Lloyds TSB December interest not showing yet

robjo2

If I tansfer £1K from my Vantage account into my online savings account and then straight back to the Vantage would this count as "paying money into the account"? My salary (normally paid at the beginning of the month) was paid in on Dec 31 and won't count for the January interest so I need to make that £1K payment.

D1zzy

robjo2 wrote: »

If I tansfer £1K from my Vantage account into my online savings account and then straight back to the Vantage would this count as "paying money into the account"? My salary (normally paid at the beginning of the month) was paid in on Dec 31 and won't count for the January interest so I need to make that £1K payment.

Yes - that's all I ever do -shuffle £1k through my vantage accounts, no new money ever goes in.

D1zzy

LittleVoice wrote: »

So that means it counts for the previous month. You have met the conditions for being paid the higher rate for the month which is then just ending (in LTSB account terms).

So if you pay in £1K on 1 January, you meet the requirement for December. January conditions will be met if you pay in on 1 February.

So this month - when I forgot (New year's day and all that...) - I won't have met the conditions for December, so should expect no interest? (If that is the case - they will be hearing from me, big time!!!):mad:
Where in Ts and Cs -does it say the month starts on 2nd? (I know for interest calculations, if the month end is at a weekend the daily interest calc is extended to the first working day of the next month)

LittleVoice

See post #6 in this thread for link with reference to second day.

Second WORKING day in January is not until 5 January. So if your £1K is in by 4 January, you should be OK for December calculation.

D1zzy

LittleVoice wrote: »

See post #6 in this thread for link with reference to second day.

Second WORKING day in January is not until 5 January. So if your £1K is in by 4 January, you should be OK for December calculation.

The link says interest is calculated from the second working day, not that the £1k should be paid in on or after the 2nd working day - I have always read that as the payment should be made anytime in the calendar month and as long as the credit has a date in the month that fullfills the conditions.

LittleVoice

D1zzy wrote: »

The link says interest is calculated from the second working day, not that the £1k should be paid in on or after the 2nd working day - I have always read that as the payment should be made anytime in the calendar month and as long as the credit has a date in the month that fullfills the conditions.

I agree it's not clear. It was much clearer for the Classic Plus. Perhaps we shall find out if you do get the higher rate of interest this week in respect of December. Any way it is safest to work on the basis of them applying the second working day formula.

oldfella

maybe safest to move the £1000 once interest has been paid for previous month

savetilibleed

oldfella wrote: »

maybe safest to move the £1000 once interest has been paid for previous month

I decided yesterday to change my S/O dates to 5th of the month as that ought to be after the interest is paid, just in case it does matter.

Jock_Tight

Anyone got their December interest yet then?

Mine is still not showing on my accounts online.

(Bank holiday in Scotland today)

savetilibleed

Interest not showing yet in my account for December either.