Lloyds Incentive Saver

melbury

Have given up waiting for a better account to come along and opened a Lloyds Incentive Saver account paying 3.00% gross. Disappointing, was hoping something would come along paying more, but such is life.

At least if any really good accounts do appear, I can get out of it quickly, even though I would lose a whole month's interest.

anamenottaken

melbury wrote: »

Have given up waiting for a better account to come along and opened a Lloyds Incentive Saver account paying 3.00% gross. Disappointing, was hoping something would come along paying more, but such is life.

At least if any really good accounts do appear, I can get out of it quickly, even though I would lose a whole month's interest.

Unlikely to lose a whole month's interest - it is only for the account month in which you make the withdrawal. So that could be a couple of days, say, depending on when you see the rate you want to move to and the time in the account month that you close the Incentive Saver.

melbury

anamenottaken wrote: »

Unlikely to lose a whole month's interest - it is only for the account month in which you make the withdrawal. So that could be a couple of days, say, depending on when you see the rate you want to move to and the time in the account month that you close the Incentive Saver.

This is what it says:

"No interest is paid on the full balance for the month in which a withdrawal is made."

Baldur

melbury wrote: »

This is what it says:

"No interest is paid on the full balance for the month in which a withdrawal is made."

Thought about withdrawing/closing on the 1st of the month?

melbury

Baldur wrote: »

Thought about withdrawing/closing on the 1st of the month?

Good thinking - do you think that would work though?

partlydave

Baldur wrote: »

Thought about withdrawing/closing on the 1st of the month?

I'm sure this account pays interest on the anniversary of opening, so best to close it the day after interest is paid whatever day of the month that is.

Baldur

melbury wrote: »

Good thinking - do you think that would work though?

Don't know - you should have a copy of the Terms & Conditions of the account, I don't.

anamenottaken

melbury wrote: »

This is what it says:

"No interest is paid on the full balance for the month in which a withdrawal is made."

Yes - but if you read the T&C in full rather than one sentence you will see that it defines a month as being the month from the account opening, not a calendar month like 1-30 April.

Given that you were talking about moving your money elsewhere, I assumed you would be closing your account.

So, unless you chose to close your account on the last day of an account month (whenever that would be), you would not lose a full month's interest on the total sum.

You should aim to close the account on the first day of the new month.

If instead of closing the account on the first day of the account month you withdraw all but, say, a nominal £1 on the first day, you would then lose a month's interest on £1.

melbury

partlydave wrote: »

I'm sure this account pays interest on the anniversary of opening, so best to close it the day after interest is paid whatever day of the month that is.

Interest is paid monthly, so I just took it that whenever the account was closed they would perhaps just deduct that amount.

partlydave

melbury wrote: »

Interest is paid monthly, so I just took it that whenever the account was closed they would perhaps just deduct that amount.

I meant to say the monthly anniversary if that is such a thing

vienly

I opened my Incentive saver on the 17th Feb and it has been a whole month now with no interested paid into my account. I've made 4 deposits into the account since the 17th so would of expected interest to be paid today (17th March). Hoping it will be there tomorrow, otherwise will have to give them a call to find out what is happening.

I've made no withdrawels at all since opening the account :mad: