Lloyds Monthly Saver - fixed rate?

BallandChain

I noticed the monthly saver interest for Lloyds is 8% on Martin's page for top savings a/c and up until recently Lloyds were offering 8% interest on their website. I managed to access the page today (links weren't working) at Lloyds and the interest is 4% net for months 7-12.

http://www3.lloydstsb.com/rates_and_charges/savings_rates_a_to_o.asp#monthly

I thought the rate was fixed and it appears to have dropped! Can anyone shed some light on this?

Mr._H_2

Oh dear! It looks like Lloyds have changed their monthly saver from one of the best on the market to a complete and utter waste of time. Don't bother.

oldfella

I have checked and the 2 year saver (no longer available) is still at 8%

Savings_Dave

I opened one of these in mid-January - am I still going to receive the whole year (possibly 2) at 8%?

Seeing as I took it out at the 8% rate before this change I assume I will. Fixed does mean fixed but only if you take it out at the time?

Silly question but I would like a confirmation cheers

Somerset

Well I just rang Lloyds because I thought my rate had dropped ( opened 09/07 ) and they've said old accounts will still get the 8% - it's only newly opened accounts that get these new lower rates. Btw I've got a one year regular saver. Can anyone else confirm this is correct?

BallandChain

Thanks for the replies guys. I was confused as up until a few days ago they were offering 8% interest and as it said it was a fixed rate I thought it would stay at 8% for a year longer. (The monthly saver has already been running a year.) I wish I'd opened it before the rate change now.

Sorry I can't help you Somerset, hopefully someone will be along to answer your question.

Paul_Herring

They took the rate down Monday gone. I've already emailed the site to get the article updated.

wilroda

I opened my monthly saver last week - receiving my confirmation letter on Friday saying that the interest rate was 8%.

Actually i tried to set one up the week before - telephoning first to check- i was told that i could set this up online. I gaily set up an INTERNET SAVER account thinking it was the 8% one. Realising i had made a mistake (after following their advice!) i rang them again to sort the problem out and was told that I had been misinformed.They then corrected their error and set up the monthly saver at 8% for me - and the transfer of all funds was arranged.

However they had forgotten to transfer the funds into the account and i rang them today to query it - not knowing that the rate had dropped. They tried to tell me that the interest for me would be 4%! Luckily I had it in writing that it was 8%.....

By the way - when i set up the account - over the phone - they made yet another mistake and set one up in OH name ( we have a joint a/c) At the time i said to leave it as we wanted to set the two up anyway - but as OH was not available to confirm they had to cancel it.

Needless to say I have complained about their service and am waiting for them to contact me......

So watch out and check everything carefully.....if needs be follow up on everything that you have told them to do!

wilroda

With regards to previous post I have had a reply from the complaints dept at Lloyds.
The letter made a paltry apology for not transferring the funds. As it was not done in the seven days ( I asked them to transfer it twice because they forgot first time....and the second!)they said that the account was closed.

They did offer to set it up for me again, getting the 8% as promised but to be honest I decided that after their catalogue of errors I would close the account and take it elsewhere as I have lost all faith in their ability to sort this out.

Maybe i was a bit rash but I am now looking for another account elsewhere.

I think I shall wait and set up my next years ISA with it.....

stphnstevey

RIP Lloyds Monthly Saver

carpy

still not been updated on here!