Lloyds Regular Saver

chesky369

My last standing order has been transferred today to my Lloyds Regular Saver - does anyone know what happens next - i.e. when is the interest added and when should I transfer the cash to another account. What do Lloyds actually do with the sum if I don't do anything (highly unlikely, since most of their savings accounts are rubbish).

sloughflint

From memory, interest will be added on anniversary of account opening and transferred into a newly created savings account ( can't remember name but dreadful rate). I suppose as soon as you see it, you can transfer it all into your current account and then on to somewhere else.

Gers

chesky369 wrote: »

My last standing order has been transferred today to my Lloyds Regular Saver - does anyone know what happens next - i.e. when is the interest added and when should I transfer the cash to another account. What do Lloyds actually do with the sum if I don't do anything (highly unlikely, since most of their savings accounts are rubbish).

I got a letter 2 months beforehand telling me what they are going to do with my money.

" On 03 July your Monthly Saver was due to change to a Guaranteed Tracker, when your fixed interest term comes to an end. But over the next few weeks we're replacing Guaraneteed Tracker with a new account called Easy Saver...So, on 03 July your Monthly Saver will now simply change to an Easy Saver but your account will work as it alsway has. Your account will stay the same and your standing order will still be paid on the same day. I've enclosed a leaflet which includes your new terms and conditions along with more information about the Easy Saver account."

Did you not get that letter too??

1echidna

'sloughflint' is right. I had a letter explaining rather cheekilly that I need do nothing and that rather than Guaranteed Tracker the account will change to Easy Saver and continue to accept my direct debit. Rate somewhat higher than Guaranteed Tracker at 3.75%AER (lower now no doubt as this was for Bank Rate of 5.25%). Needless to say I have cancelled my direct debit after last applicable Monthly Saver deposit and expect it to end and interest be credited on anniversary of account opening as happened with first years interest. I shall be closing the account soon after (good whilst it lasted).

chesky369

Thanks all - can't remember the actual date I opened the account, still I expect it will all become clear as we go along.

"Did you not get that letter too??"

Oh, probably, but I tend to ignore letters from Lloyds since they're usually trying to get me to take out a loan, transfer my car insurance or upgrade my current account, so they can take even more money from me.

Biggles

If your last SO went today, the two years should be up on or before 21 Jun*, so that should be when interest is credited. You should be able to tell by checking the date it was credited on last year**.

* Unless you had a dippy staff member help you fill the form in, as I did, who said, 'First SO 21 Jun 06, so last SO 21 Jun 08'. I pointed out that would be 25 payments, and she confessed not only that I was right but that she'd been doing it wrong for everyone up till that point.

Edit: **Occurs to me you might have a one-year monthly saver, in which case ignore that sentence!

Baldur

chesky369 wrote: »

Thanks all - can't remember the actual date I opened the account, still I expect it will all become clear as we go along.

The date of first deposit is shown on the Monthly Saver statement in internet banking and the interest for the first year was added on the anniversary of that date - at least for my two-year account.

chesky369

thank you - why didn't I think of the bl

---

ing obvious? Now I've actually looked back to the previous year's statement, seems I opened it on 1 June - how tidy was that?

Baldur

chesky369 wrote: »

thank you - why didn't I think of the bl

---

ing obvious? Now I've actually looked back to the previous year's statement, seems I opened it on 1 June - how tidy was that?

No problem. I'd only checked mine, as I'm abroad when it matures in August - good job I'll have internet access & can move it straight after maturity!

~Chameleon~

I did a test withdrawal last week and funds are transferred with immediate effect into current account. Just wondering whether it's worth transferring in a few smaller blocks though as the interest rate on classic plus current acc reduces to 0.1% if you have a balance of >£2500 in it

Gers

I'd be grateful if someone who is number literate could work out how much I can expect from this little lot please? There is one last payment of £250.00 to make on 01 June 2008:

BALANCE
3Jul06 DEP 500.00 500.00
10Jul06 SO 250.00 750.00
10Aug06 SO 250.00 1000.00
11Sep06 SO 250.00 1250.00
04Oct06 SO 250.00 1500.00
06Nov06 SO 250.00 1750.00
04Dec06 SO 250.00 2000.00
04Jan07 SO 250.00 2250.00
05Feb07 SO 250.00 2500.00
01Mar07 SO 250.00 2750.00
02Apr07 SO 250.00 3000.00
01May07 SO 250.00 3250.00
01Jun07 SO 250.00 3500.00
02Jul07 SO 250.00 3750.00
03Jul07 INTEREST (NET) 135.32 3885.32
01Aug07 SO 250.00 4135.32
03Sep07 SO 250.00 4385.32
01Oct07 SO 250.00 4635.32
01Nov07 SO 250.00 4885.32
03Dec07 SO 250.00 5135.32
02Jan08 SO 250.00 5385.32
01Feb08 SO 250.00 5635.32
03Mar08 SO 250.00 5885.32
01Apr08 SO 250.00 6135.32
01May08 SO 250.00 6385.32

The 2 years has flown by so quickly. Now I need to research where to go next!
Thanks for any help.:beer: