Questions about Lloyds monthly saver 8%

**woody123**

Hi,

Could anyone answer me a few questions about the Lloyds monthly saver account please with the rate at 8%...

There are rumours that you have to pay your salary into this savings account..Is this true?

On the website it says that it pays up to 8%, does anyone know if it pays 8% or just below.

And basically i would like hear from people who have this account because i hear they have had admin probs in the past..

Thanks

KTF

No, you dont have to pay your salary into the current account account (I assume you mean this rather than the savings account).

Its 8% on the first month then it decreases over time rather than 8% over the whole term as per every other regular saver.

If you have a branch local to you then the opening process takes minutes. Much better than online.

**woody123**

Thanks for that...

But i've just studied the account closely and i missed that you can't open the account with more than £500... I have nearer 12k so this probably isn't the one for me. But i might consider opening it with the £500 and pay £250 in a month and get two isa's with different providers (hope you can do this)..

Or i need another regular savers account...

KTF

You can only open one ISA a year but you can open multiple regular savers so you could do this.

1. Put 3K in a cash ISA if you havent done so already.
2. Put the remainder in an instant access account that pays a good rate of interest - such as Sainsburys or Icesave.
3. Use the instant access account to drip feed 1 (or more) regular savers.

**woody123**

Thanks for the advice,

This is what i plan to do..

Open an ISA and put 3k in

I have a Lloyds current account so i'm going open the 8% savings account with £500 and put £250 a month in there.

The rest i may open the other Lloyds online saving account and see what i can put in there.

I am also thinking of premium bonds..

morrig

Please can any one help me I have 10 k and today was about to invest in 5 year saving account in abbey branch liverpool and yesterday was told the person who was to arrange this was on holiday,so after nearly 40 years with them I am to close account today,and i want to know wether to pay off mortgage or best way to reinvest.Any help please.

KTF

Morrig: Post a new thread about this rather than tag it onto this one.

morrig

KTF wrote: »

Morrig: Post a new thread about this rather than tag it onto this one.

alright ktf first time on site and still trying to find out how to post,so just put my problem anywere in my desperation.

LittleVoice

Go to the Board where you think your question belongs.

Near the top you will see a blue "New Thread" button. Click on that and away you go!