Club Lloyds Monthly Saver

gocat

Annoyed with Club Lloyds Monthly Saver . I started this last April 2015, have made 10 monthly payments via SO and they have changed it to easy saver paying 0.30% already. Surely I should have another 2 months at 4%.
Has this happened to anyone else.

PeacefulWaters

Have they explained why?

ctdctd

Then either they have made a mistake or you have breached the account terms and conditions.

Ask them!

planteria

yes, certainly.. the account is supposed to run for 12 months.

what are they saying?

unimaginative_user_name

What is the date of your standing order? If it falls on a weekend and it is quite late in the month there's the possibility that the SO would have been delayed and paid the following the month. That might technically then be a breach of t and c. For regular savers it's sensible to avoid the end of the month and have them set up for the middle of the month.

colsten

unimaginative_user_name wrote: »

For regular savers it's sensible to avoid the end of the month and have them set up for the middle of the month.

The best date, from an interest earning point of view, for the SO is the 1st of a month.

savings_my_hobby

that's not good....

how many Lloyds, halifax or bank of scotland accounts do you have?

I'll be interested to hear why they have done this.

It appears that you are the only one to experience this.

ceredigion

I know it maybe a long shot , but have you closed or downgraded your club Lloyds account

Chaykin

colsten wrote: »

The best date, from an interest earning point of view, for the SO is the 1st of a month.

I think for Club Lloyds Monthly Saver it would be 26th of each month? E.g. open the account on 24th, pay in first SO of 400 on 25th, another 400 day later and on every subsequent 26th - as their T&Cs state:

This standing order must reach your account by the 25th of each month for it to be counted as that month's payment.

Biggles

The T&Cs only say 'If the standing order is less than £25 or more than £400 we will return it to the account it was paid from. If you miss a payment it cannot be made up', so it doesn't look as though it's treated as a terminal breach.

gocat

I paid my first SO 16th April 2015, and regularly paid in £400 a month every month since then. I have contacted them and waiting for a phone call back. I guess this wont be till Monday now.
I got the interest paid and thats not suppose to be paid till the end of the 12 months after you opened the account.


By the way saving is my hobby, What does it matter how many Lloyds, halifax, BOS account I have :eek: Does that affect the terms of the Lloyds saving account?