Club Lloyds Monthly Saver

gt94sss2

It's possible to open an account today and make the initial payment from an account via a faster payment.

I just did it and the money is already showing online in my new account..

YorkshireBoy

gt94sss2 wrote: »

It's possible to open an account today and make the initial payment from an account via a faster payment.

I just did it and the money is already showing online in my new account..

Dated 3/1/17 though? In effect, you've made the January payment early, so will need to wait until 1/2/17 to make the second payment?

gt94sss2

YorkshireBoy wrote: »

Dated 3/1/17 though? In effect, you've made the January payment early, so will need to wait until 1/2/17 to make the second payment?

Not sure - I don't mind though either way - though it's showing as 'available' now.

I opened the account now in case they reduce the rate for new accounts when the Club Lloyds rate changes next week.

Ben8282

It doesn't matter which day of the month you open it as the account will mature 1 year to the day after it was opened.
Also the standing order must be set up for the same day of each month which cannot be varied. The amount may be varied within the min/max limits.

ceredigion

Ben8282 wrote: »

It doesn't matter which day of the month you open it as the account will mature 1 year to the day after it was opened.
Also the standing order must be set up for the same day of each month which cannot be varied. The amount may be varied within the min/max limits.

That is not true with the Lloyds RS.


To actually answer the OP's question. To maximise the interest, open the account as late in the month as possible then move the standing order to the 1st of the following months. By doing this you will effectively make 13 months in 12.
That said if the in bound money is languishing in a account that is not making a return don't wait to the end of the month to open the RS.

PeacefulWaters

Ben8282 wrote: »

It doesn't matter which day of the month you open it as the account will mature 1 year to the day after it was opened.
Also the standing order must be set up for the same day of each month which cannot be varied. The amount may be varied within the min/max limits.

I'd be amazed if Lloyds systems could pick up and penalise a date variation if funds are received within the appropriate calendar month.

ceredigion

PeacefulWaters wrote: »

I'd be amazed if Lloyds systems could pick up and penalise a date variation if funds are received within the appropriate calendar month.

The HSBC group of RS's have a fixed funding date

PeacefulWaters

ceredigion wrote: »

The HSBC group of RS's have a fixed funding date

That's nice for them.

[Deleted User]

ceredigion wrote: »

The HSBC group of RS's have a fixed funding date

I changed the funding date on my HSBC RS because the original date was too close to the end of the month. HSBC have confirmed that my account, due to mature end of February, is still a Regular Saver.

Kernel_Sanders

gt94sss2 wrote: »

It's possible to open an account today and make the initial payment from an account via a faster payment.

I just did it and the money is already showing online in my new account..

Whatever you pay in to Lloyds/TSB/Hbos (and Nationwide too?) on a Saturday doesn't register for interest (or even show as a deposit) until the next working day, so 3rd Jan in your case. You may think this unfair, but you can also manipulate it to your advantage by making FPs from accounts in this group on a Saturday and have it earning interest at two banks/BSs. This should work on Good Friday.....