Lloyds Regular Saver

Voyager2002

allegro120 said:

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.

Interesting.

I read the T and Cs carefully before opening mine, and put the SO in place since I understood it to be mandatory. In practice I always fund the account to the maximum allowed before the SO is taken, so the SO payment is simply returned.

jameseonline

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

friolento

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

AFAIK, it's fixed interest rate, not fixed term.

allegro120

Voyager2002 said:

allegro120 said:

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.

Interesting.

I read the T and Cs carefully before opening mine, and put the SO in place since I understood it to be mandatory. In practice I always fund the account to the maximum allowed before the SO is taken, so the SO payment is simply returned.

It is quite common when banks don't enforce all their rules and sometimes what reads as a condition in fact is a recommendation. 
I've been funding my Lloyds RSs manually for many years and nothing went wrong with them.  Not just Lloyds, but all RS accounts, except First Direct of course.  

trickydicky14

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

I thought you could switch it to an easy access account and then open a new regular saver like Halifax and BOS  or have I got that wrong?

WillPS

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

 If you follow the renew method the option to open a new saver is there straight away.

friolento said:

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

AFAIK, it's fixed interest rate, not fixed term.

It's both - presently 6.25% interest fixed for 1 year. Account matures after 1 year.

Digital_Payback

I have now opened the Lloyds regular saver and the email received after opening seems to clarify the situation, detailing the management of the account. 

Under ‘Deposits’ it reads:
You can save between £25 and £250 a month, by bank transfer or using a standing order.

No need for a SO, as others have confirmed from experience, if you want to fund by bank transfer. 

allegro120

trickydicky14 said:

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

I thought you could switch it to an easy access account and then open a new regular saver like Halifax and BOS  or have I got that wrong?

No, you didn't get it wrong.  Upgrade your RS to another savings account, log out and in again and open new RS.  I've done it with both, Lloyds and BoS.  With Halifax you can close and open in a normal way, Halifax doesn't have 12 months rule.

friolento

WillPS said:

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

 If you follow the renew method the option to open a new saver is there straight away.

friolento said:

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

AFAIK, it's fixed interest rate, not fixed term.

It's both - presently 6.25% interest fixed for 1 year. Account matures after 1 year.

That doesn’t make it a fixed term account. You can make as many withdrawals as you like, and you can close it before maturity. None of that would be possible if it was a fixed term account

friolento

allegro120 said:

trickydicky14 said:

jameseonline said:

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?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

I thought you could switch it to an easy access account and then open a new regular saver like Halifax and BOS  or have I got that wrong?

No, you didn't get it wrong.  Upgrade your RS to another savings account, log out and in again and open new RS.  I've done it with both, Lloyds and BoS.  With Halifax you can close and open in a normal way, Halifax doesn't have 12 months rule.

There’s an outside chance that the new version of the app doesn’t allow it any longer. Someone, not me, will no doubt test it before long and let us know. I will let mine run to its maturity in a few weeks time