Club Lloyds Monthly Saver ending

mel48rose

Hi I have a monthly saver with Lloyds. They have just written and said the 12 months is up at the end of this month. Am I able to open another straight away I wonder??

Vortigern

Yes, you can.

YorkshireBoy

I had a renewal issue last month when their systems thought I already had a monthly saver, despite the interest being added to the old one and the account being shown as an Easysaver in my online area.

They had to open my new one over the phone, which meant I 'lost' 4 days (old account funding was 3rd of the month, whereas new one was the 7th). This meant I also had to change the date on the Club Lloyds current account replenishing SO from elsewhere.

(It also meant I had to listen to endless drivel on T&Cs that I'd already read online and understood...thanks to the reclaiming/miss-selling clan!)

Joe_Bloggs

This is what I did. :-
1) Open new montly saver account online. My regular saver had become an Easy Saver with the same sort and account number as the matured regular saver .

2) Select the source of the SO using sort code and account number only.This can be your club Lloyds current account which did not appear, as expected, in a drop down list of my accounts.

3) I deleted the old SO and created another, making sure that the new account number for the new regular saver is used.
4) After the SO has triggered adjust the date to suit your circumstances for the next month.

5) Move the Easy Saver cash elsewhere as the interest rate is only 0.5%. I opened a tesco current account (3% on a max of £3000) three weeks before the maturity of the regular saver.

I fund the regular saver via a Club Lloyds SO funded by a Santander 123 standing order for the same day. When a SO is delayed by Non banking days it happens equally to both SO
in this case.
J_B.

mel48rose

Thanks for all replies. I'm glad to hear that I can get another straight away :rotfl:

polymaff

YorkshireBoy wrote: »

I had a renewal issue last month when their systems thought I already had a monthly saver, despite the interest being added to the old one and the account being shown as an Easysaver in my online area.

They had to open my new one over the phone, which meant I 'lost' 4 days (old account funding was 3rd of the month, whereas new one was the 7th). This meant I also had to change the date on the Club Lloyds current account replenishing SO from elsewhere.

(It also meant I had to listen to endless drivel on T&Cs that I'd already read online and understood...thanks to the reclaiming/miss-selling clan!)

I had a very similar experience with HSBC - but at least they agreed to redate the second and succeeding SOs to the correct, earlier date. Today, the account matured - and I find that, despite the earlier delivery of the last 10 SOs, the cheating bas---ds calculated the interest based upon the original monthly dates.

We'll compare notes next November.

G_M

Despite a misleading advance letter, you cannot give any instructions regarding the existing saver (ie to close it and transfer funds elsewehere) until it has become an easysaver.

So ring them the day after your 12 months ends.

I was also told you cannot have 2 monthly savers at the same time, so likewise must wait till it is an easy saver.......