Club Lloyds Monthly Saver

ramjug

Hello,

I was thinking of opening the above account ( I do have Club Lloyds account with them). Only thing which i am not sure is, I quote 'Save between £25 and £400 every month via standing order'

Does the money into Monthly saver need to come as standing order. I don't know how much i'll be saving each month so dont want to set it up as standing order and also cant seem to find about if i miss my monthly payment, will i still be getting interest on my balance for that month or for that month i wont get any interest.(as its generally with other monthly savers)

Thanks
Jay

eskbanker

The summary Ts & Cs at http://www.lloydsbank.com/savings/club-lloyds-monthly-saver.asp make it clear that "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" but also "If you miss a payment it cannot be made up" without any reference to penalties for this. I can't see anything that says the monthly payments have to be equal so there shouldn't be anything to stop you varying the SO amount each month....

kidmugsy

eskbanker wrote: »

I can't see anything that says the monthly payments have to be equal so there shouldn't be anything to stop you varying the SO amount each month....

So you might use the max in the early months and reduce to the min for the last few? That sounds rather useful for some people.

badger09

ramjug wrote: »

Hello,

I was thinking of opening the above account ( I do have Club Lloyds account with them). Only thing which i am not sure is, I quote 'Save between £25 and £400 every month via standing order'

Does the money into Monthly saver need to come as standing order. I don't know how much i'll be saving each month so dont want to set it up as standing order and also cant seem to find about if i miss my monthly payment, will i still be getting interest on my balance for that month or for that month i wont get any interest.(as its generally with other monthly savers)

Thanks
Jay

Why don't you set up your SO for £25 per month (or whatever higher minimum you know you can save) then if you find you have spare cash, simply adjust next month's SO.

It takes no time at all to change a SO

butterflymum

And remember, the SO can come from an account at another bank, it doesn't have to come from your Club Lloyds current account.

Lloyds_Bank

ramjug wrote: »

Hello,

I was thinking of opening the above account ( I do have Club Lloyds account with them). Only thing which i am not sure is, I quote 'Save between £25 and £400 every month via standing order'

Does the money into Monthly saver need to come as standing order. I don't know how much i'll be saving each month so dont want to set it up as standing order and also cant seem to find about if i miss my monthly payment, will i still be getting interest on my balance for that month or for that month i wont get any interest.(as its generally with other monthly savers)

Thanks
Jay

Hi Jay.

As a few others have mentioned, credits into the Club Lloyds Monthly Saver need to be made as standing orders. If the amount you'll be saving each month is likely to change, just make sure you amend your standing order as needed.

Interest is paid once a year on the anniversary of opening the account. You can find all the information about the account here.

Hope this helps

James

psychic_teabag

The account allows penalty-free withdrawals, so (depending very much on your circumstances) you could set the SO to the upper end of the range you will be saving, and withdraw the excess.

Archi_Bald

Not a good idea if the SO makes your source account go overdrawn etc.

ramjug

changing this SO is a bit turnoff for me. It would have been simple, if Lloyd would have allowed simple transfer upto maximum amount/month value rather than adding this SO clause to it.

Steve_xx

ramjug wrote: »

changing this SO is a bit turnoff for me. It would have been simple, if Lloyd would have allowed simple transfer upto maximum amount/month value rather than adding this SO clause to it.

I can't see anything in the terms that state you cannot make more than one payment per month into the account. So maybe you could do a SO for what you know you can afford and then set up a secondary one in those months when you feel you can afford more? As long as you don't go over the £400 maximum in any one month then you should be ok to do that.

I note that you cannot feed this from another Lloyds savings account, but I assume that you could feed it from the Lloyds Club account as this is a current account and not a savings account!

Lloyds_Bank

Steve_xx wrote: »

I can't see anything in the terms that state you cannot make more than one payment per month into the account. So maybe you could do a SO for what you know you can afford and then set up a secondary one in those months when you feel you can afford more? As long as you don't go over the £400 maximum in any one month then you should be ok to do that.

I note that you cannot feed this from another Lloyds savings account, but I assume that you could feed it from the Lloyds Club account as this is a current account and not a savings account!

Hi Steve_xx,

With the Club Lloyds Monthly Saver, it's only possible to pay in once a month by standing order. That standing order can come from a Club Lloyds current account.

Thanks,

Craig