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Club Lloyds monthly saver where does interest go

UKSBD
Posts: 842 Forumite


I have £5200 in a Club Lloyds monthly saver which finishes soon.
I haven't received any interest yet, if I transfer the money out and close the account where do they pay the interest to?
I haven't received any interest yet, if I transfer the money out and close the account where do they pay the interest to?
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Comments
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If it finishes soon, you wont have any interest yet as they pay that at the end.
The account will turn into an everyday saver at the end of 12 months, so it doesnt make a difference how much you withdraw or leave there, the interest I imagine will be credited to the account and then it will become an everyday saver.
https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.asp0 -
Also, you cannot close the account online as it is a regular saver account.
https://www.lloydsbank.com/savings/help-and-guidance/close-a-savings-account.asp
Therefore you would have to speak to somebody about closing the account early, and could ask them where the interest would be paid if you closed it early.
Though I dont know what you gain from closing early. Why not just leave the account open until it turns into an everyday saver if soon?0 -
Transfer out as much as you like but leave (check the T&Cs) £25 so that the account stays open and you receive interest on maturity.Free the dunston one next time too.0
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I have £5200 in a Club Lloyds monthly saver which finishes soon.
I haven't received any interest yet, if I transfer the money out and close the account where do they pay the interest to?
You can close early and will get interest at the full rate up to closure (I’ve done it myself) but if you have £5200 in there that suggests you have made 13 payments in and therefore you must only be a few days from the end. 13 payments are possible depending on the date you opened the account and your standing order date.0 -
Though I dont know what you gain from closing early. Why not just leave the account open until it turns into an everyday saver if soon?
Thanks, I won't be cancelling it early I opened it last week of May last year so assume it closes over the weekend anyway?
I don't particularly want another savings account though, I have 4 standard savers, 1 online, 1 monthly already as well as my Club Lloyds one.
Looks like my best option is to just let it convert then go in branch and cancel all of them after I have received the interest.0 -
You should have had a letter telling you the exact date it finishes. The interest will be added the following day when the whole lot will be transferred to an everyday saver. I know this because I had one finish earlier this week.0
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Looks like my best option is to just let it convert then go in branch and cancel all of them after I have received the interest.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
Looks like my best option is to just let it convert then go in branch and cancel all of them after I have received the interest.
Personally I find it easier not to close accounts in the middle of the year, because it's handier to still have them still existing at end of the tax year (with a zero balance) when I want to check that I've recorded all the interest on all my accounts for doing my tax return. If one (or several) of the accounts has disappeared from the list by next April 2019 (because I closed it in May or June 2018) it may be more of a pain to track down how much interest I had received in it for the 2018/9 tax year.
A solution is of course to write down or record securely the interest amount when you get it credited next week, and hope you don't lose it; but I have no real interest in doing that in May 2018 when the tax year won't end until April 2019 and I might not even get around to doing my tax return until Jan 2020 (depending on whether I'm owed tax I want to claim or I owe tax to them). I just can't be bothered recording the information right now because I won't be using that information for such a long time into the future, so it's frankly just easier to empty the account and leave it open with £0 in it until I've done my 18/19 tax return, whenever that is.0 -
bowlhead99 wrote: »Any of the accounts you opened online, together with the ones you opened in UK branches, can generally be closed by clicking on 'More actions' next to the account, then 'Account Services' / 'Close Account'.
None of mine can.
I get the message;
"There's a problem...
1280371 : Sorry, we’re unable to close your account online. Please visit your nearest branch at a time convenient to you so that we can close it for you."
I always get this error message and have done for months.bowlhead99 wrote: »it's frankly just easier to empty the account and leave it open with £0 in it until I've done my 18/19 tax return, whenever that is.
That's what I have done in the past (but left about 10p in each account)
I've got about 7 now though :-(
I think I will do what you say with this one though but delete 4 or 5 of the older ones0 -
Sorry to jump on the back of this, but i’ve been looking at the same account - it says you can pay 25-400 a month in, but seen as you’ve got 52k and you’ve only had it a year you’ve obviously paid more than that... do you only get the 3% on 400 a month?
cheers!0
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