Club Lloyds and Saver advice

ajo

Hi

First of all I have not opened an ISA this year, I cant seemto find anything good enough, thought I should add that here first in casegoing the ISA direction is best.

Anyway...

I currently have a Lloyds Vantage account but am nowinterested in the new Club Lloyds but I need a little advice.

I have probably about 8000 in the vantage account, I nevergot round to opening another Vantage account I know I should have. Anyway here is what I need advice on.

The Club Lloyds pays interest up to 5000, but also requires1500 going in each month.

I would also if possible like to open the Club LloydsMonthly Saver putting in 400 a month (can use surplus from the 3000 above the 5000)

My income is mostly each month just below the 1500 requiredto go into the Club Lloyds account, but as I already have over the 5000 isthere a way I can cycle it, perhaps between the Club Lloyds Monthly Saver and Club Lloyds accounts or somthing else. Can I do that all under one user throughLloyds?

I have just read that you can’t replace what you take out ofthe saver account, trying to find a best way to make the most of the options.

Thanks

knack92

My choice in your situation would be to open two TSB Plus accounts (5% on balances up to £2000) and convert the Vantage to a Club Lloyds.

Move 4000 out the Lloyds and into TSB leaving 4000 in Lloyds. Then cycle 1500 around as you see fit (TSB requires £500 funding p/m). Depending on how much below 1500 you are, skimming the interest off TSB into Club Lloyds might cover it!

Once you've reached 5000 again in the Club Lloyds, any excess savings could then go into a Lloyds saver.

ajo

knack92 wrote: »

My choice in your situation would be to open two TSB Plus accounts (5% on balances up to £2000) and convert the Vantage to a Club Lloyds.

Move 4000 out the Lloyds and into TSB leaving 4000 in Lloyds. Then cycle 1500 around as you see fit (TSB requires £500 funding p/m). Depending on how much below 1500 you are, skimming the interest off TSB into Club Lloyds might cover it!

Once you've reached 5000 again in the Club Lloyds, any excess savings could then go into a Lloyds saver.

This sounds like a good idea, thanks for your advice.

How would I go about openiong 2 TSB accounts, do I register twice or open 1 and then request another? I would have to do all this online.

knack92

ajo wrote: »

This sounds like a good idea, thanks for your advice.

How would I go about openiong 2 TSB accounts, do I register twice or open 1 and then request another? I would have to do all this online.

Opening my accounts was a bit of a faff because the website didn't recognise me as having an account already when I applied for the second. I also had to provide identity documents in branch.

But the process that has worked for people in the TSB thread is to go to https://apply.tsb.co.uk/personal/a/apply_current_account/classicplusaccountVER?WT.ac=ADD-TAB-APPLY-PLUS-UPPER-TAB-1 and apply for the first account. Hopefully it will open straight away and you'll be able to fund it. If so log out and apply for another. It *should* recognise you and link it to the other account and your online banking profile. Turn off paper statements once you get your activation code for online banking.

VT82

For what it's worth, I ended up opening my TSB accounts in branch because I had one just down the road from work. It meant not having to worry about setting up all the settings correctly to qualify for the higher interest rate.

They were an absolute dream to deal with - they're obviously taking their customer service very seriously. For now anyway!

ajo

knack92 wrote: »

Opening my accounts was a bit of a faff because the website didn't recognise me as having an account already when I applied for the second. I also had to provide identity documents in branch.

But the process that has worked for people in the TSB thread is to go to https://apply.tsb.co.uk/personal/a/apply_current_account/classicplusaccountVER?WT.ac=ADD-TAB-APPLY-PLUS-UPPER-TAB-1 and apply for the first account. Hopefully it will open straight away and you'll be able to fund it. If so log out and apply for another. It *should* recognise you and link it to the other account and your online banking profile. Turn off paper statements once you get your activation code for online banking.

I have now done this. Thanks again.

Now I need to cycle some of the money, can I go from one TSB to the next or will that not work as they are under the same user/login.

With my pay and cycling 500 between the 3 accounts I will have covered the £1500 required for the Lloyds account so I was thinking something like:

Lloyds - TSB1 - TSB2 - Lloyds
TSB1 - Lloyds - TSB2

Perhaps the second option is best so I would just have to put a little extra in TSB1 before moving back round I can then move what is needed from TSB2 into the Club Saver when I open it...

How long does it have to be in the account before I move it. I want to automate this right, but might come across errors with what counts as a billing month...

Have I got this right?

knack92

ajo wrote: »

I have now done this. Thanks again.

Good!

Now I need to cycle some of the money, can I go from one TSB to the next or will that not work as they are under the same user/login.

Yes that's fine for Lloyds Banking Group/TSB accounts.

With my pay and cycling 500 between the 3 accounts I will have covered the £1500 required for the Lloyds account so I was thinking something like:

Lloyds - TSB1 - TSB2 - Lloyds
TSB1 - Lloyds - TSB2

Perhaps the second option is best so I would just have to put a little extra in TSB1 before moving back round I can then move what is needed from TSB2 into the Club Saver when I open it...

How long does it have to be in the account before I move it. I want to automate this right, but might come across errors with what counts as a billing month...

Have I got this right?

Not entirely sure what you mean by the bit in bold. Could you please clarify?

Any cycle order will work. The money can go in and out straight away. Because you will always have a balance >£500 on each account it is safe to just set up a standing order for say the first of the month to cycle 500 around. By doing this one 500 will leave the account and another 500 will arrive at the same time so the balance never drops below the maximum for earning interest.

ajo

knack92 wrote: »

Good!



Yes that's fine for Lloyds Banking Group/TSB accounts.



Not entirely sure what you mean by the bit in bold. Could you please clarify?

Any cycle order will work. The money can go in and out straight away. Because you will always have a balance >£500 on each account it is safe to just set up a standing order for say the first of the month to cycle 500 around. By doing this one 500 will leave the account and another 500 will arrive at the same time so the balance never drops below the maximum for earning interest.

I can see now how that didn't really make sense. I think I was thinking of putting an extra amount in TSB1 before I start any cycling so that it will cover anything under that is needed in the Club Lloyds account. But I think I should be fine.

I was thinking of the first month as some money has already gone into my account before I upgraded to Club Lloyds. Will they take this into account so I don't get charged?

knack92

ajo wrote: »

I can see now how that didn't really make sense. I think I was thinking of putting an extra amount in TSB1 before I start any cycling so that it will cover anything under that is needed in the Club Lloyds account. But I think I should be fine.

I was thinking of the first month as some money has already gone into my account before I upgraded to Club Lloyds. Will they take this into account so I don't get charged?

Yeah I wouldn't bother putting any extra in TSB. Not sure if they'd take that into account. Best thing to do is a faster payment from Lloyds to one of the TSB accounts and back again. That way you'll know for certain that all accounts have met funding requirement for May. Set your SO cycle to start in June.

trickydicky14

Club Lloyds saver
Has anyone had problems setting up this savings account?

I have a Club Lloyds current account, setup about a week ago and today attempted to set up a CL saver online but every time I filled out the form it stated I was ‘158736 Not eligible to apply for this account’.

In the end I reluctantly rang them and I was put through to three different departments each taking about eight minutes to speak to someone, I was then told, “We can set your account up on the phone but it will take another 40 minutes to do!! It was at this point I said, “SOD OFF” and put the phone down.

It’s a real pain but could I do it at a branch and would I have to make a bloody appointment.

Any other ideas

Hominu

trickydicky14 wrote: »

Club Lloyds saver
Has anyone had problems setting up this savings account?

If the online option isn't working for you, then you have two alternatives: Telephone or branch.

You don't seem to want to do either.