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Lloyds TSB 5% Monthly Saver

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  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    Biggles wrote: »
    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.
    Not 'as soon as the account appears online', I should have said, 'As soon as the first SO has been paid'.
  • dazeruk
    dazeruk Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 13 October 2010 at 11:31PM
    adindas wrote: »
    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

    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.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    dazeruk wrote: »
    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.
    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.
  • johnmoney05
    johnmoney05 Posts: 1,484 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Biggles wrote: »
    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!!!
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thnak you for your time

    I could see the point now.

    ADINDAS
    dazeruk wrote: »
    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.
  • dazeruk
    dazeruk Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Biggles wrote: »
    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.
  • Frogletina
    Frogletina Posts: 3,914 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    dazeruk wrote: »

    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 weeks
    Not Rachmaninov
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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.

    Andy
  • dazeruk
    dazeruk Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    dazeruk wrote: »
    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?
    24 hours is already up and it still isn't showing online.

    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.
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