Lloyds Bank explains £250 limit as saver faces | European Markets

Lloyds Financial institution has clarified the foundations for one of its financial savings accounts after a buyer raised a question.

The person contacted the financial savings giant over X to ask: “My monthly saver is about to revert back to a standard account on the 19th. If I open a new one, can I just add to the £3,000 already in it or do I have to start a zero again?”

You’ll be able to deposit up to £250 a month into the Month-to-month Saver, which means on the finish of the 12-month time period, if you happen to put within the most every month, you should have deposited £3,000, with a stability of £3,078.75 after the curiosity is paid.

The speed for the account is 5.25%, nevertheless on the finish of the 12 months, the account turns into a Normal Saver, paying simply 1.6%, which means a 3.65% drop.

Responding to the client, Lloyds stated: “You’d be opening a new account which would have a zero balance. The maximum you can deposit is £250 including the first month, so you wouldn’t be able to deposit £3,000 to it.”

It can save you between £25 and £250 a month into the Common Saver account. The account will be opened and managed online, by way of the app, in department or over the telephone.

An individual can solely have one Month-to-month Saver and online purposes must be made in a sole title. You’ll be able to open it as a joint account by entering into department or calling up as soon as the account has been opened.

For those who determine to close the account earlier than it matures, you must wait till the 12-month time period ends if you wish to open one other one.

Lloyds additionally lately issued a warning about scams after a particular person acquired a suspicious message. The person contacted them over social media to raise their issues.

The message they’d acquired learn: “Lloyds Bank has detected an attempted online transaction on your Debit Card at GymShark on 06/02/2025 at 11:66:55 for £108.55.

“For security causes, this transaction was declined. For those who acknowledge this transaction, please reply YES. If you don’t, reply NO.”

The bank responded to confirm that this was a “rip-off” message. Lloyds said: “You’ll be able to see they’ve used the inaccurate spelling of ‘acknowledge’ and in addition any message we ship just like it will have the final 4 digits of your debit card as nicely.”

The group additionally warned that one other signal the message was faux was that it was generic in how it was written, and will apply to anybody.

Scammers typically ship out generalised messages like this pretending to be from a real organisation, to dupe people into sending them financial or personal particulars for them to take advantage of.

For those who get a suspicious message, it is a good concept to contact the group your self to search out out what’s going on. Many banks are signed up for the 159 service, which means if you happen to call this quantity, you will be linked to a professional phoneline to your bank.

These are the banks presently signed up to the 159 service:

• Financial institution of Scotland
• Barclays
• Co-operative Financial institution
• Chase
• First Direct
• Halifax
• HSBC
• Lloyds Financial institution
• Metro Financial institution
• Modulr Finance
• Monzo
• Nationwide Constructing Society
• NatWest
• Revolut
• Royal Financial institution of Scotland
• Santander
• Starling
• Tide
• TSB
• Ulster Financial institution.