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

Vortigern

devansuk said:

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

Yes, you can

flaneurs_lobster

Middle_of_the_Road said:

devansuk said:

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

Yes, I have both.

    Ditto

chris_the_bee

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.

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.

Halifax automatically open an EA account at the same time as opening the RS account.
Be careful about deleting the EA accounts as the RS transaction history moves to this account and if you close it you will lose it. So you may wish to copy it prior to deleting..

ForumUser7

chris_the_bee said:

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.

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.

Halifax automatically open an EA account at the same time as opening the RS account.
Be careful about deleting the EA accounts as the RS transaction history moves to this account and if you close it you will lose it. So you may wish to copy it prior to deleting..

Thanks @chris_the_bee

I use the fantastic MH Riley Spending tracker app to log all my expenses income and transfers, so I don’t need Halifax to retain the record for me

ForumUser7

If you get the live chat team to close the Lloyds/BoS Monthly Savers into an existing current account, can you still open them again before the 12 months? I log all types of accounts on a spreadsheet, and don’t really want a load of easy savers on there for no reason, and I would if I renewed them

SJMALBA

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.

Followed this method for my BoS 4.5%, and now have a shiny new BoS 5.5% - thank you.

t1redmonkey

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Expotter

t1redmonkey said:

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Exactly, in mine the 6th month payment has just gone in, so I'm not sure whether I'd be better off or not swapping them for the new ones when the full balance will be placed at 3.25% until it's paid back into them again. Anybody done any calculations yet?

t1redmonkey

Expotter said:

t1redmonkey said:

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Exactly, in mine the 6th month payment has just gone in, so I'm not sure whether I'd be better off or not swapping them for the new ones when the full balance will be placed at 3.25% until it's paid back into them again. Anybody done any calculations yet?

Same here, we must've opened ours about the same time.  So now I have over £1000 I need to figure out what to do with since I rushed into closing the 4.5% one!

trickydicky14

Expotter said:

t1redmonkey said:

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Exactly, in mine the 6th month payment has just gone in, so I'm not sure whether I'd be better off or not swapping them for the new ones when the full balance will be placed at 3.25% until it's paid back into them again. Anybody done any calculations yet?

ME TOO! Anyone good at maths.

So, if I closed my club Lloyds R.S @ 5.25% which has £2400 saved, then opened a new R.S at 6. 25% with £400 and put the remainder into my Chase 3% easy access account and feed it back into Lloyds over time. Would I actually be better off in the long run?

Obviously £2000 of my cash will have a reduced rate now until it’s found its way back into the R.S

I have the same dilemma with my other Lloyds and BOS regular savers.

My brain hurts.