lloyds bank are closing my accounts on 6 April - what will happen to Monthly saver interest?

dreaMer001

lloyds bank are closing all my accounts on 6 April 2024. I've started the switching process for the club lloyds current account to Natwest. That switch will complete on 27 March.

Just wondering what will happen to the Monthly saver I hold with Lloyds. As all accounts are due to be closed, when that monthly saver account is closed, where will the interest be credited to?

If I close the monthly saver manually today by contacting lloyds, could they credit the interest to the club lloyds account?

born_again

Switch only closes current account. Not any savings accounts.
Although it maybe part of the T/C of the regular saver you have to have a Lloyds current account.

Best speak to lloyds on this.

allegro120

dreaMer001 said:

lloyds bank are closing all my accounts on 6 April 2024. I've started the switching process for the club lloyds current account to Natwest. That switch will complete on 27 March.

Just wondering what will happen to the Monthly saver I hold with Lloyds. As all accounts are due to be closed, when that monthly saver account is closed, where will the interest be credited to?

If I close the monthly saver manually today by contacting lloyds, could they credit the interest to the club lloyds account?

I've never closed Lloyds account, but had the same situation with other banks.  My regular savers kept going until maturity.  In any case, if Lloyds are to close your regular saver whey will contact you by post in advance and tell you what your options are.

jameseonline

Why are ALL of your Lloyds accounts closing?

How many Lloyds accounts you got?

Which monthly do you have?, Club Lloyds or standard Lloyds?.

The Club Lloyds one definitely requires you to have the Club Lloyds account not sure if the standard one requires you to have a current account with Lloyds.

I think you should have waited till your saver finished to be honest before starting any kind of switch.

Contact Lloyds asap.

friolento

You can close your Club Lloyds RS straight away, or in the next few days. You simply renew it in online banking (not in app) into an easy access saver. This will close the RS and credit your interest into the easy access saver. Once in the easy access saver, trnasfer the money to your current account. You may have to log out and in again a couple of times to see the results.

jameseonline said:

 

The Club Lloyds one definitely requires you to have the Club Lloyds account not sure if the standard one requires you to have a current account with Lloyds.

In reality, you only need a Club Lloyds current account when you apply for the CL RS. They will let you keep the CL RS even if you don't have the CL current aqccount any longer. BUT you probably need a current account to get the CL RS money out eventually.

dreaMer001

Lloyds support staff are imbeciles.
I had contacted them via the app before I posted the thread here.
I asked them:

"This query is specifically about my month saver account ending in yyyy.

Query 1) If the monthly saver account ending yyyy is closed before maturity to which account will the interest be paid?

Query 2) how many calendar days or business days will it take for interest to be paid ?"

their reply:

"Hi, thanks for reaching out.

INTEREST RATE DETAILS

STANDARD INTEREST RATE

6.25%

FIXED INTRODUCTORY BONUS

NA

PREFERENTIAL RATE

NA

TOTAL GROSS INTEREST RATE

6.25%

...."

a load more interest rates. Seems copied and pasted from somewhere. Then just below the interest rates, they've said

"when it hits the maturity date you will receive interest in that account and the account will be downgrade."

I've messaged them back and asked them to read the previous queries properly and attempt at least a GOOD answer. I said it doesn't need to be EXCELLENT. Just GOOD is sufficient.

Not holding my breath for a non-imbecile to reply. They appear to be all the same!!

jameseonline

I would ring them up to be honest, AI chat isn't the best, maybe type speak to human in chat if not already & you don't want to call.

As the switch hasn't completed in theory they can still close/transfer things to that account, possibly to a different account, it's your money I really think you should call a human 

Bridlington1

It would probably help if the OP could provide some more detail here.

Are you closing your accounts purely out of choice or have you received one of these types of letter (I appreciate it wouldn't say Bank of Scotland on the top but the Lloyds equivalent is pretty much a carbon copy of this):


If its the former then you can just let the regular saver run its course and make a faster payment from whichever account it converts into.

If you've received a letter similar to the one above you will need to either close the regular saver yourself, which as has been mentioned above can be closed online by renewing it into an EA account and transferring the funds to your Lloyds current account before they close the accounts.  If you don't do this they will most likely send you a cheque for the final balance including interest. In either case interest will be paid upon closure of the account.

friolento said:

You can close your Club Lloyds RS straight away, or in the next few days. You simply renew it in online banking (not in app) into an easy access saver. This will close the RS and credit your interest into the easy access saver. Once in the easy access saver, trnasfer the money to your current account. You may have to log out and in again a couple of times to see the results.

jameseonline said:

 

The Club Lloyds one definitely requires you to have the Club Lloyds account not sure if the standard one requires you to have a current account with Lloyds.

