Lloyds, TSB & BoS Monthly Saver accounts

opinions4u

blinko wrote: »

But an interesting thought, could BOS pursue you for Halifax debt?

Legally, yes (although untested).

The way the terms and conditions are worded, yes.

In the eyes of the regulator, untested.

In the eyes of the FOS, untested.

When I did some contracting to LBG three years ago they had a clear policy they wouldn't apply right of set off across brands. That doesn't mean that their systems made it impossible to do.

If in doubt, don't risk it.

EarthBoy

blinko wrote: »

But an interesting thought, could BOS pursue you for Halifax debt?

Yes, because there is no such company as the Halifax; it's just a trading name used by Bank of Scotland, so a Halifax debit IS a Bank of Scotland debt.

Milarky

Just to point out that the new accounts didn't list (even after 24hours) under 'other' in the drop down menu. To set up an 'internal' standing order online therefore I was advised to do this as a normal 'external' standing order and that the payment system would not baulk at doing it that way. It's now been set up (Fingers crossed)

bubieyehyeh

I opened a monthly saver with lloyds online, and account showed immediately in internet banking. However if I try to setup a standing order from one of my lloyds current accounts, selecting the (internal) "accounts you own" tab, only lists my current accounts and not the monthly saver, does it take a few banking days before it appears in this list?

Archi_Bald

There's some sort of a bug - - you need to set up the SO as if it was to an external account.

MikeMcr

Archi_Bald wrote: »

I am sure that they explicitly said the SO must come from one of their current accounts because I do remember that several people, incl myself, couldn't at first figure out how to set up the SO.

However, I have just checked the T&Cs of the Lloyds, TSB and BOS Monthly Savers, and I cannot find anything that says the SO must be from an account at the respective bank.

What they do all say, however, is that deposits must be paid by SO. I am not sure how they would recognise an incoming payment from an other bank as a standing order. So you are on the safe side if your SO is actually on a current account with the same bank as your Monthly Saver.

I setup a monthly standing order from my Halifax account to the Lloyds monthly saver, as like you I could not see anything in the T&Cs that said the standing order MUST come from a Lloyds account.

I assume they will bounce it if they don't like it and not wait 12 months to invalidate it.

bluebell321

MikeMcr wrote: »

I setup a monthly standing order from my Halifax account to the Lloyds monthly saver, as like you I could not see anything in the T&Cs that said the standing order MUST come from a Lloyds account.

I assume they will bounce it if they don't like it and not wait 12 months to invalidate it.

Is it worth the risk? Why not set up the SO to your Vantage account and another SO from Vantage to MS on the same day to be sure?

MikeMcr

bluebell321 wrote: »

Is it worth the risk? Why not set up the SO to your Vantage account and another SO from Vantage to MS on the same day to be sure?

True, I just wanted to manage standing orders from my main account as much as possible. I suppose I can adjust the one already needed for the Vantage 3% interest.