Lloyds TSB instant access monthly saver 8%

$17mma

My husband is opening his account on Monday in branch (as advised by lipidicman) with £750 cash. And will be setting the standing order for 1st July then changing it thereafter to the end of the month.Is he opening the account too early in the month to gain the additional interest as advised by Lipidicman that you would gain if you open at the end of the month? Just that with it going live I dont want him to miss out incase they change terms and condits or anything.

grumbler

$17mma wrote:

My husband is opening his account on Monday in branch (as advised by lipidicman) with £750 cash. And will be setting the standing order for 1st July then changing it thereafter to the end of the month.

I think the best way is to set the first SO for the closest date after opening the account and then change it to the beginning of the month ...

$17mma

grumbler wrote:

I think the best way is to set the first SO for the closest date after opening the account and then change it to the beginning of the month ...

Then that would be the 1st of July...........He is opening the account next Monday with cash depositing £750 (if that is allowed) so the first standing order will be 1st July then changed after to later in the month.What I need to know is should he wait and open the acconut later in the month to benefit from what lipidicman says (extra interest)? Thanks

grumbler

No. If he is opening the account on Monday(19), the first SO can be set, for example, for Wednesday(21) or even Tuesday. However, if he asks to set the SO in a branch, it can take many days to be done. In this case I wouldn't risk and ask to set it for the 30th. If he already has a current account and online banking with Lloyds it is better to DIY and set the SO online.

$17mma

grumbler wrote:

No. If he is opening the account on Monday(19), the first SO can be set, for example, for Wednesday(21) or even Tuesday. However, if he asks to set the SO in a branch, it can take many days to be done. In this case I wouldn't risk and ask to set it for the 30th. If he already has a current account and online banking with Lloyds it is better to DIY and set the SO online.

OKSo he will be unable to pay £750 cash too open the account which will include 1st SO? Also will he benefit from the additional interest that lipidicman mentions by opening the acct late in the month and maximising the balance as quickly as possible?

grumbler

$17mma wrote:

OKSo he will be unable to pay £750 cash too open the account which will include 1st SO?

Yes, initial deposit is £500 and £250 must be paid by a SO.

Also will he benefit from the additional interest that lipidicman mentions by opening the acct late in the month and maximising the balance as quickly as possible?

On the page 7 of this thread I agreed that lipidicman was right in advising this.

$17mma

grumbler wrote:

Yes, initial deposit is £500 and £250 must be paid by a SO. On the page 7 of this thread I agreed that lipidicman is right in advising this.

Grumbler thanks for your numerous responses and for confirming that you agree with lipidicman on the extra interest gained by opening the account at the end of the month, but will my husband benefit from this opening the account next week?I presume no because you have not stated a definitive yes?

grumbler

Personally, I wouldn't wait untill the end of the month. However, it is right that (if everything is done correctly) you husband can have a little more interest over 24-months period starting at the end of a month than over 24-months period starting in the middle or in the beginning of a month.

lipidicman

Thanks for covering that whilst I was away Grumbler!. Yep, the later in the month the better, but dont risk not getting that first SO in. I would go for late next week (23rd?)

The only problem may be Lloyds definition of calendar month as discussed earlier......I think that is unenforceable though and if they are sticking to it then their literature is not clear enough on this matter

$17mma

lipidicman wrote:

Thanks for covering that whilst I was away Grumbler!. Yep, the later in the month the better, but dont risk not getting that first SO in. I would go for late next week (23rd?)

The only problem may be Lloyds definition of calendar month as discussed earlier......I think that is unenforceable though and if they are sticking to it then their literature is not clear enough on this matter

I have booked him in with appointment at nearest branch with an account opener on Saturday 24th, they said that he will be able to deposit in cash £500 to open the account and then any day after 24th a cash deposit of £250, they also said that his internet banking info will take around 3 working days to be sent then he can hopefull set up his standing order online by 29th for the following month.

Does anyone feel that this will not be enough time to get the internet banking info in time to set up standing order for 2nd or even 3rd of July? Also I am a bit dubious as to whether they will let him deposit cash of £250 after he has opened the saver... not sure if he was given the correct information there.