Club Lloyds Monthly saver

jennifernil

Is it OK to alter the date of the monthly SO to this account?

OH opened his on the 18th of September, so now has £800 in there, but his pension is paid at the start of the month so it would be better if he moved the payment date to early in the month, is this allowed?

Only reference to dates I can find is the cut off date for the end of the month.

badger09

jennifernil wrote: »

Is it OK to alter the date of the monthly SO to this account?

OH opened his on the 18th of September, so now has £800 in there, but his pension is paid at the start of the month so it would be better if he moved the payment date to early in the month, is this allowed?

Only reference to dates I can find is the cut off date for the end of the month.

Nothing in the product T&C to say SO date can't be changed (or indeed that it must be only 1 SO per month) so he can go ahead and change to a more convenient date.


http://www.lloydsbank.com/legal/savings/club-lloyds-monthly-saver.asp

Archi_Bald

badger09 wrote: »

(or indeed that it must be only 1 SO per month)

You are correct, the "Important Information" does not mention anything about 1 SO per month. I presume this Important Information prevails as it looks like T&Cs.

However, elsewhere on their website, Lloyds say

....You can make as many withdrawals as you like into your Club Lloyds current account, but you can only pay in once a month by standing order

Perhaps the official Lloyds Rep can pick this up and have the website corrected?

badger09

Archi_Bald wrote: »

You are correct, the "Important Information" does not mention anything about 1 SO per month. I presume this Important Information prevails as it looks like T&Cs.

However, elsewhere on their website, Lloyds say



Perhaps the official Lloyds Rep can pick this up and have the website corrected?

Hmmmm

I'm sure you posted this reply much earlier today. In fact, I'm sure I 'thanked' you for it :think:

Lloyds_Bank

jennifernil wrote: »

Is it OK to alter the date of the monthly SO to this account?

OH opened his on the 18th of September, so now has £800 in there, but his pension is paid at the start of the month so it would be better if he moved the payment date to early in the month, is this allowed?

Only reference to dates I can find is the cut off date for the end of the month.

Hi jennifernil,

Yes, the standing order payment to the account can be changed to earlier in the month. As long as the standing order reaches the account by the 25th of each month, it'll be counted as that month's payment.

I hope this helps,

Craig

Lloyds_Bank

Archi_Bald wrote: »

You are correct, the "Important Information" does not mention anything about 1 SO per month. I presume this Important Information prevails as it looks like T&Cs.

However, elsewhere on their website, Lloyds say



Perhaps the official Lloyds Rep can pick this up and have the website corrected?

Hi Archi Bald,

Thanks for the feedback on this. I'll pass it along to the relevant team.

Thanks,

Craig

ceredigion

In the blurb from Lloyds it says


The interest is calculated on the balance of the account each month,


since deposits have to be there by the 25th of the month. Am I right in thinking it makes more sense to make deposits on the 24th as apposed to the 26th.

Archi_Bald

ceredigion wrote: »

since deposits have to be there by the 25th of the month. Am I right in thinking it makes more sense to make deposits on the 24th as apposed to the 26th.

errrm....yes. Why are you asking?

ceredigion

My wife is contemplating opening one, it just occurred to me that £400 could sit there for a month before it was counted for interest. Much better to have that money sitting somewhere else collecting its dues ,before it is paid in to the monthly saver on the last day possible.

YorkshireBoy

ceredigion wrote: »

In the blurb from Lloyds it says


The interest is calculated on the balance of the account each month,

That's probably an attempt at stopping customer calls asking where their £192 interest is (at 4% of £4,800) at the end of the year.

You earn interest at the rate of:

Closing balance x 4% / 365

each and every day.

So the quicker you get your cash in, the larger your interest at the end of the year...hence the question posed earlier about moving the deposit SO forward to the start of the month.

ceredigion

You may well be right yorkshireboy. The actual piece in full says


The interest is calculated on the balance of the account each month, so using the example above, the first month's balance would be £200, the second month £400 etc. and therefore the amount of interest paid will increase over the year in line with the balance of the account.


Can't find any where, where it says interest is calculated daily