The Top Regular Savers Discussion Thread

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.

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82070265#Comment_82070265

You have based your interest figures over 12 months, it should be 4 months, so only a third of what you quoted.

In 4 months time you could have £1000 esrning 8%

SloughSally

https://forums.moneysavingexpert.com/discussion/comment/82070300#Comment_82070300

I’ve take the P/L on the average holding over the next 4 months, in each scenario, the last 8 months are irrelevant and the time after 4 months also irrelevant.
in 4 months you could have an average of £500 earning 8% but lost an average of £2500 earning 5.5%,and I’ve factored in putting the current £2000 into a 4.5% EA also.Going on these figures someone would be roughly £12.50 worse off but taking the risk the 8% RS is not available in 4 months.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82070337#Comment_82070337

The last 8 months are only irrelevant if you are leaving the country in 4 months and will no longer qualify to hold the accounts, otherwise switching guarantees 8% for those months too. A rate as good as 8% may well not be available to open in 4 months time.

Of course they will need to consider where any balance in excess of £250 will go - if there are other RSs they have with the capacity to take those funds and are not having to close 2 Lloyds accounts to replace them with 1 then as a rule of thumb it is probably worth doing.