Opening up a savings account with Lloyds bank

Liz65

Hi, my 80 year old dad has been with Lloyds bank for many years and has transferred money from an ISA to his current account and wants to opening a savings account with Lloyds. He had a phone call earlier and was told he could do this via video link. This is something he doesn’t understand and I’m a bit confused as to why he can’t just go to the actual bank and open an account there or is this a thing of the past?

He wants to open a savings account and put a substantial amount in to earn interest at a higher rate so it wouldn’t be an instant access account.

born_again

Should be able to do in branch, just take some ID.

Isthisforreal99

The obvious question is why did he move it from a tax free ISA to his current account if it's a 'substantial' amount? How much are we talking.

As for the video thing, I believe this is optional as I had similar when I temporarily had a large sum on deposit - they think you are 'wealthy' and need advice. Should be nothing stopping him going in branch or online to open them but note Lloyds are not known for market leading rates..…..which takes us back to the obvious question.

Liz65

I have no idea, I thought it was a silly thing to do but I think it’s because he wanted it all under one roof so to speak.

The amount is around £30,000

GrubbyGirl_2

Lloyds rates are pants. I've been a lloyds customer for nearly 50 years and it's the last place I'd put my savings. I've had them ring me when they have seen me moving money to different savings accounts via my current account and even they admit their rates are rubbish and can't compete. The only decent rate is their regular saver at 8% but you can only put £250 a month in it (it used to be £400 a month).

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/6680313/opening-up-a-savings-account-with-lloyds-bank

Do you still have a local Lloyds branch?

Was it a Lloyds ISA that he transferred from?

You say he wants higher interest so not an easy access account. That leaves 1 and 2 year fixed rate accounts, and fixed rate ISA accounts with Lloyds. These currently range from 3.8% to 4.1%

Funds would not be available during the term of the account, although paying a penalty allows withdrawal on an ISA, and also on Lloyds normal fixed rate accounts, which is unusual, and useful for unforeseen events.

I would assume his previous ISA had a lower rate, hence wanting to make this change.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82108269#Comment_82108269

Under its MBNA brand Lloyds has a good one year fixed rate account paying 4.85% but you have to open it online.

"MBNA is a trading style of Lloyds Bank plc"

https://www.mbna.co.uk/savings.html

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82108306#Comment_82108306

There is a long running thread about regular savers here ( suggest you do not start at the beginning as it has nearly 5000 posts !)

The Top Regular Savers Discussion Thread — MoneySavingExpert Forum

tom192

You are 100% sure this was an expected phone call from Lloyds and not some sort of scam I assume?

80 year old and needing to do it over video call, ie screen sharing is ringing major alarm bells!

friolento

The Lloyds 8% one is of very limited use for £30,000. Similarly, a fixed term account would be of limited use if he requires easy access - but we don’t know what his plans are for the money. Nor do we know whether or why it has to be Lloyds, or whether the gent is bothered by miserable interest rates, or by his money losing purchasing power (current inflation = 2.9%).

Coming back to the original Q by the OP: a quick look at the Lloyds savings accounts on their website suggests that they can all be opened in Branch if desired. Also online or in the app.

jimjames

Anyway, back on topic, are you aware of any savings account currently on sale that could beat the 8% fixed account I got from Lloyds? Needs to offer instant access.

There are no savings accounts that will beat 8% regular savers for the money involved. Best rates for instant access are around the 4.5% mark for £30k. Smaller amounts could get higher but if the OP's dad wants to be in one place then opening lots of accounts sounds like a no no.