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Lloyds TSB 5% Monthly Saver
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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="]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
Perhaps giving my strategy will help explain.
I'll leave opening my account until the end of the month. Not sure how quickly the admin staff get these accounts open, so will probably ring 28th October. Get my first standing order set for the 29th. Once that has gone through, I'll log onto my account and change the standing order date from 29th to the 1st. The next payment will then go out on the 1st November, as will all the following payments. (You don't have to amend each payment separately)
Payments will then be (ignoring weekends and bank holidays etc)
29th October
1st November
1st December
1st January
1st February
1st March
1st April
1st May
1st June
1st July
1st August
1st September
1st October
Account matures 28th October 2011
I've therefore managed to get £500 (almost) earning 5% for a full year and also 13 payments into the account.0 -
Perhaps giving my strategy will help explain.
I'll leave opening my account until the end of the month. Not sure how quickly the admin staff get these accounts open, so will probably ring 28th October. Get my first standing order set for the 29th.
1 You might not get your first SO taken within the same month as you open it. I rang, and they opened my account, on 13 Oct and they insisted on setting the SO for 18 Oct. If I'd pushed, I might have got it a day or two earlier but you are relying on them doing it the very next day, which is unlikely. But 28 Oct is a Thu and the following Mon is in Nov.
2 If the account is popular (which it will be), it may be withdrawn or the interest rate reduced before 28 Oct. I preferred not to take that chance.0 -
Two problems with that.
1 You might not get your first SO taken within the same month as you open it. I rang, and they opened my account, on 13 Oct and they insisted on setting the SO for 18 Oct. If I'd pushed, I might have got it a day or two earlier but you are relying on them doing it the very next day, which is unlikely. But 28 Oct is a Thu and the following Mon is in Nov.
2 If the account is popular (which it will be), it may be withdrawn or the interest rate reduced before 28 Oct. I preferred not to take that chance.
Total agree!!!0 -
Thnak you for your time
I could see the point now.
ADINDASPerhaps giving my strategy will help explain.
I'll leave opening my account until the end of the month. Not sure how quickly the admin staff get these accounts open, so will probably ring 28th October. Get my first standing order set for the 29th. Once that has gone through, I'll log onto my account and change the standing order date from 29th to the 1st. The next payment will then go out on the 1st November, as will all the following payments. (You don't have to amend each payment separately)
Payments will then be (ignoring weekends and bank holidays etc)
29th October
1st November
1st December
1st January
1st February
1st March
1st April
1st May
1st June
1st July
1st August
1st September
1st October
Account matures 28th October 2011
I've therefore managed to get £500 (almost) earning 5% for a full year and also 13 payments into the account.0 -
Two problems with that.
1 You might not get your first SO taken within the same month as you open it. I rang, and they opened my account, on 13 Oct and they insisted on setting the SO for 18 Oct. If I'd pushed, I might have got it a day or two earlier but you are relying on them doing it the very next day, which is unlikely. But 28 Oct is a Thu and the following Mon is in Nov.
2 If the account is popular (which it will be), it may be withdrawn or the interest rate reduced before 28 Oct. I preferred not to take that chance.
Thanks for the information.
How long did it take for the account to get opened after you rang?
The terms and conditions state that transfer of money into this account must be by standing order.
Could you not have set up an earlier SO yourself once you had the account details to get the first payment into the account? You could then cancel the one set up by Lloyds.
If the Lloyds SO was set up with the account could you not just have changed the date?
Has anyone opened one of these in branch? What was the time scale doing it that way?
(I'm sure when I opened my previous one in branch, it was up and functioning by the time I got back to the office and logged in online.)
I think I'm probably being optimistic leaving it so late in the month to open an account. I may pop in branch to ask their advice on getting the account open close to my pay day.0 -
Has anyone opened one of these in branch? What was the time scale doing it that way?
(I'm sure when I opened my previous one in branch, it was up and functioning by the time I got back to the office and logged in online.)
I think I'm probably being optimistic leaving it so late in the month to open an account. I may pop in branch to ask their advice on getting the account open close to my pay day.
I went into a branch and it was set up by them online straight away. The standing order was set up for the next day but I could have changed it when I got home but didn't as I wanted to start getting my 5% straight away rather than getting little interest on the first £250 for over 2 weeksNot Rachmaninov
But Nyman
The heart asks for pleasure first
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I opened mine by phone on Tuesday 12th October.
The earliest they would set up the Standing order for is Friday 15th October.
Andy0 -
Frogletina wrote: »I went into a branch and it was set up by them online straight away. The standing order was set up for the next day but I could have changed it when I got home but didn't as I wanted to start getting my 5% straight away rather than getting little interest on the first £250 for over 2 weeks
Thanks for the information.
Seems like opening in branch is a lot quicker than over the phone.0 -
How long did it take for the account to get opened after you rang?
The terms and conditions state that transfer of money into this account must be by standing order.
Could you not have set up an earlier SO yourself once you had the account details to get the first payment into the account? You could then cancel the one set up by Lloyds.
If the Lloyds SO was set up with the account could you not just have changed the date?
As I won't have the account number until it's set up, I can't set up a SO. But, obviously, once the account appears online I will bring forward the first SO (hopefully to tomorrow), then altering it to 1st of the month.0
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