what is a month for TSB and Lloyds

UKSBD

I have a Club Lloyds account which I pay about £2k in to between 1st and 4th of month ( I try to keep this close to £5K) and then transfer £400 to a club Lloyds monthly saver on about the 5th.


I also have a TSB Classic Plus account which I transfer £600 to from my Lloyds account, and a TSB monthly Saver account which I then transfer £250 to.


Do TSB and Lloyds accounts both run from 1st of month to end of month, or is the day you open the accounts important?


I made 1st transfer to TSB monthly saver on 25th April, can I make this months transfer now or do I have to wait until after 25th May?

Westie983

Both are calendar months, so you can make Mays payments from today,

Think Tescos and Santander are the only ones that work on 'monthversaries' all others work on calendar months.

ctdctd

From the T&C's

"The monthly billing period for our Club Lloyds customers is from the 2nd working day of a calendar month to the 1st working day of the next. If this is different to your current monthly billing period we will change it straight away."

and

"Credit Interest: We will pay interest on a credit balance in your account for that billing period as long as you have a minimum of two different direct debit mandates paid from your account during the calendar month."

and

"If you pay £1,500 or more into the account in any calendar month the Club Lloyds fee for that month will be waived."

So the £1500 and 2 DD's are based on the calendar month with the credit interest calculated from the 2nd to the 1st and the fee is deducted, if applicable, on the 2nd.

UKSBD

My payments tend to go in between the 1st and 4th of the month so judging by those terms there is a possibility that some months nothing is paid in other months 2 lots are paid in.

Looks like it will make more sense to change standing orders to after 7th

Eco_Miser

The payments in and Direct Debits are based on the calendar month, so any payments on or after the first count in that month.
The interest is calculated [strike]from the second working day of the month (May 4th this year) to the day before the second working day of the following month (which may or may not be the first working day of that month). Or possibly[/strike] from the day after the first working day of one month to the first working day of the next month. If the T&Cs are right on this point, we are being robbed of two days interest when the first and second working days are not consecutive calendar days.

ETA: After further thought, the interest is calculated up to and including the first working day of each month, and paid at the end of that day. It is calculated from the day after the previous month's interest was paid. I have struck out the other possibility I originally mentioned.

UKSBD

Eco_Miser wrote: »

The payments in and Direct Debits are based on the calendar month, so any payments on or after the first count in that month.
The interest is calculated from the second working day of the month (May 4th this year) to the day before the second working day of the following month (which may or may not be the first working day of that month). Or possibly from the day after the first working day of one month to the first working day of the next month. If the T&Cs are right on this point, we are being robbed of two days interest when the first and second working days are not consecutive calendar days.

thanks,
I read ctdctd's post wrong initially.


I see now that calendar month is fine for the paying in, so no need to change any dates.

Birdman2015

Is this the same for Bank of Scotland? I have been paid my interest on my Club lloyds account but nothing for BOS this month.

Westie983

Birdman2015 wrote: »

Is this the same for Bank of Scotland? I have been paid my interest on my Club lloyds account but nothing for BOS this month.

BOS is calendar month too, I got my interest added yesterday.

talexuser

I do all my transfers between banks on the 15th, middle of the month, so weekends and bank holidays can't upset anything to lose interest or pay fees.

Westie983

I do mine on payday which is the 21st although I then forget and doing again on the 1st haha.