Closing Club Lloyds - Monthly Saver?

Westie983

Also not everyone is getting the advance account to get the save together isa so unless you are sure you will be accepted for the advance account, I would keep this in mind...

read the HSBC Save Together Thread to read all the people that have been refused the advance account and either been accepted for a bank account or none at all :-)

colsten

dj1471 wrote: »

So I'll be trading £200 of pre-tax interest from Lloyds for £240 of tax-free incentives from HSBC. Not a huge return, but I may hit the higher rate tax bracket this year which would make it a slightly better deal.

Hard to understand why you would not, in the first instance, aim to keep your £200ish from Lloyds, and add the £240 from HSBC on top of it. Your 'simplicity' argument doesn't convince me.

anna42hmr

You may also want to check with Lloyds how you can access the money in the monthly saver after it has matured if you don't have a current account.

This is because from past experience you often need to transfer the money into a current account to make a payment out to an external account (as not all their savings accounts have direct payment out options)

I think when my last club lloyds monthly saver matured, it converted to an Easy saver which states that withdrawals are via a current account.

colsten

The OP has already thought about withdrawing the savings funds, and you can withdraw over the counter, too.

dj1471 wrote: »

Hidden in the PDF version of the T&Cs they also state that you can request a cashcard to access the account, though I will probably just open a basic account with them to facilitate access.

Although if it was me, I'd just open that basic account right now, and use it for the £120 switch.................

jennifernil

Westie983 wrote: »

the funds have to come from the club lloyds account so if you close your club account you wont be able to fund the monthly saver....

Not so, we are funding ours from BOS accounts.

Westie983

jennifernil wrote: »

Not so, we are funding ours from BOS accounts.

you must have had a club account to open the account in the first place?

how do you get the money out of the club monthly saver at the end of the 12 months without a club current account? are you able to transfer it back to BOS/

MarkFromCornwall

Westie983 wrote: »

you must have had a club account to open the account in the first place?/

.

Yes, you have to have the Club current account open in order to open the Club monthly saver but you don't HAVE to use the Club current account to FUND the Club monthly saver.

Westie983

ah okay... can you withdraw the funds at the end back to an account outside of Lloyds>