Lloyds two year 8% regular saver (withdrawn March)

torbrex

The current account has to be kept open but nothing in rules say it needs to be used. I have £1 in my current account and have never used it, no money in or out, never written a cheque and never used the card they gave me. I simply fund the reg saver from my account at Bank of Scotland via standing order on 1st of the month.

Kazza242

carpy wrote: »

anyone know if you have to keep a current account open with them and fund the regular saver from there for the duration of the 2 years?

i want to change my current account to halifax to get a better rate + £100

One of the requirements for applying/having a LTSB monthly saver was that you had to hold/open a current account with them. There was no requirement to pay in your salary into this current account or fund your monthly saver from it. However, you do need to have a LTSB current account.

I don't think it's worth risking closing it down, as they could penalise you by paying you interest at the guaranteed tracker rate (3.40%) instead of the 8% you're expecting. You could just keep £1 in the LLoyds current account and then open a current account with Halifax.

carpy

thanks people.

i'll change over to a better current account in that case.

i wont close the account then, i guess i could even leave the balance as zero

Gers

I got £135 and some odd pennies on mine - opened it later than most but really happy so far.

:j

carpy

i've just got mine on 13th july - £109.42

only deposited £250 initially and £250 on the 1st of each month after that so only got £3250 in the 12 months.

is there an easy way to calculate the interest? (i'm sure they've got it right though...LOL!!)

kanchhelskis

cant wait to draw my money out next november 6 k plus intrest, no limit over counter at lloyds/tsb.

thumshie

carpy - i created a spreadsheet with each deposit, and how many days it's been in the account for. then multiplied that my 0.08/365....And added the 13 totals up.. came within a few pence...
e.g.
£500 x365x0.000219 = £40 interest
..
..
250x6x0.000219 = £0.32

humfer

Both my wife and I have had one of these accounts since last June, so it will finish June 2008. However thinking of closing one of them early (end of this year) to pay of the last bit of our mortgage. Am I right in assuming we can simply close the account at any time, and that we will not have any penalties made or any loss of interest (i.e. interest would still be calculated at 8% daily)? Can this be done online or do I have to go into the bank?

YorkshireBoy

humfer wrote: »

Both my wife and I have had one of these accounts since last June, so it will finish June 2008. However thinking of closing one of them early (end of this year) to pay of the last bit of our mortgage.

Since this account is so flexible, why not make your withdrawal, and then continue with your monthly payments until the account matures?

Am I right in assuming we can simply close the account at any time, and that we will not have any penalties made or any loss of interest (i.e. interest would still be calculated at 8% daily)?

That's what the T&C's say...

You can close your Monthly Saver at any time and we will return your money plus any interest you have earned.

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

Can this be done online or do I have to go into the bank?

LTSB online help says you must go to branch.

someone

13/07/2007
177.10
Interest (gross)

Be much nice next year.

I have started saving in the Nationwide regular saver, much more flexible (you can take £1000 out and then put £1250 back in the same month) + it has not time limit (i.e. dose not convert to anther account after x long). It does have a lower rate of interest but over time it's much better than the rest of the high street