LTSB - Classic Plus monthly 'cycle'

taless

Hi,

Just another quick question. For the Classic Plus account, we have to pay in £1000 a month minimum. Does LTSB follow the monthly calender?

Just wondering - because assume that for the 1st month, I credit my account on the 1st, and the 2nd month, I credit it on the 6th. If it follows the monthly calender, I will have fulfilled the requirement. However, if they 'start' their month on the 3rd of each month for example, there will be a 'month' where I have not fulfilled the requirement!

Thanks for enlightening me.

(There is some reference to my question at http://www.lloydstsb.com/legal/current_accounts_legal/classic_account_page.asp, however I don't fully understand what they mean)

Thomas_Crown

taless wrote: »

Hi,

Just another quick question. For the Classic Plus account, we have to pay in £1000 a month minimum. Does LTSB follow the monthly calender?

I have just followed your link to the LTSB website & all it states is: ''you must agree to pay £1,000 into your account each month''.

The above may possibly relate to a calendar month but I think it 's more likely to mean from one statement date to the next.

If I were you, I would either phone their call centre or email them but they are a bit slow at responding to emails.

Bisoy

Hi Guys,

Slightly off topic but still about classic plus account. I have upgraded my classic account to classic plus account online which I have to admit not doing a good research that the high interest classic plus account is for new customers not existing customers. I am not planning to credit £1000 monthly, will it revert back to classic account or I don't have to do anything?
Will appreciate any replies.

cheers

Milarky

taless wrote: »

For the Classic Plus account, we have to pay in £1000 a month minimum. Does LTSB follow the monthly calender?

Their month is from the 2nd working day of a month until the 1st working of the following month. A bit different from most banks but practically a calendar month.

Funding should therefore take place between these dates and (to be on the safe side) before the start of any month - that way the payment can be guaranteed to apply to the month you want it to.

Thomas_Crown wrote: »

If I were you, I would either phone their call centre or email them but they are a bit slow at responding to emails.

Go into a branch and ask - I have found the staff helpful and well informed about details of this kind

Bisoy wrote: »

I am not planning to credit £1000 monthly, will it revert back to classic account or I don't have to do anything?

Probably not. They just won't pay you the higher rate of interest

Having just started to use my Lloyds account more recently (and getting an offer of upgrade from basic account to classic and thence classic plus) I am most pleased with it. Remember that if you want to pay in a cheque they give interest straightaway on up to £1000 paid in per day (and for cheques over £1000 it still works I'm told) PLUS, if making bill payments, you get interest for the days after the cash leaves the account for a few days (until they estimate the payment arrives) AND debit cards transaction appear* to take longer (2 days instead of one) to come off the account. Thus although the rate of 4.25% is not chart topping they make the account worth using for its desirable features (Can't speak of being overdrawn as I haven't asked for any overdraft on this one)

*from the ones I have done so far, at any rate

jonesMUFCforever

Bisoy wrote: »

Hi Guys,

Slightly off topic but still about classic plus account. I have upgraded my classic account to classic plus account online which I have to admit not doing a good research that the high interest classic plus account is for new customers not existing customers. I am not planning to credit £1000 monthly, will it revert back to classic account or I don't have to do anything?
Will appreciate any replies.

cheers

No It just means you won't get the credit interest.
There are no other penalties for not paying in £1k a month.

To answer other posters in this thread I think £1k a month means a calendar month.
Some people are not on monthly statements, others have suppressed paper statements.

mini_mad_dad

there is a way to get round the £1000 a month issue, if you have a savings account with lloyds you can transfer the difference that you are short into the savings account then transfer it back same day.

jonesMUFCforever

mini_mad_dad wrote: »

there is a way to get round the £1000 a month issue, if you have a savings account with lloyds you can transfer the difference that you are short into the savings account then transfer it back same day.

Yes I see no reason why this should not work.
As long as you pay in at least £1000 per month you will get the interest.
It does not matter how or where from.

exel1966

Milarky wrote: »

Their month is from the 2nd working day of a month until the 1st working of the following month. A bit different from most banks but practically a calendar month.

Not all Lloyds accounts follow this cycle. Some will run from the 10th to the 9th. I believe it has something to do with where the account originated from when LLoyds and TSB were separate, therefore this may not apply for newer accounts.

ejones, could you clarify that please ?

Thomas_Crown

exel1966 wrote: »

Not all Lloyds accounts follow this cycle. Some will run from the 10th to the 9th. I believe it has something to do with where the account originated from when LLoyds and TSB were separate, therefore this may not apply for newer accounts.

excel1966, I'd forgotten about the dates you mention above. That is the monthly cycle preferred by LTSB who use those dates for calculating charges applicable to their current accounts. I think that they also prefer to send out statements at the end of that period unless the customer requests a different date.

jonesMUFCforever

exel1966 wrote: »

Not all Lloyds accounts follow this cycle. Some will run from the 10th to the 9th. I believe it has something to do with where the account originated from when LLoyds and TSB were separate, therefore this may not apply for newer accounts.

ejones, could you clarify that please ?

This is the old charging cycle.
Not really relevant anymore with the introduction of the new charging structure.

exel1966

Yes, but there are still two different charging cycles currently being used so will be relevant some.