Club Lloyds Monthly Saver

easymoney999

I want to open one of these accounts to start the new year.

What is the best day of the month to open it, to gain max interest?

chucknorris

easymoney999 wrote: »

I want to open one of these accounts to start the new year.

What is the best day of the month to open it, to gain max interest?

January 1855, plenty of compound interest.

YorkshireBoy

Yesterday would have been the best day, with your 2nd deposit being made tomorrow.

Ed-1

YorkshireBoy wrote: »

Yesterday would have been the best day, with your 2nd deposit being made tomorrow.

Technically Thursday and then Tuesday due to the deposit being needed by standing order (so you need a day spare) and the next working day is Tuesday so January's deposit won't start earning interest until then.

YorkshireBoy

Ed-1 wrote: »

Technically Thursday and then Tuesday due to the deposit being needed by standing order (so you need a day spare) and the next working day is Tuesday so January's deposit won't start earning interest until then.

Can you not 'transfer' the first payment? Seem to remember I did when opening one of mine online. Not sure which as I'm on my 3rd now.

ceredigion

YorkshireBoy wrote: »

Yesterday would have been the best day, with your 2nd deposit being made tomorrow.

Ed-1 wrote: »

Technically Thursday and then Tuesday due to the deposit being needed by standing order (so you need a day spare) and the next working day is Tuesday so January's deposit won't start earning interest until then.

You are both wrong!! End of the month for this account is the 25th

ceredigion

easymoney999 wrote: »

I want to open one of these accounts to start the new year.

What is the best day of the month to open it, to gain max interest?

As soon as you can

TheShape

I think (from another thread) that there was an argument for opening regular savers as late in the month as possible. But the precise benefit depended on what the money was earning in the meantime.

If it were me, I'd open it ASAP, which probably means Tuesday 2nd Jan incase the rate gets reduced while you're waiting to open it.

Ed-1

ceredigion wrote: »

You are both wrong!! End of the month for this account is the 25th

That's in the terms but in practice it's only there so that standing orders go in by the last working day of the month. It's not a strict deadline and yes, I've also done the first deposit by transfer before but I've stuck to standing order recently to be safe.

ceredigion

You can save from £25 to £400 a month by standing order (this must reach your account by the 25th of the month)

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Ed-1

ceredigion wrote: »

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I know but in practice it's still fine to reach the account by the last working day of the calendar month. Setting a standing order up to go in by the 25th ensures weekends don't get in the way and the standing order credited the next month. That's the only reason behind that term.