Club Lloyds Monthly Saver rate now 2.5%

VALC123

As title. This has dropped within the last week from 3%.:(

Speculator

Already posted on the regular savings thread last week.

Sun-Is-Fun

:(It's dropped 1.5% in just over a year. Was 4% last year, dropped to 3% middle of last year and now going to 2.5%.:(

begbeer

does this apply to ones already opened or just new ones

ColdIron

Just new ones, the Lloyds web site is a great resource for Lloyds products


2. Can Lloyds Bank change the interest rate?

No.
This account has a fixed rate of interest so the rate won’t change during the term.

begbeer

could not be bothered to go into it knew money saving experts would give me the answer without having to scroll down terms and conditions

[Deleted User]

Still a good rate at 2.5% pa, comparing favourably with Virgin Money Regular Saver at 2.25%.

We have been used to regarding fixed rates as a plus point with Regular Savers. With a rise in the base rate imminent in November, I would be wary of starting a new fixed rate RS until the dust settles after the predicted rise.

bigadaj

Deleted_User wrote: »

Still a good rate at 2.5% pa, comparing favourably with Virgin Money Regular Saver at 2.25%.

We have been used to regarding fixed rates as a plus point with Regular Savers. With a rise in the base rate imminent in November, I would be wary of starting a new fixed rate RS until the dust settles after the predicted rise.

Do you think if/ when base rates hit the heady heights of 0.5% then these offerings will shoot up?


They are loss making leaders that draw people in with the hope they can sell more lucrative products to them.

bowlhead99

Deleted_User wrote: »

We have been used to regarding fixed rates as a plus point with Regular Savers. With a rise in the base rate imminent in November, I would be wary of starting a new fixed rate RS until the dust settles after the predicted rise.

I'd be wary of opening a fixed term fixed deposit account a week or two ahead of a bank of England meeting at which the base rate has been predicted to go up.

However, with regular savers you will have only made one month's contribution not your entire life savings, so if a better product appears you could simply not make further contributions to that one you'd started - and feed a different one instead. Depending on product terms you may also be able to close the RS account and take our the existing money rather than waiting to the end of the year of monthly deposits. Lloyds and Nationwide for example are instant access.

badger09

bowlhead99 wrote: »

I'd be wary of opening a fixed term fixed deposit account a week or two ahead of a bank of England meeting at which the base rate has been predicted to go up.

However, with regular savers you will have only made one month's contribution not your entire life savings, so if a better product appears you could simply not make further contributions to that one you'd started - and feed a different one instead. Depending on product terms you may also be able to close the RS account and take our the existing money rather than waiting to the end of the year of monthly deposits. Lloyds and Nationwide for example are instant access.

As are the multiple Virgin Regular Savers mentioned by Hattie625:cool: