Lloyds/Bank of Scotland/Halifax regular/monthly saver limits

ForumUser7

Hi,

I've noticed that Lloyds and Bank of Scotland state in their ts and cs that you cannot open a new regular saver in the 12 month period from the initial application, but Halifax does not appear to have such a limitation.

Is this right, or does the same rule apply to Halifax too? I cannot find it in my account ts and cs, and I was wondering if this was because it was the regular saver rather than the monthly saver, and has different terms around withdrawals etc.

Thank you

wmb194

ForumUser7 said:

Hi,

I've noticed that Lloyds and Bank of Scotland state in their ts and cs that you cannot open a new regular saver in the 12 month period from the initial application, but Halifax does not appear to have such a limitation.

Is this right, or does the same rule apply to Halifax too? I cannot find it in my account ts and cs, and I was wondering if this was because it was the regular saver rather than the monthly saver, and has different terms around withdrawals etc.

Thank you

Don't even worry about it, LBG's brands don't enforce the term.

EarthBoy

wmb194 said:

ForumUser7 said:

Hi,

I've noticed that Lloyds and Bank of Scotland state in their ts and cs that you cannot open a new regular saver in the 12 month period from the initial application, but Halifax does not appear to have such a limitation.

Is this right, or does the same rule apply to Halifax too? I cannot find it in my account ts and cs, and I was wondering if this was because it was the regular saver rather than the monthly saver, and has different terms around withdrawals etc.

Thank you

Don't even worry about it, LBG's brands don't enforce the term.

I can confirm this is correct. I, and many others, closed our LBG group regular/monthly savers when they increased the interest rate and we managed to open new ones straightaway. 

It's not the only condition that LBG don't enforce. They also state that you can't transfer money out of savings accounts to external accounts, you have to transfer it to your current account first. Whoever wrote the terms and conditions didn't bother to tell the people who programme their app because I manage to transfer money from my Lloyds savings accounts direct to other banks with no problem. 

ForumUser7

Thanks @wmb194 and @EarthBoy

I’ve seen that people have been able to ‘renew’ them into the newer rate accounts - but has anyone successfully tried closing it, and then opening another one a couple of months later, but still within the 12 months please?

That’s what I’m thinking about doing with Halifax (closing for now to access funds, and then opening a new one if a new higher rate comes out) - but from what it looks like on the terms, it may even be permitted, as well as possible

Descrabled

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

ForumUser7

Descrabled said:

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

Thank you very much for this - is this the technique for just Lloyds and Bank of Scotland? The Halifax RS needs to be closed or renewed to empty it anyway (no withdrawals).

Also, when I opened my Halifax RS, they opened an everyday saver at the same time. Does anyone know, if I'd had an easy access saver already at the time I applied, would they open a new one anyway, or not please? It all seems quite unnecessary given I have a current account with them, but I suppose if someone didn't, it may be the only way to enable them to be able to access their funds

Thank you

Bridlington1

ForumUser7 said:

Descrabled said:

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

Thank you very much for this - is this the technique for just Lloyds and Bank of Scotland? The Halifax RS needs to be closed or renewed to empty it anyway (no withdrawals).

Also, when I opened my Halifax RS, they opened an everyday saver at the same time. Does anyone know, if I'd had an easy access saver already at the time I applied, would they open a new one anyway, or not please? It all seems quite unnecessary given I have a current account with them, but I suppose if someone didn't, it may be the only way to enable them to be able to access their funds

Thank you

This is the technique for Halifax as well. 

I am living proof of the fact that they will open another easy access account as well. I have 3 at the moment because I can't be bothered to close them, I haven't touched any of them since they were opened.

I think the whole point of them opening the easy access account is so that it encourages people to start using Halifax for EA savings at an abysmal rate.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Descrabled said:

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

Thank you very much for this - is this the technique for just Lloyds and Bank of Scotland? The Halifax RS needs to be closed or renewed to empty it anyway (no withdrawals).

Also, when I opened my Halifax RS, they opened an everyday saver at the same time. Does anyone know, if I'd had an easy access saver already at the time I applied, would they open a new one anyway, or not please? It all seems quite unnecessary given I have a current account with them, but I suppose if someone didn't, it may be the only way to enable them to be able to access their funds

Thank you

This is the technique for Halifax as well. 

I am living proof of the fact that they will open another easy access account as well. I have 3 at the moment because I can't be bothered to close them, I haven't touched any of them since they were opened.

I think the whole point of them opening the easy access account is so that it encourages people to start using Halifax for EA savings at an abysmal rate.

Ah right - thank you for confirming. I actually did a live chat with them today, and they confirmed for the Halifax RS only, you are allowed to open and close and open and close etc. in the same 12 month period.

I’ll get the chat person to close it for me, as it’s (hopefully) easier to do that way than going onto the website. I’ll get them to close the everyday saver at the same time. No point in keeping it if they open a new one each time anyway - feels unlikely it’ll become a top paying easy access and be withdrawn before they announce the increase 😂

And yes - quite possibly. It’s odd as well that they auto-renew into instant access savers, as there seems to be no difference between the two! Only that the everyday changes into instant after 12 months, and the instant stays instant

edit: allowed feels like a poor choice of word - I mean the Ts and Cs don’t forbid it like they do for Lloyds and BoS

phillw

Bridlington1 said:

I am living proof

Dead people have difficulty opening savings accounts.

devansuk

Does anyone know if you can have both the Lloyds Monthly Saver and the Club Lloyds Monthly Saver?

Middle_of_the_Road

devansuk said:

Does anyone know if you can have both the Lloyds Monthly Saver and the Club Lloyds Monthly Saver?

Yes, I have both.

Edit
Presuming you have a qualifying club Lloyds current account