Lloyds BACS transfers and interest

Milarky

Keep earning interest when you pay out. It can take up to three working days for your payment to get to where it needs to. We’ll keep paying you interest right until the moment it gets there.

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

This works in practice, does it? If I 'pay' a sum on Monday (and it leaves Lloyds on Tuesday, I believe) and it arrives Thursday then Lloyds will pay interest on the sum until Wednesday?

And does that include 'over-weekending' also? (i.e. where money leaves Thursday, say, to arrive Monday - and so Lloyds will pay 4 days added interest instead?)

Thanks

M

s71hj

I've just messaged lloyds with your weekend query, and here is the reply:

"Thanks for your e-mail with your queries.
If you instruct us to make a payment via the Internet, by phone or by standing order we will still go on crediting you with the interest value of your payment for the time it takes for the money to leave your account and get to the other account. When sending a payment via standing order we ask that you allow 4 working days for the payment to reach your account. In this case if the standing order left your account on Friday, and as the weekends aren't classed as working days, the payment would credit the account on the Wednesday. This would mean that you would still receive interest on this amount until the Wednesday."

They also however indicated that direct debits do not earn interest beyond the day they leave your account. I'm sure they've given me contrary advice on this matter before!

jonesMUFCforever

How much are we talking about here - is it worth discussing?

fagun

s71hj wrote: »

They also however indicated that direct debits do not earn interest beyond the day they leave your account. I'm sure they've given me contrary advice on this matter before!

DDs credit to the receiving account on the same day (or overnight). Hence why if you pay credit card bills by DD, the money leaves on the due date, but if you transfer the money to pay the bill, it has to leave 3/4 days early.

s71hj

fagun wrote: »

DDs credit to the receiving account on the same day (or overnight). Hence why if you pay credit card bills by DD, the money leaves on the due date, but if you transfer the money to pay the bill, it has to leave 3/4 days early.

You learn something new every day - thanks for teaching me my something of the day!