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

Sea_Shell

Mine matures on 12th May, so I don't think i'll bother with a 13th payment on 1st May, as that will get me approx. another 40p interest. Will definitely move SO date for the next one to 1st of the months though, going forwards.

intalex

Anyone know if an HSBC regular saver accepts and pays interest on a 13th payment made in the last calendar month that the 12-month term spans over?

Santander sent a standard email out specifically stating exceeding a total deposit of £2400 will violate the terms of the account.

ColdIron

intalex wrote: »

Anyone know if an HSBC regular saver accepts and pays interest on a 13th payment made in the last calendar month that the 12-month term spans over?

I don't have this account myself but I do know that the HSBC web site is a great resource for HSBC products so I had a look for you

Minimum/Maximum Balance:

• The minimum deposit in month 1 is £25
• The maximum balance is £3,000 at the end of the 12 month term

Joe_Bloggs

I think obsessing with a thirteenth payment of any regular saver should be trumped by the concern of where to put all that money when the saver matures.Clearly you can't put it back in an instant transaction so it must be put to some other purpose.



My regular savers have a staggered maturity, November to January.
Out of this I buy a season travel ticket and a few presents. What is left is for an IFISA.



J_B.

polymaff

intalex wrote: »

Anyone know if an HSBC regular saver accepts and pays interest on a 13th payment made in the last calendar month that the 12-month term spans over?

Tried it.

HSBC credited all payments made to the account but they paid no extra interest on ANY of the payments I made.

B*****ds !

AirlieBird

intalex wrote: »

Anyone know if an HSBC regular saver accepts and pays interest on a 13th payment made in the last calendar month that the 12-month term spans over?

Santander sent a standard email out specifically stating exceeding a total deposit of £2400 will violate the terms of the account.

ColdIron wrote: »

I don't have this account myself but I do know that the HSBC web site is a great resource for HSBC products so I had a look for you

Minimum/Maximum Balance:

• The minimum deposit in month 1 is £25
• The maximum balance is £3,000 at the end of the 12 month term

And the terms and conditions document is even more useful:

After the first payment into the account you must make 11 more payments on the same date each month by standing order from a qualifying current account.

intalex

AirlieBird wrote: »

And the terms and conditions document is even more useful:

After the first payment into the account you must make 11 more payments on the same date each month by standing order from a qualifying current account.

I made my first payment on 30 June 2017, then 2nd, 3rd,...,12th payments on 1st July 2017, 1st August 2017,....,1st May 2018. I'll report on here in a month if they actually penalise me for this.

Thanks polymaff - nothing like tried and tested, I won't bother with a 13th payment!

polymaff

intalex wrote: »

I made my first payment on 30 June 2017, then 2nd, 3rd,...,12th payments on 1st July 2017, 1st August 2017,....,1st May 2018. I'll report on here in a month if they actually penalise me for this.

Thanks polymaff - nothing like tried and tested, I won't bother with a 13th payment!

When I said ANY, I meant ANY. No extra interest was paid on the 2nd, the 3rd, the 4th etc. payment. I was just giving them an interest free loan each month, so don't expect those payments you make on the 1st of any month to be earning interest until the 30th of that month.

grumpycrab

Quick question about this account; monthly payments are between £25 and £400; does that mean a fixed standing order amount or can I change the standing order amount during the period? (I assume I can change the SO amount.)

badger09

grumpycrab wrote: »

Quick question about this account; monthly payments are between £25 and £400; does that mean a fixed standing order amount or can I change the standing order amount during the period? (I assume I can change the SO amount.)

Yes you can change the amount, every month if you wish:p