Monthly savings - account advice

Hi all,

This is my first time posting, I have browsed this forum in the past and found it really useful. I'm hoping for sime insightful advice.

I have the Lloyds TSB Club Lloyds current account, which pays 4% interest on balances up to between £4000 and £5000. Anymore than £5000 does not earn interest so I ensure that the balance doesn't go below £5000.

I also have a Llooyds Advantage Saver whic is where my monthly savings go, I've just realised the interest rate on this is only 0.55%. I currently have approx £4000 in there. I save approx £500-£700 per month, what should I do not ensure I am maximising the interest on my savings?

Any advice would be welcome.

Thanks

Replies

  • xylophonexylophone Forumite
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    Open other current accounts?
    TSB Classic plus for £2000.

    Nationwide Flex Direct for a year. £2500

    Santander 123 - up to £20,000.

    Check the terms and conditions of each account.

    You will need to cycle money round the system but with internet banking and faster payments this takes minutes.
  • YorkshireBoyYorkshireBoy Forumite
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    Why aren't you making use of the Club Lloyds Monthly Saver (for £400 of your £500-700 monthly savings)? You must be bombarded with information on it each time you log on. I know I was, and still am despite opening one.
  • edited 31 January 2015 at 2:41PM
    badger09badger09 Forumite
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    edited 31 January 2015 at 2:41PM
    Club Lloyds also has a linked monthly saver. Up to £400 per month @ 4%
  • YorkshireBoyYorkshireBoy Forumite
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    Irishgal00 wrote: »
    I also have a Llooyds Advantage Saver whic is where my monthly savings go, I've just realised the interest rate on this is only 0.55%.
    Is that some kind of special rate? Because when I look at...


    http://www.lloydsbank.com/rates/savings/savings-closed.asp


    ...I see 1.50% AER with a bonus and 0.20% AER without.
  • Thanks badger09 and YorkshireBoy, I am going to open the Club Lloyds monthly Saver, I had been been getting the notifications when I logged on but didn't realise how good it was so quickly skipped over! Thank you Xylophone, I will look into those thoe accounts for my remaining monthly savings and savings lump sum.

    Much appreciated guys :)
  • Sorry YorkshireBoy, I should have specified the gross interest rate is 0.55%
  • YorkshireBoyYorkshireBoy Forumite
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    Irishgal00 wrote: »
    Sorry YorkshireBoy, I should have specified the gross interest rate is 0.55%
    So are the rates I quoted above!


    The net rates are 1.20% and 0.16% respectively, so whichever way you look at it you either have a non-standard rate applicable (one that's not listed on their website), or you've made a mistake. Probably the former, but just thought I'd mention it.
  • That's odd, good question! When I look up the current rates, there's an eSavers 0.55% gross/AER variable up to £10,000 so that might explain it. As a newbie, I'm not allowed to post links but if you check the lloydswebsite/products and services/savings/eSavings, you'll see it.
  • colstencolsten Forumite
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    You probably mean their eSavings account, rather than the Advantage Saver that you originally said you have.

    Whatever the account name, literally all Lloyds savings accounts have terrible rates when you can get 10 times more elsewhere.
  • Colsten, the name of my account is Advantage but the rates seem to match that of the eSavings account, confusing! I set up my Club Lloyds Monthly account today so £400 a month will go in there from my current account and am looking into where to put the remaining £100-£300 savings per month and the £4000 savings I have festering in the Advantage account...thanks for the advice!
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