Q for Lloyds Bank Rep and any MSE members that opened a new Club Lloyds Monthly Saver

Consumerist

skitskut wrote: »

I've just received my closing statement from Lloyds . . .

My Club Lloyds Monthly Saver pays 4% pa on £25 - £400 per month - there are to tiered rates.

If you are talking about a different account perhaps it would help everyone if you told us which one. Better still, start your own thread instead of hijacking the current topic.

skitskut

Consumerist wrote: »

My Club Lloyds Monthly Saver pays 4% pa on £25 - £400 per month - there are to tiered rates.

If you are talking about a different account perhaps it would help everyone if you told us which one. Better still, start your own thread instead of hijacking the current topic.

I'm talking about the Club Lloyds Monthly Saver yes. That's why I put it in this thread. Perhaps tiers was the wrong word. What the statement showed was:

£4,801.00+ ... 0.00% pa
£1.00+ ......... 4.00% pa

whereas previously (before 19th May) it was:

£5,601.00+ ... 0.00% pa
£1.00+ ......... 4.00% pa

Archi_Bald

You can only get £4,800 into the account.

Consumerist

skitskut wrote: »

. . . whereas previously (before 19th May) it was:

£5,601.00+ ... 0.00% pa
£1.00+ ......... 4.00% pa

Ok. I see what you mean now.

This must be another site error.

The Monthly Saver, as far as I know, has always been limited to £400 pm max for 12 months paid by standing order so I don't understand how the balance could be more than £4,800 until maturity when interest is added at conversion to an Easy Saver account.

oldfella

you pay in £400 on the 20th, then change the SO to the 1st and make 12 further payments. For the last 20 days you have £5200

oldfella

if they have changed that there is nothing on the site that refers. Sounds like a change to the T&Cs after you opened it. Worth a complaint I reckon. Mine paid interest on the full £5200 through the last 20 days.

Consumerist

oldfella wrote: »

you pay in £400 on the 20th, then change the SO to the 1st and make 12 further payments. For the last 20 days you have £5200

According to their <Key benefits page>, interest is based on the balance on the 25th of each month which, presumably, defines the "month" over which payment is limited to £400.

Has anyone changed the SO date to squeeze in an extra payment and got away with it?

colsten

I know this is MSE but how can anyone seriously want to pursue interest on an additional £400 in a 4% AER account for 20 days? It's 88p before tax. Spend it wisely if you manage to get it.

oldfella

the real benefit comes through changing the SO date. You end up getting around £10 extra interest through pulling forward the time each monthly payment is made.

as far as the 88p is concerned, its no extra effort and I would rather me have the money than the bank.

Consumerist

oldfella wrote: »

the real benefit comes through changing the SO date. You end up getting around £10 extra interest through pulling forward the time each monthly payment is made. . .

The question is - have you actually done this and did you have a final balance of more than £4,800 (excluding interest) at maturity?