LTSB Online Saver rate increased...

Kazza242

I just went onto the Lloyds TSB website a moment ago and noticed that they've increased their Online Saver rate to 5.00%. This includes a 0.60% bonus for the first 12 months.

LittleVoice

I see that that applies only to accounts opened from 26 March 07. People who opened the account earlier will only be receiving 4.9% if they are still within 6 months of opening their account (otherwise it's 4.4%).

Once I've got my Save The Change funds, I suppose I could close the account and re-open a new one for the sake of the extra interest on an account which is only there for the convenience of having a quick source of funds for my current account.

Xbigman

The bonus is for new accounts only. Closing and reopening will get you nothing.
Regards



X

LittleVoice

X

Could you tell me where that is stated?

Though I know they can refuse to open any account without giving a reason (mainly because of money laundering considerations), I can't even see a condition that one must not already have a an online saver account, so I might not even have to close my current one first.

I haven't tried to open a new online saver because I might as well wait till the STC money has gone into the old one but am wondering about improving my interest.

LittleVoice

As it occurred to me that I could have two online savers, I logged on and opened the second account.

I suppose they could be used to save for different things - one for holiday, one for schools fees for example and therefore LTSB are content for additional accounts to be opened.

Kazza242

Xbigman wrote: »

The bonus is for new accounts only. Closing and reopening will get you nothing.

I couldn't find this stated anywhere on the LTSB website either. I also searched the Online Saver T&C's and there's no mention of this.

EDIT: I see LV has successfully opened a second Online Saver. I may do this too after my STC has been paid.

exel1966

Was wondering about this myself, so have just had a look at the Lloyds site. The only part of the T&C's that may affect a 2nd application seems to be :-

'we can refuse to open an Account or to accept a deposit without giving any reason'

To open it, just log into your online account, agree to the T&C's, enter your password, accept annual or monthly interest,the next page then gives you your new account number and the option to transfer an amount (Min £250)from your current account and hey presto !
I've just done it and £250 has left my current account and been sent to my 2nd online saver though it won't show me the details as it says :-

'1) 131287 - The requested statement information is unavailable.
This is because you were not party to the account at the time and we are therefore legally unable to disclose the details to you'

But it soes show on the summary page !

eribaman

exel1966 wrote: »

Was wondering about this myself, so have just had a look at the Lloyds site. The only part of the T&C's that may affect a 2nd application seems to be :-

'we can refuse to open an Account or to accept a deposit without giving any reason'

To open it, just log into your online account, agree to the T&C's, enter your password, accept annual or monthly interest,the next page then gives you your new account number and the option to transfer an amount (Min £250)from your current account and hey presto !
I've just done it and £250 has left my current account and been sent to my 2nd online saver though it won't show me the details as it says :-

'1) 131287 - The requested statement information is unavailable.
This is because you were not party to the account at the time and we are therefore legally unable to disclose the details to you'

But it soes show on the summary page !

Did you ever find out about the "131287 - The requested statement information is unavailable" problem and were you able to resolve it?

R!!!

Calchas

This thread will attract some long faces, especially if the 5% is seen before the date!!!:D

payless

Yes - caught me out!

beecher

Caught me out too though I did think it was some jump from 0.1% or whatever it is!