Halifax to Lloyds and 8% regular saver

Another3142592

I've just switched my Halifax credit card to the Lloyds app and thought I'd look at what savings accounts might be available and there seemed to be a regular saver account for up to £250 per month paying 8% for the first 12 months.

I've applied and hopefully the offer will hold true.

El_Torro

Banks have questionable ethics sometimes but lying about the interest rate on their regular savers is not common practice.

The 8% is also a fixed rate, not variable. A very good deal, which is unusual for Lloyds Bank.

Barkin

I've applied and hopefully the offer will hold true.

Why might you think it won't?

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/6681058/halifax-to-lloyds-and-8-regular-saver

There was an 8% RS on the Halifax app too. Guess you missed that one.

Your last line makes me wonder if you are part of the "I expected 8% of £3,000" crew. Hopefully, that is not the case, else you will be disappointed, despite the offer holding true :)

friolento

https://forums.moneysavingexpert.com/discussion/6681058/halifax-to-lloyds-and-8-regular-saver

This Halifax account, along with the equivalent 8% Regular Saver accounts at Lloyds and BoS, has been discussed extensively in the Regular Savers thread. Many forumites hold all three.

There is no reason to believe that the Lloyds banking group would not pay the advertised, fixed, rate. But there have been isolated cases of people getting banned for life from Lloyds banking group for alleged abuse, not related to their Regular Savers.

ZeroSum

https://forums.moneysavingexpert.com/discussion/comment/82115906#Comment_82115906

Weren't the life bans for abusing switch offers? Ie opening a 2nd account then switching it away, straight from the off.

maman

That's interesting. I currently have a regular saver account with Lloyd's (ends in December) but can pay in up to £400 per month.

Unless I'm confusing the accounts, it would seem that the interest rate has increased but the amount you can save has reduced. 🤔

Placitasgirl

https://forums.moneysavingexpert.com/discussion/comment/82116023#Comment_82116023

Yes that’s correct. My £400 per month Lloyds RS matured last month and the offer available now is an 8% RS but with a maximum of £250 per month able to be added to the account.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82116023#Comment_82116023

You can play the "should I swap my 6.5%/£400 for the 8%/£250 or let it run to term?" game. Which gives you the greatest return over the next 5 months (bearing in mind that you would need to find somewhere to put the £3k that's earning 6.5% at the moment if you swap).

And the 8% might not be available in 5 months…….

Ed-1

https://forums.moneysavingexpert.com/discussion/comment/82116065#Comment_82116065

6.25% not 6.5%.

molerat

https://forums.moneysavingexpert.com/discussion/comment/82116023#Comment_82116023

You could previously have a standard £250 pm RS and the Club £400 pm. Now you can only have one at £250 pm. If you already hold both you will not be able to get the new 8% without first "renewing" - changing to a different type of saver - both.