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akh43

I opened 2 Lloyds RS, the Club and the regular on 3 March 20, but most payments, except for weekends when its referred until the next working day have been made on the 1st of the month, when does it mature?  I paid the 12th payment on both accounts on 1st February, can I make a payment on 1st March or will it have matured by then?

Thanks

schiff

akh43 said:

I opened 2 Lloyds RS, the Club and the regular on 3 March 20, but most payments, except for weekends when its referred until the next working day have been made on the 1st of the month, when does it mature?  I paid the 12th payment on both accounts on 1st February, can I make a payment on 1st March or will it have matured by then?

Thanks

If they mature on March 3rd 2021, you're not going to get much benefit from investing for two days. I'm in a similar situation with the regular; mine matures on March 12th and I'm not bothering depositing £250 for 12 days at the difference between where the deposit comes from (1.2%) and the rate on the Lloyds RS (2%). About 6p.  

schiff

SFindlay said:

Coventry have withdrawn issue 4 and replaced it with issue 5 now paying 1.05%. It still allows £500 per month so worth opening as a backup in case the last couple of easy access accounts people still have drop below the 1% level in the next year. 

Yes we all know the T&C say 1 issue at a time blah blah blah.

It's of less interest as the interest rate is variable and there is a penalty (albeit modest) for withdrawals. I may swerve this one.

happybagger

Had a bit of a whinge at West Brom for insisting on a branch visit for their adult Reg Saver this week, given current government rules etc, got told in no uncertain terms that visiting a branch was the only way it would be opened.

Nice work WBBS. Good to see flexibility in order to assist compliance with government diktats. Not.

Just thought I'd post this in case any readers were considering having a go.

liamcov

SFindlay said:

Coventry have withdrawn issue 4 and replaced it with issue 5 now paying 1.05%. It still allows £500 per month so worth opening as a backup in case the last couple of easy access accounts people still have drop below the 1% level in the next year. 

Yes we all know the T&C say 1 issue at a time blah blah blah.

Is there a min monthly amount for this (site just says minimum balance is £1)?

SFindlay

schiff said:

SFindlay said:

Coventry have withdrawn issue 4 and replaced it with issue 5 now paying 1.05%. It still allows £500 per month so worth opening as a backup in case the last couple of easy access accounts people still have drop below the 1% level in the next year. 

Yes we all know the T&C say 1 issue at a time blah blah blah.

It's of less interest as the interest rate is variable and there is a penalty (albeit modest) for withdrawals. I may swerve this one.

Yeah however bear in mind there is no minimum monthly deposit required so will be no need to withdraw anything as it won't need to be funded until peoples feeder accounts drop. Even if people do fund it Coventry tend (not always, I think it was issue 1 or 2 had its rate reduced) to not reduce the rate but just release a new issue and if they did reduce the rate they give the option of penalty free closure of account so in reality there is no risk involved. 

SFindlay

liamcov said:

SFindlay said:

Coventry have withdrawn issue 4 and replaced it with issue 5 now paying 1.05%. It still allows £500 per month so worth opening as a backup in case the last couple of easy access accounts people still have drop below the 1% level in the next year. 

Yes we all know the T&C say 1 issue at a time blah blah blah.

Is there a min monthly amount for this (site just says minimum balance is £1)?

No minimum and £500 maximum monthly deposit and bear in mind Coventry work on a month being from date opened rather than calander month. 

BrownTrout

schiff said:

SFindlay said:

Coventry have withdrawn issue 4 and replaced it with issue 5 now paying 1.05%. It still allows £500 per month so worth opening as a backup in case the last couple of easy access accounts people still have drop below the 1% level in the next year. 

Yes we all know the T&C say 1 issue at a time blah blah blah.

It's of less interest as the interest rate is variable and there is a penalty (albeit modest) for withdrawals. I may swerve this one.

same not bothered this time tbh

colsten

Saffron's system allows you to open more than one of their regular savers. They do do manual checks, however, so they catch up with you eventually, close any duplicates and return your funds. A proper Baldrick plan experience 🤣

glider3560

colsten said:

Saffron's system allows you to open more than one of their regular savers. They do do manual checks, however, so they catch up with you eventually, close any duplicates and return your funds. A proper Baldrick plan experience 🤣

Do they pay interest for the period of time they had your cash?