New Lloyds Club current account

mary

I am aware of the benefit of depositing at the end of the month and then again at the beginning of the second month, but have you checked in the T&Cs whether you will fall foul of their rules by making 13 deposits? You need to be careful. Santander used to think that a year consisted of 13 months for their RS in the past, but that's Santander!!

Jogle

mary wrote: »

I am aware of the benefit of depositing at the end of the month and then again at the beginning of the second month, but have you checked in the T&Cs whether you will fall foul of their rules by making 13 deposits? You need to be careful. Santander used to think that a year consisted of 13 months for their RS in the past, but that's Santander!!

They don't say how many payments you have to make but they do state that you must make a deposit every calendar month, meaning that everyone would need to make 13 deposits. I do think that there is the possibility that this will have to be argued at the end but it does state "You must set up a standing order to pay an amount of between £25 and £400 into the Account each calendar month it is open"

Wheres_My_Cashback

Archi_Bald wrote: »

They probably don't know what they are talking about. This problem has existed for months. I


Can't follow you, sorry. How does not having £400 in the account until 23rd April-ish pay me more interest than if I had the £400 in the account all of April? The 12 months clock starts ticking on the day of account opening. Depositing between now and the 25th of April counts as a monthly deposit for April.

Example - Make 1st deposit today then can't make next until 1st May, therefore you have £400 for 30 (nominal) days interest and so on.

Example2 - Make 1st deposit 25th, next 1st, therefore you have £800 for 25 days and so on.

You are effectively gaining nearly an extra months (25days) interest on your money throughout the year.

Nothing in T&C's to prevent. It's a well known way to operate most RS accounts apart from the odd one that stipulate against this.

Wheres_My_Cashback

Jogle wrote: »

I noticed that in the T&Cs. I deposited yesterday and made the second payment went in today and, in order to deposit every month as per the T&Cs, I will have to make 13 deposits in total

Not sure quite how they'll see that as T&C's stipulate deposit MUST be received by 25th. You have now made 2 deposits in 1 so they may return one payment as T&C's states. You'll have to wait and see.

Other RS accounts in the past have had cut off dates to receive funds by, but only so people don't make 2 deposits like this. they may well choose to ignore.

typistretired

This post about regular savings has caught my attention as I opened on the 26th June 2013, a Principality Regular Saver which allows you to pay £500 a month and will pay 3% gross interest . It is funded by standing order for the 1st of each month, so another £500 went into it on the 1st July 2013. Wondering now if a payment will go out on the 1st of June or the 1st May 2014 will be the last payment.

Jogle

Wheres_My_Cashback wrote: »

Not sure quite how they'll see that as T&C's stipulate deposit MUST be received by 25th. You have now made 2 deposits in 1 so they may return one payment as T&C's states. You'll have to wait and see.

Other RS accounts in the past have had cut off dates to receive funds by, but only so people don't make 2 deposits like this. they may well choose to ignore.

You are quite correct, it does say that the deposit has to be before 25th of the month to be counted for that month.

I was wondering how I missed that, then I read the page of which I took a copy ("Club Lloyds Monthly Saver Important Information" which says it is "Club Lloyds Monthly Saver conditions" available here which is the page in the application process that you have to agree that you have read), to me that is the one which should set out all the terms and that page doesn't set out that term regarding the 25th.

oldfella

the restrictions on deposit all refer to calendar month, and the blurb says you can change your SO at any time, so I dont see an issue in making the first deposit around the 23rd, and the next on the 1st of the following month.

Careful_ly

typistretired wrote: »

This post about regular savings has caught my attention as I opened on the 26th June 2013, a Principality Regular Saver which allows you to pay £500 a month and will pay 3% gross interest . It is funded by standing order for the 1st of each month, so another £500 went into it on the 1st July 2013. Wondering now if a payment will go out on the 1st of June or the 1st May 2014 will be the last payment.

You are in control of the payments, as they are by standing order.
The last one needs to be sent in May, Principality do not allow an extra payment.

GingerFurball_2

Jogle wrote: »

You are quite correct, it does say that the deposit has to be before 25th of the month to be counted for that month.

I was wondering how I missed that, then I read the page of which I took a copy ("Club Lloyds Monthly Saver Important Information" which says it is "Club Lloyds Monthly Saver conditions" available here which is the page in the application process that you have to agree that you have read), to me that is the one which should set out all the terms and that page doesn't set out that term regarding the 25th.

I'm pretty sure the 25th is recommended rather than as a hard and fast rule to guarantee that weekends/bank holidays don't get in the way and stuff up the "1 payment a month" rule.

johnk

I have a fee-waived Platinum account and a classic Vantage. I'm trying to upgrade the Vantage but it kept upgrading my platinum. Seems I cannot have another added-value account if I join the Club. Anyone else got the same, or did I misunderstood?