Lloyds Regular Saver

Digital_Payback

I’m thinking of opening a Lloyds Reg. Saver. 

Lloyds seem to imply it has to be funded by one standing order of a min. £25, and may then be topped up to £250 per month by bank transfer. 

Is the Standing Order mandatory?

I’d prefer to fund it by bank transfer only. 

I have a similar Reg. Saver with Halifax (same banking group) and just fund by a bank transfer. Halifax had similar funding instructions.

Has anyone else set the Lloyds RS up and not funded by a SO?
Thanks for any info. 

surreysaver

What's the actual wording?
But, no, it doesn't need to be funded by standing order. I just do a transfer.

EDIT:. It says you can save by one standing order. Not that you must. Therefore you do not have to use a standing order. But if you do use a standing order, it must be a minimum of £25, and you cannot pay more than £250 into the account per month.

Digital_Payback

surreysaver said:

What's the actual wording?
But, no, it doesn't need to be funded by standing order. I just do a transfer.

EDIT:. It says you can save by one standing order. Not that you must. Therefore you do not have to use a standing order. But if you do use a standing order, it must be a minimum of £25, and you cannot pay more than £250 into the account per month.

Lloyds state in the account Features:
’Save £25 - £250 every month by one standing order.’
In my reading, that suggests SO needed. 

In the Manage the Account section Lloyds state:

‘You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £250.’ 

To me that means - funding by one SO, and any top up by bank transfer. 
Hope you see my reason for the original question. 

Glad to know that you can confirm from experience that the SO is not required. 

Surreysaver, your time and info much appreciated. 

Nebulous2

No problems in direct funding them. It allows you to squeeze a 13th payment in. Set it up, pay £250 / £400 in depending on the saver, then on the 1st of the next month make your second payment. I have both the lloyds savers and top them both up manually on the 1st of the month. 

Digital_Payback

Nebulous2 said:

No problems in direct funding them. It allows you to squeeze a 13th payment in. Set it up, pay £250 / £400 in depending on the saver, then on the 1st of the next month make your second payment. I have both the lloyds savers and top them both up manually on the 1st of the month. 

Thank you. Your confirmation of the funding appreciated. 

jameseonline

I send to my Club Lloyds current account every month and transfer from there.

You don't need to have a standing order for either Lloyds regular & as someone mentioned you can also get a 13th payment in 

allegro120

Digital_Payback said:

I’m thinking of opening a Lloyds Reg. Saver. 

Lloyds seem to imply it has to be funded by one standing order of a min. £25, and may then be topped up to £250 per month by bank transfer. 

Is the Standing Order mandatory?

I’d prefer to fund it by bank transfer only. 

I have a similar Reg. Saver with Halifax (same banking group) and just fund by a bank transfer. Halifax had similar funding instructions.

Has anyone else set the Lloyds RS up and not funded by a SO?
Thanks for any info. 

No, SO is not mandatory. I always fund it manually by bank transfer.

Sea_Shell

Is there not a slim chance that they could play hardball with the t&C's and claim you hadn't adhered to them if you don't have at least a £25 SO set up?

Or should I get a new tin foil hat 😉

WillPS

Sea_Shell said:

Is there not a slim chance that they could play hardball with the t&C's and claim you hadn't adhered to them if you don't have at least a £25 SO set up?

Or should I get a new tin foil hat 😉

They'd have huge difficulty enforcing it, unless they insisted it was a standing order from a Lloyds (or LBG) account, as standing orders are normally just processed as Faster Payments nowadays. Given the BOS and Halifax accounts don't even stipulate that a matching current account must be held, I can't see this happening.

Nothing to worry about, IMHO.

trickydicky14

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

Voyager2002

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

No, I would not bother.