Club Lloyds Monthly Saver (the £400 per month, 3% one)

[Deleted User]

Apologies if this has been asked before. Is it allowed to make a 13th monthly payment into this account or is there a maximum balance of £4800? I can't see anything in the T and C's about this. Thanks.

Speculator

Deleted_User wrote: »

Apologies if this has been asked before. Is it allowed to make a 13th monthly payment into this account or is there a maximum balance of £4800? I can't see anything in the T and C's about this. Thanks.

Yes, 13 payments are allowed.

Below is screenshot of my account which matured last April.

ColdIron

Yes, no problem at all

[Deleted User]

Thanks for the replies.

Herbalus

Is this the one where you open the account mid month and then set up the standing order to start on 1st of the next month?

So if you open today with £400 you can pay in the next £400 on 1 May by standing order?

[Deleted User]

Herbalus wrote: »

Is this the one where you open the account mid month and then set up the standing order to start on 1st of the next month?

So if you open today with £400 you can pay in the next £400 on 1 May by standing order?

That's right. But many of them work like that while restricting you to a maximum balance equivalent to 12 X the maximum monthly contribution.

Vortigern

Deleted_User wrote: »

That's right. But many of them work like that while restricting you to a maximum balance equivalent to 12 X the maximum monthly contribution.

Yes, but the benefit comes from having the first two payments close together, so the first payment earns interest for 12 months, and the second earns interest for almost 12 months. The 13th payment will earn interest for just a few days and makes little difference.

polymaff

But did you actually get the extra interest? Nationwide - yes, HSBC - no, Club Lloyds - ???

diggingdude

My club Lloyd's finishes next month. I'm guessing I will be able to open a new one once the old one closes? Never tried the 13rh payment

Vortigern

polymaff wrote: »

But did you actually get the extra interest? Nationwide - yes, HSBC - no, Club Lloyds - ???

For the Club Lloyds RS - I received the extra interest from changing the SO from a mid-month start to the first of each subsequent month. I didn't bother to make a 13th payment.

Even though every standing order was sent on the first of the month (from Tesco) those payments that arrived on Saturday or Sunday did not start to earn interest till the following Monday

intalex

This is useful to know... I opened one on 30th Jun last year with the 2nd, 3rd, etc deposits going in 1st Jul, 1st Aug, etc

I will no doubt put in a 13th deposit on 1st Jun... hopefully the interest gets calculated on all of it...