Lloyds TSB Young Savers Account Reviews

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★★☆☆☆
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Lloyds TSB Young Savers Account

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★☆☆☆☆

“Go elsewhere!”

Written on: 22/02/2014

We opened a Young Savers Account with Lloyds TSB, now TSB 4 months ago for our toddler son. It took a while to do the paperwork, but the member of staff was helpful, telling us we'd receive our passbook int the post in a couple of weeks and told us which HMRC form to complete to get interest gross. 4 months later - no passbook. The staff now say there is no passbook or paying in book with the account. We've received nothing from them, not even a welcome letter, to confirm the account… Read Full Review

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★☆☆☆☆

“Opening a young savers”

Written on: 14/07/2012 by cs2909p (1 review written)

The Lloyds TSB staff at Ely (Cambs) are the most incompetent bunch of individuals. I made three visits to the branch as there is no online application. Visit 1: I was told I just need my ID and my 2month old daughter's birth certificate and that I don't have to queue when I come back. Also they said it doesn't matter if I don't already bank there. Visit 2: the unhelpful receptionist informs me I need to bring my daughter in (who is only 2months- why?? ) + I have to be banking there already… Read Full Review

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★☆☆☆☆

“took ages waiting for an assistant for us to open the...”

Written on: 08/01/2010

took ages waiting for an assistant for us to open the account,then there was no real need for my daughter to be there as well.
nothing was given away as a free gift and when i mentioned a money box i was told they had ran out of them!
after 3 months we are still waiting on paying in books and anything else to arrive.
when i telephoned to ask where they were i was told they couldnt deal with it over the phone i would need to go in!!
i shall cancel the account + another one for my son which was… Read Full Review

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Wmb194's Comment

Written on: 21/06/2012

It's still early days but I haven't had the same problems. I had to wait five minutes for someone to assist me in the branch, I ordered the paying in book via Lloyds' online self service web pages (choose the current account option and enter your details) and they did have the money box... As ever, when it comes to going into branches, the experience can be very different depending on luck and who you speak to.

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Cs2909P's Comment

Written on: 14/07/2012

I share your pain. I would can cancel. You may experience the same incompetence through the life of the account

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☆☆☆☆☆

“Having checked on the Lloyds website to find out...”

Written on: 20/02/2008 by sas33 (1 review written)

Having checked on the Lloyds website to find out exactly what it was I needed to take with to open the account you can perhaps understand why I was a little annoyed that it failed to mention the child. On enquiring about opening an account for my son I was told that I would need to have my son with me. When I explained that my son was 7 months old and asked why it was necessary the advisor had to go and check with another advisor. Finally she came back to me and said that it was possible to… Read Full Review

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Cs2909P's Response to 346345_sas33's Review

Written on: 14/07/2012

Similar thing happened to me. They told me different things each of my 3 visits there. So did not open account

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☆☆☆☆☆

“I took my two sons in to open accounts for their...”

Written on: 15/02/2008

I took my two sons in to open accounts for their Christmas money. They would like to use the accounts for themselves, as practice for later. The accounts took absolutely ages to set up although the staff were lovely and the boys got nothing tangible to show them that they had paid something in (like a pass book). I had to phone up after 4 weeks to just get their paying in books and then they took another two weeks to arrive.. Not a good start with the banking experience... Will try building… Read Full Review

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☆☆☆☆☆

“My account had to be re-opened 4 times in 3 years, as...”

Written on: 14/01/2007 by powellmade (1 review written)

My account had to be re-opened 4 times in 3 years, as it was classed as dormant - need to keep putting money in regularly - involved numerous visits with I.D., and then it got really bad when I changed the children's names after marriage! Also charged tax on their interest at the ages of 8 and 4, though don't know whether this is standard under the current government. Lloyds TSB are impossible to reach by phone. I wouldn't recommend them or their Young Savers Account… Read Full Review

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Wmb194's Response to 274475_powellmade's Review

Written on: 21/06/2012

To register for gross interest you need to fill in an R85 form on behalf of your children and then post of pass by hand at a Lloyds branch, otherwise they'll be taxed at 20%. If they do pay tax and their income is below the personal allowance it can be reclaimed from the HMRC - see their website.

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★☆☆☆☆

“Be careful as a parent or signatory, because when the...”

Written on: 09/11/2006 by cunim (1 review written)

Be careful as a parent or signatory, because when the child reaches 16 it automatically transfers for them to sign. I had no notice of this. My mother died 5 years ago and she had opened 2 Lloyds TSB Young Saver accounts for my children. I took her death certificate to the bank and I was the signatory. The government asks us to save for the kids, and this is what I was doing. I then paid for a college course for my daughter and told her her savings would pay. I went to take money out and they… Read Full Review

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☆☆☆☆☆

“Use Lloyds TSB if you are willing to wait an hour to...”

Written on: 25/09/2006 by mommabongo (1 review written)

Use Lloyds TSB if you are willing to wait an hour to set up a savings account and be made to feel like a money launderer. This was me trying to set up an account for my new born daughter. Also I wanted to change the signatory on my son's account as my husband cannot get into the branch (due to them closing our local one). The only way we can do it is by closing down my son's account, withdrawing all the money, opening another account and putting the money back in!! Bizarre. I shall be closing… Read Full Review

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☆☆☆☆☆

“I opened a Lloyds TSB Young Savers account for my son...”

Written on: 03/05/2006 by noddy2103 (1 review written)

I opened a Lloyds TSB Young Savers account for my son with his christening money, and just put monies in as and when it mounted up. I received a letter saying that there had been no recent activity on the account, and if no contact was made the account would be closed. I phoned them up and they said that everything was fine. A few months later I went to pay in some monies and was informed that the account had been closed. I explained I had phoned them, and they said in order to reopen the… Read Full Review

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