llyods/tsb 8% saver

Gillian1912

I opened one of these Lloyds 2 year term in November 2006. I was under the impression that it is a fixed 8% rate for the whole of the 2 years.

They stopped opening the 2 year accounts and changed to one year later on.

Milarky

Gillian1912 wrote: »

I opened one of these Lloyds 2 year term in November 2006. I was under the impression that it is a fixed 8% rate for the whole of the 2 years.

It is for those accounts in particular

They stopped opening the 2 year accounts and changed to one year later on.

You can reapply for one of these at the end of the original account's term - whether 1 or 2 years - I understand

(Fingers crossed your account matures time in before they have second thoughts about the 1 year accounts too and withdraw them! There is a term saying that if you close an account early you can't reapply for the equivalent account again until the end of the original term anyway)

baby_boomer

What a great account the two year LLoyds' Regular Saver is .

Almost unbeatable flexibility and the chance to make some serious money in Year 2 .

trinidadone

After reading this thread I checked my own two year monthly saver with Lloyds. I curently have saved for 14 months now, so I am in my second year. I telephoned customer services, i was told the first year pays 8% and the second now pays the tracker rate of 4.4%. I am closing my account on monday, and depositing the money in my hisave account. I might reopen another Lloyds monlthy saver at 8%.

I think this is out of order of Lloyds to drop there rate after 12 months. If it was not fo this thread, I would of continued paying 250 in each month. Thanks guys

LittleVoice

Lee_Dunford wrote: »

After reading this thread I checked my own two year monthly saver with Lloyds. I curently have saved for 14 months now, so I am in my second year. I telephoned customer services, i was told the first year pays 8% and the second now pays the tracker rate of 4.4%. I am closing my account on monday, and depositing the money in my hisave account. I might reopen another Lloyds monlthy saver at 8%.

I think this is out of order of Lloyds to drop there rate after 12 months. If it was not fo this thread, I would of continued paying 250 in each month. Thanks guys

I would not be too hasty. I do not believe LTSB can change the terms of an account during the course of it - and certainly should have notified you (and me and others) in writing if they needed to do so.

I would much rather, sadly perhaps, expect that it was the Customer Service person who did not realise that you had a two-year account rather than a one-year which they assumed you would continue paying into.

If you made a note of the telephone CS staff member's name, you may like to pass that on so that s/he can be informed of the correct situation if, as I believe, they were wrong and that we will continue to receive the 8% for the entire two years.

exel1966

Lee_Dunford wrote: »

After reading this thread I checked my own two year monthly saver with Lloyds. I curently have saved for 14 months now, so I am in my second year. I telephoned customer services, i was told the first year pays 8% and the second now pays the tracker rate of 4.4%. I am closing my account on monday, and depositing the money in my hisave account. I might reopen another Lloyds monlthy saver at 8%.

I think this is out of order of Lloyds to drop there rate after 12 months. If it was not fo this thread, I would of continued paying 250 in each month. Thanks guys

Let's gets the facts right;

The 2 year regular saver pays 8%AER for both years on a 2 year saver regardless of what has been implied by others here or by what you've been told/written. NO rates have been dropped at any time !!

People seem to be getting confused. There are 2 separate regular savers currently operating, the 2 year version (now closed to new applications) and the 1 year version (open to all). If you opened the account before 12 March 07 you have the two year version. After that you have the 1 year version. ‡ Monthly Saver accounts opened prior to 12 March 2007 have interest fixed for a 2 year period. At the end of the respective terms both regular savers will mature and then be transferred to accounts paying a lower rate.

MABLE

Lee_Dunford wrote: »

After reading this thread I checked my own two year monthly saver with Lloyds. I curently have saved for 14 months now, so I am in my second year. I telephoned customer services, i was told the first year pays 8% and the second now pays the tracker rate of 4.4%. I am closing my account on monday, and depositing the money in my hisave account. I might reopen another Lloyds monlthy saver at 8%.

I think this is out of order of Lloyds to drop there rate after 12 months. If it was not fo this thread, I would of continued paying 250 in each month. Thanks guys

For goodness sake please stop spreading these false tales. It is fixed for 2 years and Lloyds have not repeat not changed this. No doubt you did not explain yourself fully when you phoned Lloyds and are now turning this into a mini drama. Please leave this to the tv.

Yours very annoyed.

trinidadone

mmmmmmmmmmmm, ok, perhapos instead of "second guessing" we should get to the bottom of this fom the bank. I have looked at the info martin has put on regular saverrrrrs, and he too acknowledges the rate drops after 12 months

MABLE

Lee_Dunford wrote: »

mmmmmmmmmmmm, ok, perhapos instead of "second guessing" we should get to the bottom of this fom the bank. I have looked at the info martin has put on regular saverrrrrs, and he too acknowledges the rate drops after 12 months

I repeat again it only drops for the 8% one year scheme. The two year 8% still stands.

exel1966

Lee_Dunford wrote: »

mmmmmmmmmmmm, ok, perhapos instead of "second guessing" we should get to the bottom of this fom the bank. I have looked at the info martin has put on regular saverrrrrs, and he too acknowledges the rate drops after 12 months

YOU ARE the one second guessing (NOT WE), incorrectly implying and misunderstanding what Martin has written. His statement applies to the 1 year account only, the only account which can still be opened.
You've been given the facts and if you chose to ignore them, fair enough, it's your money and your LOSS.