn't seem fair that they have different versions for the same dam account :mad:
    Yes, anyone who's already opened one of these accounts should check the T&C they were given at the time before changing payment arrangements. But I don't believe they ever said the money had to come fron a LTSB current account. I mean, that would mean they'd eased off on the original restrictions and I can't see them doing that.
  • babe_ruth_3
    babe_ruth_3 Posts: 279 Forumite
    Yes biggles your are right t&c's for the monthly saver don't say where the SO has to come.

    However it does say that I have to have the current account and I have to deposit £500 each month in order to keep the monthly saver. If I don't deposit the £500 each month they can convert the monthly saver to a Guaranteed Tracker.

    So even if I paid the SO (£250) from another bank I would still have to pay £500 a month into the current account which is the very thing I didn't want to do.

    I have just noticed that my t&c's say Version 4 - 31st May 2005
    They must have been around for a while as I didn't open it till July 2006
    It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)
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