In reality, you only need a Club Lloyds current account when you apply for the CL RS. They will let you keep the CL RS even if you don't have the CL current aqccount any longer. BUT you probably need a current account to get the CL RS money out eventually.

Before they banned me I found that if you make an internal transfer between any of your accounts (even a 1p transfer between the current account and a savings account will do) their systems correct themselves there and then without needing to log in/out.

Also I've found you can also make faster payments directly from their standard regular saver even before you renew it if you wish (though you need to set up a new payee on the account to do this). I imagine their CL RS should follow suit.

dreaMer001

Bridlington1 said:

It would probably help if the OP could provide some more detail here.

Are you closing your accounts purely out of choice or have you received one of these types of letter (I appreciate it wouldn't say Bank of Scotland on the top but the Lloyds equivalent is pretty much a carbon copy of this):


If its the former then you can just let the regular saver run its course and make a faster payment from whichever account it converts into.

If you've received a letter similar to the one above you will need to either close the regular saver yourself, which as has been mentioned above can be closed online by renewing it into an EA account and transferring the funds to your Lloyds current account before they close the accounts.  If you don't do this they will most likely send you a cheque for the final balance including interest. In either case interest will be paid upon closure of the account.

friolento said:

You can close your Club Lloyds RS straight away, or in the next few days. You simply renew it in online banking (not in app) into an easy access saver. This will close the RS and credit your interest into the easy access saver. Once in the easy access saver, trnasfer the money to your current account. You may have to log out and in again a couple of times to see the results.

jameseonline said:

 

The Club Lloyds one definitely requires you to have the Club Lloyds account not sure if the standard one requires you to have a current account with Lloyds.

In reality, you only need a Club Lloyds current account when you apply for the CL RS. They will let you keep the CL RS even if you don't have the CL current aqccount any longer. BUT you probably need a current account to get the CL RS money out eventually.

Before they banned me I found that if you make an internal transfer between any of your accounts (even a 1p transfer between the current account and a savings account will do) their systems correct themselves there and then without needing to log in/out.

Also I've found you can also make faster payments directly from their standard regular saver even before you renew it if you wish (though you need to set up a new payee on the account to do this). I imagine their CL RS should follow suit.

Are you closing your accounts purely out of choice or have you received one of these types of letter

I did provide this key bit of detail in the OP where I've said 'lloyds bank are closing all my accounts...'.

Btw, Lloyds have responded to my follow-up queries, the second time round it seemed like a not so useless support staff member replied when they said I will be given the option to choose where to transfer the interest when closing the CL RS. 

However, when I tried this (both via logging in to website and App) an error message appears saying '

"We can't complete your request right now.

To close your account, please visit your nearest branch or contact us.

Back to your accounts"

I contacted lloyds again via the chat feature on their website. Apparently, that's not a fully-fledged support service, so they  (pretty sure it was a staff member. sounded like a human - and I had typed 'chat to agent' before and it did say 'An agent will be with you shortly.') advised me to put in the request via phone or via the mobile App chat. 

So back to the mobile app and I've put in the request. Being asked 'are you referring you wish to close your monthly saver account'. When at the start of this particular request I had said 'unfortunately the close account advise did not work.'.

if the error message is due to closing before maturity, the previous agent ought to have been aware that it cannot be closed via website or App before maturity and that we need to put in manual request. Really awful service. Good riddance to lloyds. They're doing me a favour by closing all my accounts - at least I don't need to experience their rubbish customer service.

jameseonline

Seriously ring them, as their chat isn't great from what you have said.

They have the power on phone/in branch to get your interest sorted, credited to an account etc

dreaMer001

jameseonline said:

Seriously ring them, as their chat isn't great from what you have said.

They have the power on phone/in branch to get your interest sorted, credited to an account etc

From what the web chat chap said phone support and App support have the same powers. 

Just heard from App support. They closed an account. Turned out they just picked a monthly saver account at random and closed it. Turns out it was one of my unused monthly saver accounts that they closed. Not the correct one!

I had repeated several times the account number, still they couldn't even do that properly!