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Lloyds Monthly Saver - 13 payments allowed?
anticlaus105
Posts: 475 Forumite
I have a 5% Lloyds monthly saver set up at the end of last may. It now has £3000 in it having made 12 payments.
Am I allowed to make a 13th payment at the beginning of May or will this breach the T&C's?
Am I allowed to make a 13th payment at the beginning of May or will this breach the T&C's?
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Comments
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4.1 Your Account will end on the first anniversary of opening the Account and we will convert the Account into an Easy Saver Account (or similar account if it is no longer available). Your account number will remain the same and we will continue to accept your Standing Order until you cancel it. You can close this account at any time.
Looks like you can only make the 12 payments to get the fixed rate.For myself I am an optimist - there does not seem to be much use being anything else.
Sir Winston Churchill0 -
anticlaus105 wrote: »I have a 5% Lloyds monthly saver set up at the end of last may. It now has £3000 in it having made 12 payments.
Am I allowed to make a 13th payment at the beginning of May or will this breach the T&C's?
I looked at their T&Cs the other day about this as I have one that finishes in a couple of months. I set mine up at the end of the month, and then made the rest of the payments at the beginning of the next month, and thereafter. I couldn't find that you can't make the 13th payment. Unusually for me, I didn't take a screen print of the account details at the time of opening which might have stated otherwise, but I have the T&Cs that were posted out.
1.3 You must agree to set up a standing order into the Account for one payment of between £25 and £250 each calendar month the Account is open (your ‘Standing Order’), the first being within 30 days of you opening the Account0 -
there is nothing in the current T&Cs preventing a 13th payment0
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4.1 Your Account will end on the first anniversary of opening the Account and we will convert the Account into an Easy Saver Account (or similar account if it is no longer available). Your account number will remain the same and we will continue to accept your Standing Order until you cancel it. You can close this account at any time.
Looks like you can only make the 12 payments to get the fixed rate.
That would seem to suggest 13 payments are in fact ok.
My anniversary is the end of May so the 13th payment should earn 5% till it converts to the Easy Saver.0 -
Yes, it was always the case that there was no limit on the number of payments, just limited to one per calendar month and a 12-month time limit.0
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I have just had a 1year monthly saver with Bradford & Bingley mature.
I had to make 13 payments before it matured at the beginning of April.0 -
There is no problem making a 13th payment - at the time it is made, the account will have been converted to an EasySaver, without deposit restrictions.0
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No, the whole point is that that first payment was made soon after opening the account and before the end of the first month, in this case May 09.There is no problem making a 13th payment - at the time it is made, the account will have been converted to an EasySaver, without deposit restrictions.
This allows you to make payments at the beginning of each month from Jun 09 to May 10, a total of 13, all earning 5% before the account is closed and converted on the anniversary later in May.0 -
the last payment is going to make about 70p interest after BR tax, so whether its worth it is up to you0
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I opened one of these on the 29th May last year with a payment of £250. Made my next payment of £250 by standing order on the 1st June and then on the 1st each month. Hoping to get my 13th payment in on the 1st May and 28 days interest.0
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