Club Lloyds Interest Cut Off Time

PaulC5

Hopefully someone can simply answer this one.

What time does the money have to be in the account by to get interest on for that day?

Thanks Paul

bowlhead99

They don't specify a specific time of day (assuming you are talking about electronic transfers rather than cash or cheques deposited). If you're moving it online from another Lloyds account of yours, you can usually do that up to midnight although if it's not a working day it will wait until the next one before it starts to actually count.

Generally if something arrives and it's a working day, you earn interest from it that day onwards. However, if it's coming from another bank, it won't necessarily clear the same day if you've just done it as a "faster payment" because a faster payment isn't a guaranteed same-day service.

See section 7 of the general terms and conditions here:
http://www.lloydsbank.com/assets/media/pdfs/personal_banking_terms_and_conditions.pdf

colsten

£5K in a Club Lloyds earns about 44p after BR tax a day.

PaulC5

Cheers Bowlhead.

My wife and I have an account each maxed out for the interest but we want to invest the lot in a share temporarily for a month but want the cash in another account together so we can quickly transfer it into the share accountt o buy as and when so I planned to transfer the money out each morning ready to deposit into the share account. if the price isn't right I will put the money back into our Lloyds account to gain the interest over night and do the same thing the next day untill we buy the shares.

colsten

You can use a debit card to make instant deposits into share accounts.

Your explanation would most likely not impress Lloyds as you wouldn't be the first person to have their account closed for swapping in and out the balance on a daily basis. Check the stoozing.com forum for some sorry tales.

PaulC5

Thanks for the heads up colsten

For the sake of 88p per day I think il hold it out of the Lloyds account till the end of the week and if Ive not bought the shares il drop it back in on friday.

Or alternative when Im ready to buy I could transfer the money into one of the Lloyds accounts and just use the debit card from that Lloyds account to pay into my shares account, only I dont have that debit card on me.

eskbanker

PaulC5 wrote: »

we want to invest the lot in a share temporarily for a month

That's trading rather than investing! Hope you know what you're doing, sounds highly risky....

PaulC5

eskbanker wrote: »

That's trading rather than investing! Hope you know what you're doing, sounds highly risky....

Don't worry about me.

Only trade what you can afford to loose

bowlhead99

I use a broker account that lets me deal on margin so I can place my order and then sort them out for the cash during the time remaining for settlement (2 to 20 business days depending on order type). Or a spreadbet account would not need the whole 10k purchase price because you could just use gearing on your short term trade.

Still, if you don't have your debit card for the accounts, you are restricted on what type of account you can set up and fund quickly.

PaulC5

Using X-O S&S ISA for trading on this occasion and intend to deposit the funds using a debit card which clears almost instantly and I will buy the shares there and then.