Closing Lloyds Monthly Saver Early

senseasense

Hi,

My Club Lloyds Monthly Saver and Lloyds Monthly Saver are due to mature soon and I was considering starting new Monthly Saver accounts once they do. I was however wondering what happens if I needed to close the new Monthly Saver accounts early? From what I can make out from the Lloyds website there are no fees and I can close them at any time, but will they also calculate the interest up until the account being closed and then deposit that into my current account within a couple of working days? The only guidance I can see is that the interest is paid at the end of the 12 month period but I'm assuming this is if you have the account open to maturity.

Many thanks.

colsten

Looking at the T&Cs, there are no charges or penalties if you close the account before it matures. Not sure when you will get the interest if you close early, as the T&Cs don't say more than that interest will be credited annually, into the MS account. Best ask Lloyds, and please post the answer you got here.

quanta

You can transfer the money instantly to your current account through online banking. I've done this previously with one of mine. Interest was calculated daily and is paid into the account when the account matures (it becomes an "Easy Saver" and the interest is paid in a couple of days later).


I withdrew all funds from my previous Lloyds Monthly Saver a couple of months before maturity and left the account open with zero balance until maturity. I can't say what would happen if you actually asked them to close it however.

Ed-1

senseasense wrote: »

Hi,

My Club Lloyds Monthly Saver and Lloyds Monthly Saver are due to mature soon and I was considering starting new Monthly Saver accounts once they do. I was however wondering what happens if I needed to close the new Monthly Saver accounts early? From what I can make out from the Lloyds website there are no fees and I can close them at any time, but will they also calculate the interest up until the account being closed and then deposit that into my current account within a couple of working days? The only guidance I can see is that the interest is paid at the end of the 12 month period but I'm assuming this is if you have the account open to maturity.

Many thanks.

Interest is paid upon closure if closed early. Note that if you close early you can't open a new one until the 12 month anniversary has passed from when you opened the first one.

senseasense

Ed-1 wrote: »

Interest is paid upon closure if closed early. Note that if you close early you can't open a new one until the 12 month anniversary has passed from when you opened the first one.

That's excellent, thank you! Exactly what I was hoping.