The Top Regular Savers Discussion Thread

TheElectricCow

LBG Regular Savers

Haven’t seen this particular scenario mentioned yet so thought I’d share my experience with a word of caution for others. This morning I held a Halifax RS but only a Lloyds credit card which I’ve always managed via the Halifax profile.

Renewed Halifax through the usual process no issue but Lloyds presented a few problems. I had my separate Lloyds details to hand but couldn’t seem to get logged in and faced repeated errors when trying to reset the password preventing any further progress on the RS application. Couldn’t re-register for Lloyds as it recognised I was already registered with them. Eventually as a final effort I downloaded the Lloyds app which insisted I link it up with my Halifax profile - this worked and got me access to the Lloyds application (only the CL RS offered), which then went through just fine despite having no Lloyds current account.

Importantly, this process “completed” the migration of my Halifax profile to Lloyds, which has entirely revoked my access to the Halifax app and online banking. Had I of done this step before renewing the Halifax RS, I expect I wouldn’t have been able to open the account as I now cannot log in to Halifax.

My previous Halifax details are now used for Lloyds and I assume my old Lloyds profile must’ve been merged into this one, hence the trouble accessing via the Lloyds details. All a bit of a faff but got there in the end, albeit now managed through Lloyds instead of Halifax (which will eventually be forced upon everyone anyway). Might give BOS a go later on.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82069846#Comment_82069846

fingers crossed it works for you as well 🤞🤞🤞

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82070235#Comment_82070235

Guess the process is already there and they are testing it. Not sure if it has any potential pitfalls doing it pre-invitation?

IMG_0418.jpeg

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82070235#Comment_82070235

The entire situation is farcical. Launching these new savings accounts, whilst having to migrate Halifax accounts to the Lloyds platform has created unnecessary additional complications.

Literally hundreds of posts on here already in the first 24 hours, which no doubt will increase to thousands before these issues are resolved. Wonder how busy their customer service agents are going to be.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82069928#Comment_82069928

why are you not eligible?

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82070256#Comment_82070256

Maybe to do with the minimum monthly pay in, which we know doesn't have to remain in the account

friolento

OMG, that is bad, especially as you haven’t been given a reason. Lloyds aren’t unknown for handing out punitive life time bans. I don’t think it improves their reputation.

Will you appeal?

SloughSally

Has anyone done the maths on this,

Closing a Halifax 5.5% RS which is say 8 months in with £2000 deposited, and let’s say putting it in a 4.5% EA

Then opening a 8% RS and funding it £250 a month for the next 4 months.

I think it would be better leaving things as they are and carry on funding the 5.5% , waiting for 4 months until maturity then opening the 8% RS.

Your getting 1% lower on an average £2500(£25) to gain 2.5% on an average of £500 (£12.50)

Obviously this is assuming the 8% RS is available in 4 months when your 5.5%RS matured

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/82070203#Comment_82070203

Everything with LBG is some form strange. From the day of first dealings with them they have always been a sort of trouble. The OH never did anything dodgy or agianst the T&C's and faced similar issues, we are financially not connected with any joint accounts or between CRA. LBG just ramains an outlier with all the banks and building societies we deal with and have accounts with. They give me 300 interest free credit but don't want me to bring them 750 a month. I just stick it into Nationwide, Santander, Zopa, fill what's left of Principality and dump it into others like Monmouthshire, Virgin, et al.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82070256#Comment_82070256

If you hold a Lloyds Classic then by the letter of the terms you are not eligible for a Club RS, unless you decide to upgrade the current account (but there are funding reasons that would explain people not wanting to do that.) Time will tell if opening a Club RS with a Classic or no current account has any consequences, since LBG do seem to be somewhat more likely to debank people than others. Those who had a Classic account and simply opened the RS that was presented to them given that both variants are 8% and £250 max will be in the strongest position to complain/appeal if anything does come of it.