LLoyds ups rate to 6.25% on Club LLoyds

dcs34

35har1old said:

EarthBoy said:

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

However, you will only be able to put £400 in the new Club Lloyds Monthly Saver, so you need to find a home with a decent interest rate for the rest of your savings from the old account, or it might not be worth changing.  

The ordinary Lloyds Monthly Saver has now increased to 5.25 % (from 4.50%) and you can have that in addition to the Club Lloyds Monthly Saver.

When do you get the interest you have earned to date

It'll be added to your new easy access savings product straight away

EarthBoy

PloughmansLunch said:

CuriousGirl said:

PloughmansLunch said:

I’m an existing Lloyds customer for many years. My savers were about three months in - I renewed both today and now have 2 savers with the higher rates

Forgive my silly question - how did you renew them?

It’s a few posts into this thread, and further expanded upon later in the thread. ‘Renew your savings…’ bit is in online banking, I don’t think it’s available in the app.
https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits/p1

The option is there in the app, but it doesn't work, at least not for me.  When I tried to use it I just got a blank screen and I had to do it in online banking instead.

Stevo_safc

Is it possible to do the same thing for normal Monthly Saver accounts? So I can have a new Club Lloyds Monthly Saver and a Monthly Saver at the higher interest rates.

Band7

Stevo_safc said:

Is it possible to do the same thing for normal Monthly Saver accounts? So I can have a new Club Lloyds Monthly Saver and a Monthly Saver at the higher interest rates.

sure does

Shedman

Doing the renewal trick could be a good way of crystallising the interest earned to date into the current tax year, which, if like me you've got a bit of headroom on the £1000 PSA left this year, could be advantageous.  I'll have to think about it.

35har1old

Remember to cancel SO and setup new ones everybody 

MisterMotivated

Well now I have a dilemma as I'm 5/6 months into the year for both CL monthly and regular monthly savers, earing 5.25% and 4.50% respectively.  I'll have to decide if I can make good use of/find a decent home for the ~£3,000 that would become available if I renewed both accounts to the higher rates now...

35har1old

MisterMotivated said:

Well now I have a dilemma as I'm 5/6 months into the year for both CL monthly and regular monthly savers, earing 5.25% and 4.50% respectively.  I'll have to decide if I can make good use of/find a decent home for the ~£3,000 that would become available if I renewed both accounts to the higher rates now...

What where you going to do at maturity?

Band7

MisterMotivated said:

Well now I have a dilemma as I'm 5/6 months into the year for both CL monthly and regular monthly savers, earing 5.25% and 4.50% respectively.  I'll have to decide if I can make good use of/find a decent home for the ~£3,000 that would become available if I renewed both accounts to the higher rates now...

If you are half way through, it may not be the best strategy to close them now. See the spreadsheets and pros and cons of early closure posted earlier

wiseonesomeofthetime

FWIW I am 6 months in on both and will be retaining both.