Cloing LLoyds Reg saver early using 'renew' account .....

steveksullivan

Wont go into ALL the detail but as usual being told different things by CS reps on the phone .....

Has anybody actually used the 'renew account' option to effectively close a regular saver early by converting it to an easy access saver?

They are telling me the option shouldn't be available.... but it's there.......

PRAISETHESUN

Yes. Plenty of people have done it. Very quick and easy to do it yourself in online banking.

Zuzi

Yes, I have used it and it worked exactly as required. 

EarthBoy

Yes, I've done it twice and it worked fine.

Section62

steveksullivan said:

Wont go into ALL the detail but as usual being told different things by CS reps on the phone .....

Has anybody actually used the 'renew account' option to effectively close a regular saver early by converting it to an easy access saver?

They are telling me the option shouldn't be available.... but it's there.......

If you knew it was there, why were you asking Lloyds CS reps about it?

The answer to the question about whether people have done this is already covered in the RS account thread.

(and the more people alert Lloyds CS staff to this, the quicker the feature may vanish for all of us)

surreysaver

You shouldn't really be asking the CS staff to do something which is against the T&Cs.
There's a loophole which means you can do it yourself. 
If you're not careful, you could end up having the loophole closed, or your accounts closed and Lloyds waving bye-bye to you 

35har1old

surreysaver said:

You shouldn't really be asking the CS staff to do something which is against the T&Cs.
There's a loophole which means you can do it yourself. 
If you're not careful, you could end up having the loophole closed, or your accounts closed and Lloyds waving bye-bye to you 

steveksullivan said:

Wont go into ALL the detail but as usual being told different things by CS reps on the phone .....

Has anybody actually used the 'renew account' option to effectively close a regular saver early by converting it to an easy access saver?

They are telling me the option shouldn't be available.... but it's there.......

You can't be far of maturity now

Middle_of_the_Road

I don't think its so much the renewing the account, to effectively close it, but the opening of another regular saver before the 12 month limit, that they might take exception to. This is why I renewed the account after 10 months to transfer the funds to Santander, but chose not to oen another for a couple of months. They must know this is going on, and who knows if or what they might do to prevent it.

35har1old

Middle_of_the_Road said:

I don't think its so much the renewing the account, to effectively close it, but the opening of another regular saver before the 12 month limit, that they might take exception to. This is why I renewed the account after 10 months to transfer the funds to Santander, but chose not to oen another for a couple of months. They must know this is going on, and who knows if or what they might do to prevent it.⅘

When this issue was first raised the account was closed and the new account was opened  the next day

steveksullivan

@Section62 @surreysaver and others ....

I wasn't aware of the loophole, so had phoned CS to ask how to close the account early, only to be told that the ONLY way to close the account early was to go into branch, I asked about closing over the phone and was told it wasn't possible. ..... being dubious I then looked online and saw the renew option.

again, not being aware that it was a 'loophole' I phoned CS again  - and the first thing the rep said was that HE COULD close the account for me over the phone and that the first CS rep shouldn't have told me he couldn't!!..... any way thanks for the replies.

EDIT: @Section62 Can you  -  or anyone else - post a link to the relevant 'Regular saver' thread ? I never seem to have much success with searches on this forum! I'll keep looking .....

Katiehound

well there is this thread but you will need to trawl through it! Perhaps start at the last page and work backwards?

I haven't looked but there might be a list at the beginning 'though of course these things change....

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest