13 payments into Club Lloyds Monthly Saver

where_are_we

My Club Lloyds Monthly Saver is maturing soon. I cannot see a maximum amount in their T&C`s. I presume I can benefit from making 13 monthly payments of £400 totalling £5200 and receive the 2.5% interest.

ColdIron

Yes you can

Bobblehat

Lloyds Monthly Saver …. will 13th work too?

bsms1147

Bobblehat said:

Lloyds Monthly Saver …. will 13th work too?

Should do. Gotta be in it to win it.

Eco_Miser

How many days between making your 13th payment and maturity?   How many pennies of interest will this make? £400 * 2.5% /365 = 2.7p per day

CavendishWobble

Looking at the product construct it says the maximum you can deposit is £400 per month and interest is paid after 12 months. So if you can get £5200 in the account at 2.5% then please share as it will be an error

glider3560

CavendishWobble said:

Looking at the product construct it says the maximum you can deposit is £400 per month and interest is paid after 12 months. So if you can get £5200 in the account at 2.5% then please share as it will be an error

You can deposit £400 per calendar month.  But the account matures and interest is paid after 12 months (not calendar).

redux

CavendishWobble said:

Looking at the product construct it says the maximum you can deposit is £400 per month and interest is paid after 12 months. So if you can get £5200 in the account at 2.5% then please share as it will be an error

Open account in last few days of month, such as yesterday or today. Set up standing order transfer to the account on 1st or 2nd of each month.

where_are_we

Thanks everyone - I have added an extra months standing order. Account started on 25th of the month. So 25 days extra interest. I know it`s pennies but MSE is all about maximising returns. The Monthly Saver T&C`s also do not mention a maximum, so it is good for 13 payments. 12 monthly contributions are given as an "example" for both accounts which would lead a lot of people to make 12 and not 13. I am a fan of regular savers because of their higher interest rates but remember to check each one`s T&C`s regarding maximum annual contributions eg Virginmoney RS`s allow 14 monthly contributions.

ColdIron

where_are_we said:

Account started on 25th of the month. So 25 days extra interest.

It's not that you get 25 days extra interest as such.The advantage comes from opening it at the end of the month. For a few days you will have £400 saved but when you make your second deposit on the 1st of May, your next full month will have £800. If you had opened it on the 1st, your first month would be only £400. On the final month (April 2021 and your 13th payment) you would have £5,200 for almost a month instead of for a few days. Broadly it allows you to have nearly an extra £400 per month earning interest. The difference is more than a few pennies

surreysaver

It also works with the Halifax, Bank of Scotland and the TSB.
Probably others too