Lloyds TSB 5% Monthly Saver

paulw98

i take it this account can be closed at any time and you can withdraw your deposits plus the interest accrued even before the 12 month period is up?

adindas

Dear dazeruk and All

We are talking about this post Put it in two deposit close to each on each month and the following month (See the posting below). Is it possible to do it once ? I have not found any way wiwhout the need to log in each month into your a/c to chnage to date.

If we could do it without the need to log in every month, then we could optimise interest rate with the most comfortable way...



#27 triplea35 Old Yesterday, 10:34 PM
Correct me if I'm wrong but I calculate that maximising the interest by making two deposits close to each other in seperate calender months will result in approx 16 pence extra interest.
#[FONT=&quot]3[/FONT] exel1966 11-10-2010, 4:09 PM
Remember to maximise interest gain, open and deposit the first £250 on the last business day of the month and follow up with another £250 on the first business day of the following month and thereafter.

ADINDAS

dazeruk wrote: »

You only need to login once and change the day of the month of the standing order. All the following SO's will be on the new day.

premierfella

dazeruk already answered that - the only clarification that could possibly be needed is that when you phone up to open the account towards the end of the month you select the first payment date for the standing order to be before the end of that month, which would ensure you only need to log in once to change the date for the second and subsequent standing order payments.

As you have already opened your account adindas all this "end of the month" talk is probably of limited interest to you anyway for your Lloyds TSB Monthly Saver - you should get your first £250 in as soon as possible if it is not already in there and then log in and change your standing order payment date for November and beyond to the 1st of the month.

Baldur

adindas wrote: »

If we could do it without the need to log in every month, then we could optimise interest rate with the most comfortable way...

You only need to do it once, for the first Standing Order deposit after the opening deposit, as those two deposits will maximise the potential earnings, i.e. £500 earning interest for most of the first month of the account (last day of opening month, 1st day of following month), instead of 2 x £250 spread over the month - if you mess around with subsequent Standing Orders, you will reduce the earnings potential.

premierfella

paulw98 wrote: »

i take it this account can be closed at any time and you can withdraw your deposits plus the interest accrued even before the 12 month period is up?

Answer: yes. This is the reason for them applying the term about not being able to open another Monthly Saver until the anniversary date is reached (thus preventing those applying for the 5% Monthly Saver closing the account early and opening any 5%+ Lloyds TSB Monthly Saver that in theory, but unlikely in practice IMO, might be launched within the next 12 months).

adindas

Ok, good thank you I could see the point so just for the fisrt 2 installment.

ADINDAS

Baldur wrote: »

You only need to do it once, for the first Standing Order deposit after the opening deposit, as those two deposits will maximise the potential earnings, i.e. £500 earning interest for most of the first month of the account (last day of opening month, 1st day of following month), instead of 2 x £250 spread over the month - if you mess around with subsequent Standing Orders, you will reduce the earnings potential.

smudge450

I've just opened mine by phone,short and sweet.
Surely you want the first SO to go out ASAP then the next SO the first of the month NOV at st.

If my first SO goes out this week I will get interest on £250 added from the day it goes in till the end of this month, thats according to the chap who dealt with me.
Hope thats right

Biggles

smudge450 wrote: »

If my first SO goes out this week I will get interest on £250 added from the day it goes in till the end of this month, thats according to the chap who dealt with me.
Hope thats right

That's it, first SO immediately. Then, as soon as the account appears online you then log in and change the date of the monthly SO to 1st of the month.

frames1_uk

just opened, using the freefone number, thanks

jennifernil

I fancy to open one of these, is the phone line open 24 hours?