Regular Saver Thread **New and Restarted**

polymaff

If the money is earning reasonably at the moment, waiting enhances the return on the BoS saver, I guess.

Psyduck1980

polymaff wrote: »

Do the opening and initial payment by as near the 25th as you dare. Never tried it myself, but it is said that this doesn't need to be an SO. Then, hike the remaining 12 (yes - 12) SOs back to the first of the following months (1st Nov to 1st Oct inclusive), which gets rid of all the ambiguity - and makes you more money.

So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?

badger09 wrote: »

From more than 5 year's experience with Club Lloyds Monthly Saver, I can confirm that the 1st payment does not have to be by SO.

I can also confirm that subsequent SOs can be set for 1st of the month & that it is possible to fit in 13 payments.

I wouldn't leave it until 25th to open & fund it though, in case, for some reason, the initial FP doesn't arrive immediately

In the age of Faster Payments why on earth wouldn't it clear on the same day? Even if it went in on the next working day (28/10/19) what's the issue? I don't understand Lloyds' preoccupation with the 25th of the month. The only reason I was going to make my first payment on the 25th is because it's payday for me. I would have thought customers were able to fund once in the period 25/10/19 to 24/11/19 and so on in subsequent months. Do they use a calendar month rather than a rolling month?

schiff wrote: »

The seemingly odd business about the 25th of the month is their way of anticipating and avoiding confusion about February deposits, I think.

This last bit sort of makes sense but given we're in the era of faster payments and 25/02/20 falls on a Tuesday this is irrelevant isn't it?

Ed-1

Psyduck1980 wrote: »

Do they use a calendar month rather than a rolling month?

This last bit sort of makes sense but given we're in the era of faster payments and 25/02/20 falls on a Tuesday this is irrelevant isn't it?

They use a calendar month.

The 25th date is solely to ensure that all standing order payments credit the account within the month intended. There is no issue with paying in after 25th as long as you make sure it will count as that month's payment.

E.g. if 29th and 30th September was a weekend and you had a standing order set up for 29th, that month's standing order payment wouldn't go in until 1st October.

Psyduck1980

Ed-1 wrote: »

They use a calendar month.

The 25th date is solely to ensure that all standing order payments credit the account within the month intended. There is no issue with paying in after 25th as long as you make sure it will count as that month's payment.

E.g. if 29th and 30th September was a weekend and you had a standing order set up for 29th, that month's standing order payment wouldn't go in until 1st October.

Thank you.

So their own T&C about paying in before the 25th is actually [STRIKE]!!!!!!!![/STRIKE] nonsense? [Oops, didn't know you couldn't swear.]

YorkshireBoy

Psyduck1980 wrote: »

So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?

Correct. And £3,250 in the other Lloyds regular saver, and Halifax, and BoS, and TSB, and...several more.

Rollinghome

Psyduck1980 wrote: »

So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?

You can, but don't expect the extra interest to change your life given that the final payment will only earn interest for a matter of weeks at best.

Remember to take into account the interest you won't get if the money comes from another account. So money paid in from a 1.5% instant access account would earn 1% pa more in a 2.5% pa regular savings account. That's £4 on the first £400 invested for a full year but just 8p per full week on that final £400 - and by delaying opening the account, you'll be losing the same amount while you wait.

polymaff

@Psyduck


Just follow my initial, concise and comprehensive advice, complemented by Badger09's confirmation.


Just that one, unthanked, post - Psyduck!

schiff

polymaff wrote: »

@Psyduck


Just follow my initial, concise and comprehensive advice, complemented by Badger09's confirmation.


Just that one, unthanked, post - Psyduck!

I've thanked it polymaff to ease your pain

I wonder if Thanks on MSE forums are going to be akin to Likes on Facebook, where you feel suicidal if you haven't had 50 likes before breakfast!

polymaff

Psyduck1980 wrote: »

So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?

Yes.


Just do what I said in my comprehensive, concise - and as yet, unthanked - reply!


Funny old world, MSE...:(

polymaff

Rollinghome wrote: »

You can, but don't expect the extra interest to change your life given that the final payment will only earn interest for a matter of weeks at best.

You might want to think again about that.