New Lloyds Club current account

Archi_Bald

ceredigion wrote: »

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 .

I expect this will apply to me but I admit I didn't think of the potential £1,000 rule.

Steve_xx

ceredigion wrote: »

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 .

Yes I see your point. But, if you are accruing during the tax year 2015 to 2016, albeit say from 10th April 2015, then you get to the 1k limit sooner in the 2016 to 17 tax year, for what it's worth!

ceredigion

Steve_xx wrote: »

Yes I see your point. But, if you are accruing during the tax year 2015 to 2016, albeit say from 10th April 2015, then you get to the 1k limit sooner in the 2016 to 17 tax year, for what it's worth!

Don't see how you are getting your £1000 allowance a year earlier , all you are doing is pushing your total tax liability ever higher for year 16/17.
It remains to be seen , how the government intend to recoup this money , if they do it through the tax code system for PAYE employees ,you may well regret it as you will pay too much the year after. On the flip side if you are self employed and doing self assessment to have the regular saver pay out after april 6th 16, you may not have to pay the tax liability until the beginning of calendar year 2018. So you can invest that money for 20 months before having to pay it.

Steve_xx

ceredigion wrote: »

Don't see how you are getting your £1000 allowance a year earlier , all you are doing is pushing your total tax liability ever higher for year 16/17.
It remains to be seen , how the government intend to recoup this money , if they do it through the tax code system for PAYE employees ,you may well regret it as you will pay too much the year after. On the flip side if you are self employed and doing self assessment to have the regular saver pay out after april 6th 16, you may not have to pay the tax liability until the beginning of calendar year 2018. So you can invest that money for 20 months before having to pay it.

Well it's hardly a kings ransom but I reckoned that by having interest accrued this year, but not credited until soon after 6 April 2016 would gain you some of your 1k tax free interest sooner in the tax year. No overall advantage really, perhaps just a sooner advantage.

Frogletina

I have a standing order set up for 3rd of each month from my Club Lloyds to the monthly saver.

I rang today to check when it would go through (I assumed delayed due to the bank holiday) and was told that it would go through on Tuesday with Tuesday's date.

When I said that I would lose interest if that was the case the adviser said he would put the payment through but luckily he realised that it had to be by standing order, as of course he should have known at the outset.

Surely he is incorrect about the loss of interest on money that should have been transferred on 3rd April. It is my last payment so I want things to go smoothly so I can open another monthly saver when this one finishes.

Update

Well, my monthly payment has gone in with the date of 7th April. Not sure why I should lose 3 days of interest on my last payment due which would give me the most interest of all payments to date.

frogletina

vixen1500

Unable to reopen monthly savers - apparently now only allowed to have 1 single or 1 joint unlike last year when allowed to have joint plus one single.
Have to wait until joint one matures before we can open 2 singles.
Always changing the goal posts.
Getting difficult to find anywhere to put your money and get any interest

GingerFurball_2

That's always been the condition as far as I know. You can only hold 1 monthly saver, whether that's in joint or sole names.

jonesMUFCforever

Frogletina wrote: »

I have a standing order set up for 3rd of each month from my Club Lloyds to the monthly saver.

I rang today to check when it would go through (I assumed delayed due to the bank holiday) and was told that it would go through on Tuesday with Tuesday's date.

When I said that I would lose interest if that was the case the adviser said he would put the payment through but luckily he realised that it had to be by standing order, as of course he should have known at the outset.

Surely he is incorrect about the loss of interest on money that should have been transferred on 3rd April. It is my last payment so I want things to go smoothly so I can open another monthly saver when this one finishes.

Update

Well, my monthly payment has gone in with the date of 7th April. Not sure why I should lose 3 days of interest on my last payment due which would give me the most interest of all payments to date.

frogletina

With a maximum loss beore tax of 12p don't you think you are over reacting?

vixen1500

GingerFurball wrote: »

That's always been the condition as far as I know. You can only hold 1 monthly saver, whether that's in joint or sole names.

Well we have been paying into 3 for the last year - the 2 single accounts finished on the 8th, but the joint runs until 20th may. Just been told that we are now only allowed 1 each or 1 joint but can't apply until after 20th may

Frogletina

jonesMUFCforever wrote: »

With a maximum loss beore tax of 12p don't you think you are over reacting?

so it seems...

frogletina