Club Lloyds Monthly saver

Archi_Bald

Thank you for that explanation, Craig. If Lloyds know that the money came by SO, it would be really good if they could show the type "SO" rather than "FPI".

System

YorkshireBoy wrote: »

moving the deposit SO back to the start of the month.

You mean bringing it FORWARD, not back?

sparkyspark

Lloyds_Bank wrote: »

Originally Posted by jennifernil OK, so he has now moved the SO from the 18th to the 1st of the month.
The account was opened 18/09/14, so will presumably end 18/09/15. 3 payments of £400 have now gone into the account so far.
If the SO is left to pay every 1st of the month, there will now be 13 payments of £400 into the account by the time it ends next September. A total of £5200.
Is this OK?

Originally Posted by Lloyds Bank
Yes, as noh advised, that's fine.
Craig

Hi Craig, I've opened a monthly saver account today 11th Nov and have set standing order up for tomorrow the 12th for the first payment of £400, and what you are saying is the Standing Order can then be changed to the 1st December making £5200 over the 12 month period.

Just queried this with the financial advisor in branch and he says that as far as he is aware according to their Terms in Branch, only 12 monthly payments can be made in any 12 month period.
Can you clarify please.

Thanks

Lloyds_Bank

Archi_Bald wrote: »

Thank you for that explanation, Craig. If Lloyds know that the money came by SO, it would be really good if they could show the type "SO" rather than "FPI".

No problem. I've passed on your feedback, so thank you for that.

Craig

Lloyds_Bank

sparkyspark wrote: »

Hi Craig, I've opened a monthly saver account today 11th Nov and have set standing order up for tomorrow the 12th for the first payment of £400, and what you are saying is the Standing Order can then be changed to the 1st December making £5200 over the 12 month period.

Just queried this with the financial advisor in branch and he says that as far as he is aware according to their Terms in Branch, only 12 monthly payments can be made in any 12 month period.
Can you clarify please.

Thanks

Hi sparkyspark,

I did check on this when answering jennifernil's query. To clarify, it is possible to change the standing order date to earlier in the month. If that's done then it can potentially result in 13 payments being credited during the term of the Club Lloyds Monthly Saver account and that would be ok. As you've said, based on the standing order being paid each time at a total of £400 each, that would result in a total of £5,200 being saved. Again, that would be ok.

I hope this helps,

Craig

jennifernil

I thought it would probably be OK.

The same scenario happened with the old HBOS regular saver (years back) when you could legitimately make 13 payments, also with the Halifax Kids Regular Saver.

kowalski2

Hi Craig, is there an optimum day of the month to join and open the Monthly Saver account? Is interest calculated daily? eg. Would the 24th of the month be the best time to maximise profit?

YorkshireBoy

kowalski2 wrote: »

Hi Craig

Don't restrict your options.

is there an optimum day of the month to join and open the Monthly Saver account?

The sooner the better.

Is interest calculated daily?

That's what it says in the T&Cs, yes.

eg. Would the 24th of the month be the best time to maximise profit?

No.

Lloyds_Bank

kowalski2 wrote: »

Hi Craig, is there an optimum day of the month to join and open the Monthly Saver account? Is interest calculated daily? eg. Would the 24th of the month be the best time to maximise profit?

Hi kowalski2,

The interest is calculated on a daily basis and paid once a year on the anniversary of the account opening.

It's entirely up to you when you open the account (if you do wish to open one). As interest is calculated daily, the longer a balance is held in the Club Lloyds Monthly Saver account, the more days of interest will be received. However, providing the standing order reaches the account by the 25th of each month, the full amount of interest due on the balance will be paid. You are able to arrange your standing orders to meet your needs and any amount placed in the account will have interest applied to it.

Thanks,

Craig

PParka

Hi,
When I opened my Lloyds monthly saver I make a £400 faster payment on the 29th. I then realised I had to use a standing order, so set one up for the 8th of each month.
Any ideas what will happen about the extra payment I made in the first monthly period? Will I still receive interest on it?