Lloyds Internet Saver account

silverangel35

Hi, Saw this on my Lloyds internet banking account today asking if I wanted to sign up to the internet saving account with a minimum deposit of £1.00..Is this too good to be true? lol (I am very sceptical). Have read their info etc on it and usually there is a clause that limits either the amount or frequency that you can withdraw from savings accounts, but in this case I cant see anything to this effect

I am looking for something like this come January, so I can deposit only a few pounds a week into it from my bank a/c, ready for xmas 2008. I know its not alot but it would help me a great deal to know I have something come this time next year to help with the cost of xmas.

Does this seem a good account to open? Was wondering what you nice peeps thought


Thank you

YorkshireBoy

Have you been seduced by the 6% rate? If so, you'll only get this if you've more than £100,000 invested.

There are much better accounts available for the type of savings plan you propose. Even LTSB themselves have an 8% account for regular monthly savings, if you can manage £25 per month as a one off payment by standing order?

If you have a YBS branch/agency nearby, they have a regular saver paying 7.1% AER for only £10 per month minimum deposit. You can pay in weekly if you want as well.

silverangel35

Thank you for your reply
Nope interest rates dont appeal to me, I would never have that much in there lol

It was mainly the ease of having both of the accounts on the 1 site and how easy it is to withdraw without limitations. Other acounts I have looked at either wont let you withdraw or you have to wait a certain amount of time
I may go for this Lloyds one :S lol

eviljim6

Hi Silverangel35,

I have one of these and find extremly usefull for small amounts and squirreling money I might spend by mistake . I bank with lloyds and use the internet banking for most transactions, statements etc. I don't have much money so interest rates don't appeal to me either. It is particularly good because you can stash any amount at any time or if needs be you can transfer right back to your current account in a jiffy. It also prevents me from dipping my hand into a savings jar when I shouldn't.

I don't work for lloyds I can assure you but i have to say I can't fault their internet banking.

Hope this helps

taless

Silverangel35, there are two saver products by LTSB which are very similar, the "Online Saver" and the "Internet Saver" which you mentioned.

Online Saver, though not ideal, is still a rather good product, offering 5% APR. But it is now no longer marketed.

Internet Saver, on the other hand, is a miserable savings product, offering only 3%.

You may claim that you are not interested in the interest rates, fair enough - but if you could have a Plus current account - leave all your money for your outgoings in the Plus current account as opposed to the Internet Saver as even the Plus current account offers better rates.

If you do not have a Plus, then do use the Internet Saver - but try and open a savings account with another bank/building society and keep all the extra funds there - a few years down the line you would be thinking, "If I had used a better savings account I would have earned so much more!"

silverangel35

Taless, I dont have much spare money each week/month although your solution seems like a good idea, I am currently living on bare minimum & trying not to spend, so I dont have hardly anything left over, which is why I prefer to have somewhere I can just deposit a few £ in each week if I have it spare.

I am going back to the 'good old days' as my nan would have called them, when money was in purse and each week she had a metal tin marked with 'Elec/gas/water' etc and would put by money this way.

I think from what you have said eviljim, you are right up my street, I couldnt figure out any other way to save a little bit each week without delving into it. I have to do a transfer from bank a/c anyway as I darent go to the cash point & withdraw money, it wouldnt last long And i totally agree, I have had previous int account with Abbey and I prefer Lloyds int banking anyday, it is so easy to use.

K guys I am going to go for their int saver and get myself on the way to saving some money for next year

You have all been a great help, thank you sooo much

kassytbag

hi silverangel - i have banked with lloyds for years and have an internet saver acc - like other i find it great - easy to use and money is transferred immediatly with no waiting three days for it to cross over - only problem is it is so easy to transfer money across to current ac if you go od - other than that i find it fantastic!