New Lloyds Club current account

badger09

I opened my new Club Lloyds Monthly saver through in my internet banking yesterday. At the end of the application, I followed a link to 'Now fund your account' but wasn't able to either make a transfer or set up a SO from the Club Lloyds current account as the new saver didn't appear in the drop down menus.

I made the initial transfer through telephone automated (UGH) banking but the account balances took several hours to show correctly:(

I haven't yet set up the SO as the new saver still doesn't appear as an option. It might be that its not updating due to Bank Holiday? If it doesn't appear, I'll just enter SO details myself.

colsten

For reasons only Lloyds will understand, you need to treat the Monthly Saver like a non-Lloyds account.

badger09

colsten wrote: »

For reasons only Lloyds will understand, you need to treat the Monthly Saver like a non-Lloyds account.

Really? I don't remember that from last time But then I don't remember a lot these days

I'll do it now, in case I forget

typistretired

badger09 wrote: »

Really? I don't remember that from last time But then I don't remember a lot these days

I'll do it now, in case I forget

Made me laugh good to see a thread from someone with a sense of humour.

Steve_xx

colsten wrote: »

For reasons only Lloyds will understand, you need to treat the Monthly Saver like a non-Lloyds account.

Yes I agree. I fund my Lloyds Monthly Saver from Santander.

vixen1500

Had the same problem last year trying to set up the standing orders for our accounts -called in at the local branch and they sorted it for me.
Due to open new accounts next week, so this info is really useful
Many thanks

Archi_Bald

colsten wrote: »

For reasons only Lloyds will understand, you need to treat the Monthly Saver like a non-Lloyds account.

That's correct, and I seem to remember it was also the case on the regular saver they had before the Club Lloyds one, and the one that BOS used to have.

I set up my 2nd Club Lloyds RS on March 31st, together with an SO from my Club Lloyds current account. The earliest the SO could be done was the next working day, April 1, and the SO got executed as expected.

Steve_xx wrote: »

Yes I agree. I fund my Lloyds Monthly Saver from Santander.

That's correct, too, they do accept SOs from non-Lloyds current accounts as well. The Lloyds Rep has confirmed this some time ago IIRC. Though this isn't what colsten was talking about.

Steve_xx

Archi_Bald wrote: »

I set up my 2nd Club Lloyds RS on March 31st, together with an SO from my Club Lloyds current account. The earliest the SO could be done was the next working day, April 1, and the SO got executed as expected.

My Lloyds Monthly Saver ended on 2nd April. I've decided not to renew it until about 10th April. Then I reckon that come April 10th 2016 that I'll get the interest credited gross as the new rules regarding interest on savings will have kicked in by then.

You'll miss out on that,won't you?

ceredigion

Steve_xx wrote: »

My Lloyds Monthly Saver ended on 2nd April. I've decided not to renew it until about 10th April. Then I reckon that come April 10th 2016 that I'll get the interest credited gross as the new rules regarding interest on savings will have kicked in by then.

You'll miss out on that,won't you?

All though in your circumstances that might make sense. But on the other hand if you are going to earn more than £1000 in interest in year 16/17. It isn't going to make any difference .

ceredigion

In a similar vain , can someone confirm my reasoning .
If we take LLoyds as an example , both club Lloyds and the regular saver are paying 4% . If you are going to earn more than £1000 in interest year 16/17 , would you be better off with your money in a current account for the year because the interest would be paid monthly with no tax deducted at source so then you can then take what will be the tax liability and compound that for the year until you have to pay the tax back. I know the figures will be tiny but just makes you wonder what's possible , if of course my reasoning are right .