I have some money, what will Lloyds offer me?

snickpan

Just sold a house, Lloyds bank offered to have their team meet me next week (online) with options for £200k.  Their savings rates are pisspoor compared to other places, will they pull something out of the bag?  In the meantime, I've opened an ISA with Tembo, and a '5% for a year' savings account with Chase

Ayr_Rage

When will you need access to the money?

What rate of tax do you pay?

Kim_13

£50,000 in Premium Bonds wouldn't be a bad idea while you are considering your options and would likely easily beat what Lloyds are offering in any case.

Keep an eye on Skipton BS as they periodically release Base Rate Tracker EAs. They pulled several products the other day so will hopefully launch something soon in light of the cut. This would beat Chase once the new customer offer runs out as their standard deduction from the base rate is insulting. 

I would consider Family BS for their Market Tracker account, as they can only move the rate 4 times a year which is useful in a downward rate environment (and it saves having to move large amounts of money regularly.) An ISA version is also available and you can have both.

Avoid placing more than £85,000 with one institution for FSCS protection reasons.

snickpan

Ayr_Rage said:

When will you need access to the money?

What rate of tax do you pay?

Probably
Lower

Section62

snickpan said:

Just sold a house, Lloyds bank offered to have their team meet me next week (online) with options for £200k.  Their savings rates are pisspoor compared to other places, will they pull something out of the bag?  In the meantime, I've opened an ISA with Tembo, and a '5% for a year' savings account with Chase

If you mean 'will they offer me an exclusive savings product with a higher interest rate?' then the answer almost certainly is "no".

What they are more likely to do is steer you to one of their paid for investment services.

Ayr_Rage

snickpan said:

Ayr_Rage said:

When will you need access to the money?

What rate of tax do you pay?

Probably
Lower

WHEN will you need access?

snickpan

Section62 said:

snickpan said:

Just sold a house, Lloyds bank offered to have their team meet me next week (online) with options for £200k.  Their savings rates are pisspoor compared to other places, will they pull something out of the bag?  In the meantime, I've opened an ISA with Tembo, and a '5% for a year' savings account with Chase

If you mean 'will they offer me an exclusive savings product with a higher interest rate?' then the answer almost certainly is "no".

What they are more likely to do is steer you to one of their paid for investment services.

Good point!  That's what I needed to hear, I'll canx the meeting, ta

born_again

Kim_13 said:

£50,000 in Premium Bonds wouldn't be a bad idea while you are considering your options and would likely easily beat what Lloyds are offering in any case.

Keep an eye on Skipton BS as they periodically release Base Rate Tracker EAs. They pulled several products the other day so will hopefully launch something soon in light of the cut. This would beat Chase once the new customer offer runs out as their standard deduction from the base rate is insulting. 

I would consider Family BS for their Market Tracker account, as they can only move the rate 4 times a year which is useful in a downward rate environment (and it saves having to move large amounts of money regularly.) An ISA version is also available and you can have both.

Avoid placing more than £85,000 with one institution for FSCS protection reasons.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

No need to make rash decision's.

As to a bank making a special rate for £200K... Ah well, you can but dream.

GrubbyGirl_2

Lloyds will want to get you into investing.  I am constantly getting messages from them trying to arrange a meeting.

Kim_13

born_again said:

Kim_13 said:

£50,000 in Premium Bonds wouldn't be a bad idea while you are considering your options and would likely easily beat what Lloyds are offering in any case.

Keep an eye on Skipton BS as they periodically release Base Rate Tracker EAs. They pulled several products the other day so will hopefully launch something soon in light of the cut. This would beat Chase once the new customer offer runs out as their standard deduction from the base rate is insulting. 

I would consider Family BS for their Market Tracker account, as they can only move the rate 4 times a year which is useful in a downward rate environment (and it saves having to move large amounts of money regularly.) An ISA version is also available and you can have both.

Avoid placing more than £85,000 with one institution for FSCS protection reasons.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

No need to make rash decision's.

As to a bank making a special rate for £200K... Ah well, you can but dream.

Only if the cash relates to the sale of a main residence. There’d also be a need to clearly evidence that link through every change of account, and have that evidence accepted by FSCS in the event of a claim. 

I’d personally prefer stay under the limit at all times and avoid the hassle, but each to their own. Some of the most competitive accounts will only take say £5,000 or £50,000 (the recent Skipton Bonus offerings for example) so splitting the money between different providers can also increase the return. I wouldn’t recommend fixing straight away though, as that would be a rash decision.

Albermarle

snickpan said:

Section62 said:

snickpan said:

Just sold a house, Lloyds bank offered to have their team meet me next week (online) with options for £200k.  Their savings rates are pisspoor compared to other places, will they pull something out of the bag?  In the meantime, I've opened an ISA with Tembo, and a '5% for a year' savings account with Chase

If you mean 'will they offer me an exclusive savings product with a higher interest rate?' then the answer almost certainly is "no".

What they are more likely to do is steer you to one of their paid for investment services.

Good point!  That's what I needed to hear, I'll canx the meeting, ta

Probably a wise move to cancel the meeting.
However it might well be wise to invest some of the money, rather than keeping it all as cash.
It depends really on when you may need the money.