Club Lloyds Monthly Saver standing order?

Mosler

Vortigern wrote: »

You'll be OK as both payments are in different calendar months.

But it states in their terms that the payment has to be before the 25th of each month.

colsten

Mosler wrote: »

But it states in their terms that the payment has to be before the 25th of each month.

Are you confusing accounts? Exactly what words in the Club Lloyds Monthly Saver terms say you need to pay before the 25th of a month? Please post the link to the Lloyds web page with the words.

Vortigern

Mosler wrote: »

But it states in their terms that the payment has to be before the 25th of each month.

It does say pay before the 25th on the website, but not in the terms and conditions.

I believe (and I could be wrong) that this is simply advice that you should not make a standing order payment so late in the month that it might not be paid until the next month.

Check on online banking. On what date was the first payment credited to your monthly saver account? If the first payment was on 30 April then that payment will possibly receive no interest for that one day in April but it will receive interest for the remainder of the year.

You are using a trick that some have recommended on here to maximise the interest from this account. By making your first payment at the end of a month and the next 11 payments at the start of the month, you'll get more interest. You could also squeeze in a 13th payment (if permitted), but this makes little difference as it will only be in the account for a few days.

Vortigern

colsten wrote: »

Please post the link to the Lloyds web page with the words.

It mentions the 25th here but it's not in the T&Cs

Lloyds wrote:

Save between £25 and £400 every month via standing order. Change your standing order any time you like through Internet Banking (standing orders must reach your account by the 25th of each month for it to be counted as that month's payment).

jonesMUFCforever

grumbler wrote: »

Upgraded my old account to Club.
Opened the Monthly Saver.
Can see both in my online account.

Monthly Saver is supposed to be credited monthly by a SO.
However, when for Club Lloyds I click

More actions > DDs and SOs > Set up a SO > To One of your accounts

- I don't have the Monthly Saver in the drop down menu "Your account: Please select..."

Before I call them, does anybody have any idea what I am doing wrong?

You need to pay a person/company ie set it up as an external standing order - it should then work.

colsten

Vortigern wrote: »

It mentions the 25th here but it's not in the T&Cs

Thanks for that, I had not seen this before.

It sounds like a recommendation (to avoid long weekends etc) rather than anything else, and as you say, it's not in the T&Cs.

Aside from that, anyone who was to save money in accounts with best interest rates, they would not wait until the 25th or other latest date in a month to squeeze out those extra few pennies of interest. They'd just put their money into the best interest paying account as soon as they can.

Vortigern

colsten wrote: »

Aside from that, anyone who was to save money in accounts with best interest rates, they would not wait until the 25th or other latest date in a month to squeeze out those extra few pennies of interest. They'd just put their money into the best interest paying account as soon as they can.

Yes, I agree, manipulating the dates gives an illusion of more interest at the maturity of the regular saver while losing interest on the cash that's being held back till the end of the first month.

grumbler

Why "illusion"?

adindas

I am aware what is stated in the T&C.

Just wonder If anyone has tried to open the second Lloyd Monthly Saver and it is successful ?? Any info by pm will be very much appreciated ....

Gers

jonesMUFCforever wrote: »

You need to pay a person/company ie set it up as an external standing order - it should then work.

This is about five days too late for me! I set up a new monthly saver and waited about 10 days for it to show up. Then I rang Lloyds - the first agent told me that I couldn't see as I was using the wrong current account and had to do it from my CL account. Strange, but interesting. Logged back online, nothing in the drop down menu from the CL account. Rang back, second agent set up the SO manually.

Wish I'd known about doing the external SO thing but will tuck it away for next time.