Club LLoyds Monthly Saver S/Order

SevenOfNine

Have checked website & though it just says the Club Monthly Saver must be fed by standing order, it doesn't specify if this must be from a Club Lloyds a/c.

We keep the savings earning interest elsewhere so does anyone know if we can feed directly to the Monthly from there, or must it travel through our Club Lloyds bank a/c first.

Logic says it should but their website doesn't!

oldfella

there is no reference in the T&Cs to having to use a Lloyds CA for the SO. However you have to have a Club Lloyds account to open it, and assuming you hold reasonable sums in the CA at 4%, it is safer to use it for the SO. You can then move amounts back into the Club account from elsewhere whenever is convenient.

YorkshireBoy

Others have reported feeding from elsewhere successfully. However, why risk it? It's no extra work if you get it set up properly. Indeed, it could be even less work than feeding it from elsewhere! My own set up is as follows, and all carried out on the 3rd of the month...

SOs
£1,500 from 123-->Club Lloyds
£1,100 from Club Lloyds-->123
£400 from Club Lloyds-->Monthly Saver

DDs (mopping up the c.£16 interest)
£9 from Club Lloyds-->
£7 from Club Lloyds-->

Steve_xx

There is no risk. I feed my Lloyds Monthly Saver from Santander by SO and I'm on my third monthly saver now and they've all been fed in this way.

mollycat

Steve_xx wrote: »

There is no risk. I feed my Lloyds Monthly Saver from Santander by SO and I'm on my third monthly saver now and they've all been fed in this way.

Yep, and I'm on my third too and I do it via Nationwide.

[Deleted User]

This is really coincidental. Before reading this thread, I opened a Club Lloyds Monthly Saver this morning. I have set up a monthly SO for £400 from my Santander 123 current account, first payment to go out on Tuesday 7 June. I hope this goes okay.

Steve_xx

Deleted_User wrote: »

This is really coincidental. Before reading this thread, I opened a Club Lloyds Monthly Saver this morning. I have set up a monthly SO for £400 from my Santander 123 current account, first payment to go out on Tuesday 7 June. I hope this goes okay.

It sure will be ok!

SevenOfNine

Thanks all. Discovered I can't get it by SO from a Tesco Internet Saver (can set up DDs but not SOs from there, I don't get that!), so taken advice given & will feed from Club Lloyds a/c & keep that topped up from the Tesco savings.

YorkshireBoy

SevenOfNine wrote: »

Thanks all. Discovered I can't get it by SO from a Tesco Internet Saver (can set up DDs but not SOs from there, I don't get that!)

I'm not aware of any savings accounts, certainly not useful ones(!), that allow SOs. The best you can hope for with Tesco is a future dated FP.

SevenOfNine

YorkshireBoy wrote: »

I'm not aware of any savings accounts, certainly not useful ones(!), that allow SOs. The best you can hope for with Tesco is a future dated FP.

Yes, financially (& reading) I can be a bit of a twit I admit. I compounded my inability to see that in reality the T&Cs did say that the income can come from any current A/C by SO, by promptly putting the first months payment in by fast pay from Tesco savings coz I couldn't set up the SO!

Oh well, I seem to get away with being something of a numpty in the world of finance. Anyway I have all of you to blame for my 16 bank A/C's (reduced recently from 18) & assorted savings A/Cs for DD purposes & all the other financial stuff which benefit us with better interest rates than the stupid ISAs.

The help here has been much appreciated over the past couple of years & we have definitely benefitted from the advice given here. :beer:

savetilibleed

I just noticed today, a few days after closing a matured CLMS and opening in a new one that they have sneakily reduce the interest rate to 3% from today, 07 June 2016.