LLoyds ups rate to 6.25% on Club LLoyds

Stevo_safc

Great thanks!

vernall

I decided yesterday to close my CLRS and LRS and reopen them to take advantage of the rate increase. Despite lowering both of my balances to £5 I was unable to close online and had to phone. They were both closed and the balances inc interest put into my Club Lloyds account. When I went to reopen the regular savers, as I press confirm email address I get a screen saying there is an error with their system and to try again later. This happened last night a few times and 4/5 times I have tried today. It happens on the app and also on online banking on laptop. They are both closed as not showing on ‘ my accounts’ screen. 

Any ideas? 

masonic

vernall said:

I decided yesterday to close my CLRS and LRS and reopen them to take advantage of the rate increase. Despite lowering both of my balances to £5 I was unable to close online and had to phone. They were both closed and the balances inc interest put into my Club Lloyds account. When I went to reopen the regular savers, as I press confirm email address I get a screen saying there is an error with their system and to try again later. This happened last night a few times and 4/5 times I have tried today. It happens on the app and also on online banking on laptop. They are both closed as not showing on ‘ my accounts’ screen. 

Any ideas? 

The normal process is to first "renew" the account to an easy access saver, then when it is showing as the new account type you can immediately apply for a new RS. Then do as you wish with the additional easy access account. I don't know whether you'll be bound by the 12 month rule if you don't convert the account to another type before closing. Perhaps when the account is fully closed (i.e. overnight or after a few days), it will work.

AndyTh_2

masonic said:

vernall said:

I decided yesterday to close my CLRS and LRS and reopen them to take advantage of the rate increase. Despite lowering both of my balances to £5 I was unable to close online and had to phone. They were both closed and the balances inc interest put into my Club Lloyds account. When I went to reopen the regular savers, as I press confirm email address I get a screen saying there is an error with their system and to try again later. This happened last night a few times and 4/5 times I have tried today. It happens on the app and also on online banking on laptop. They are both closed as not showing on ‘ my accounts’ screen. 

Any ideas? 

The normal process is to first "renew" the account to an easy access saver, then when it is showing as the new account type you can immediately apply for a new RS. I don't know whether you'll be bound by the 12 month rule if you don't convert the account to another type before closing. Perhaps when the account is fully closed (i.e. overnight or after a few days), it will work.

It'll be as the check for the 12 months only looks at the end type of an account. Closing before renewing means it's stuck for 12 months, but renewing changes the account type and the check misses it as it sees the Easy saver instead.

Alexland

I've been out of the RS game for a while but at these rates I just opened both Lloyds accounts. I agree with Masonic that staggering them to mature through the year is the best approach so I will work towards that again as I can always abandon and reopen one of these Lloyds RS accounts later probably the lower interest rate and contribution non-club one. 

allegro120

AndyTh_2 said:

masonic said:

vernall said:

I decided yesterday to close my CLRS and LRS and reopen them to take advantage of the rate increase. Despite lowering both of my balances to £5 I was unable to close online and had to phone. They were both closed and the balances inc interest put into my Club Lloyds account. When I went to reopen the regular savers, as I press confirm email address I get a screen saying there is an error with their system and to try again later. This happened last night a few times and 4/5 times I have tried today. It happens on the app and also on online banking on laptop. They are both closed as not showing on ‘ my accounts’ screen. 

Any ideas? 

The normal process is to first "renew" the account to an easy access saver, then when it is showing as the new account type you can immediately apply for a new RS. I don't know whether you'll be bound by the 12 month rule if you don't convert the account to another type before closing. Perhaps when the account is fully closed (i.e. overnight or after a few days), it will work.

It'll be as the check for the 12 months only looks at the end type of an account. Closing before renewing means it's stuck for 12 months, but renewing changes the account type and the check misses it as it sees the Easy saver instead.

At some point last year when the rate became uncompetitive I closed my RS (without renewing). Later Lloyds raised the rate, but I didn't bother trying to open a new one because of the 12 months rule.  Soon after that I received e-mail from Lloyds saying something like "why not to take advantage of regular saver", so I gave it a go and to my surprise account was opened.  Perhaps if you close it before renewing still works, but not straight away.

vernall

Just tried to open again now and both opened fine and funded

curlyphil

I only had the CL regular saver for about 5 weeks so, following advice above, renewed it as an Easy Saver, opened a new regular saver @ 6.25% and then closed the sacrificial Easy Saver. The minimal accumulated interest popped straight out into the Easy Saver. Took 5 mins.

badger09

AndrewSteele888 said:

A question if you’re not paying tax on saving this year but will next year I guess that would tip the scales in favour of closing and renewing or at least by the end of the month.

I’m in this position and also have a little space left in my ISA allowance so I’m planning to ‘renew’ at least one of my regular savers to fill it up. Short term pain, longer term gain.