Club Lloyds Monthly saver

anna42hmr

Lloyds_Bank wrote: »

Hi PParka,

Interest won't be paid on the £400 credited as a Faster Payment.

Thanks,

Craig

are you sure about that? I pay via standing order via a tesco current account, it shows as a standing order on tesco but as they use faster payments to process the standing order, by time it hits my lloyds monthly saver shows as a FPI?

if what you have said is true then explain why I received the correct rate of interest earlier this month on the maturity of my first club lloyds monthly saver

I am now on my second and paying exact same way, so will be very unhappy if you suddenly do not pay interest on the second month saver when no terms have changed and i have processed payments same way as before!

Carnival789

anna42hmr wrote: »

are you sure about that? I pay via standing order via a tesco current account, it shows as a standing order on tesco but as they use faster payments to process the standing order, by time it hits my lloyds monthly saver shows as a FPI?

if what you have said is true then explain why I received the correct rate of interest earlier this month on the maturity of my first club lloyds monthly saver

I am now on my second and paying exact same way, so will be very unhappy if you suddenly do not pay interest on the second month saver when no terms have changed and i have processed payments same way as before!

Craig mentioned in an earlier response that, although payments may show as a faster payment upon hitting your savings account, their system can tell that it was originally a standing order so no need to worry!

Lloyds_Bank

colin32 wrote: »

This is very worrying for me. I have been funding my monthly saver from my Nationwide Flexaccount for all 12 payments. I set up a regular payment with Nationwide to fund the Lloyds saver on the 5th of every month and on checking my Lloyds account I notice that each payment is shown as FPI(Faster Payment Incoming).
Does this mean that I will receive no interest at all on my £4800?

Hi colin32 & anna42hmr

Though standing order payments may credit your account as 'FPI' on your statement, our systems can detect whether or not a payment has been sent via the Faster Payments system or as a standing order. As such, as long as you've been making the payments to your Monthly Saver via standing order, you'll receive interest as expected.

Thanks,

Graeme

colin32

Lloyds_Bank wrote: »

Hi colin32 & anna42hmr

Though standing order payments may credit your account as 'FPI' on your statement, our systems can detect whether or not a payment has been sent via the Faster Payments system or as a standing order. As such, as long as you've been making the payments to your Monthly Saver via standing order, you'll receive interest as expected.

Thanks,

Graeme

Thanks, Graeme. Nationwide don't actually use the term Standing Order when setting up a regular payment but on checking my Nwide account statement it does actually identify it as a SO so like you say, should be ok. Will find out on May 6.
Cheers.

gt94sss2

Lloyds_Bank wrote: »

Though standing order payments may credit your account as 'FPI' on your statement, our systems can detect whether or not a payment has been sent via the Faster Payments system or as a standing order. As such, as long as you've been making the payments to your Monthly Saver via standing order, you'll receive interest as expected.

When I opened my Monthly Saver earlier this month - the bank (not Lloyds) made a mistake with the standing order instruction. That means on day 1, £400 went by Faster Payment and on Day 2,the 'first' monthly payment was made - resulting in £800 in the account after two days.

When I called and spoke to one of your colleagues on the phone, they said this was fine and would not affect my account and I would get interest on the whole amount - though it was possible that the first payment might get bounced back to the sending account instead.

Are you now saying I won't get interest on the entire £800 as that directly contradicts what I was told before..

Regards
Sunil

Lloyds_Bank

gt94sss2 wrote: »

When I opened my Monthly Saver earlier this month - the bank (not Lloyds) made a mistake with the standing order instruction. That means on day 1, £400 went by Faster Payment and on Day 2,the 'first' monthly payment was made - resulting in £800 in the account after two days.

When I called and spoke to one of your colleagues on the phone, they said this was fine and would not affect my account and I would get interest on the whole amount - though it was possible that the first payment might get bounced back to the sending account instead.

Are you now saying I won't get interest on the entire £800 as that directly contradicts what I was told before..

Regards
Sunil

Hi gt94sss2,

I'd expect you to receive a refund for the second payment as the £800 would count as 2 separate payments.

The Monthly Saver account will only count one payment per month and the interest payable on the account will be on the total at the end of the 12 month period.

I hope this helps,

Gary

jennifernil

I have received a letter about opening a new monthly saver as my original one matures in about 10 days.

Can I set this up now? Or do I need to wait until the present one matures?

Vortigern

Lloyds_Bank wrote: »

The Monthly Saver account will only count one payment per month and the interest payable on the account will be on the total at the end of the 12 month period.

Are you sure about the words I've bolded Gary?
Whatever happened to "interest is calculated daily"?

badger09

jennifernil wrote: »

I have received a letter about opening a new monthly saver as my original one matures in about 10 days.

Can I set this up now? Or do I need to wait until the present one matures?

You have to wait until your existing Monthly Saver matures, at which point it becomes an Easy Saver account with the same account number. Once you see the Easy Saver in online banking, you can transfer the maturity funds out and open a new Monthly Saver.

There is another thread running on the same topic.