Lloyds monthly saver accounts

etienneg

Lloyds offer two monthly saver accounts: the Club one (currently at 5.25%) and the ordinary one (currently at 4.5%). The T&Cs state that you can pay in "by your Standing Order, or by transfer from your current account". This doesn't say explicitly that the account it comes from must be a Lloyds current account, but I find the use of the word "your" (rather than "a") confusing. I wonder if this implies deposits must come from a Lloyds account.

So, my question is, does anyone have one of these accounts and pay into it from an account at another bank or building society (by standing order or FP transfer)?

Sensory

The standing order can be from another financial institution.

ForumUser7

etienneg said:

Lloyds offer two monthly saver accounts: the Club one (currently at 5.25%) and the ordinary one (currently at 4.5%). The T&Cs state that you can pay in "by your Standing Order, or by transfer from your current account". This doesn't say explicitly that the account it comes from must be a Lloyds current account, but I find the use of the word "your" (rather than "a") confusing. I wonder if this implies deposits must come from a Lloyds account.

So, my question is, does anyone have one of these accounts and pay into it from an account at another bank or building society (by standing order or FP transfer)?

I transferred into my Monthly Lloyds Saver (and the Bank of Scotland one) via a faster payment from my TSB account. Granted, TSB used to be part of Lloyds, but it is not anymore. For that reason I feel like you can pay in from an external account, but no guarantees for any that weren't part of Lloyds at some stage. I didn't notice that condition you mentioned, as I skim read the ts and cs when I applied, but to be on the safe side if it isn't too much hassle you may as well fund it from your Lloyds account. I think I'll do that from now on unless the ts and cs are clarified

ColdIron

I phoned them on Tuesday to clarify this point (at one time the Club Monthly had to be paid in from the Club current) and they confirmed that both can be paid in from an external account

Useful if you use Tesco or Chase as feeders that pay on the day you say and not the next working day if the 1st was a weekend (as the Club current would) for a few extra pennies of interest

Section62

etienneg said:

So, my question is, does anyone have one of these accounts and pay into it from an account at another bank or building society (by standing order or FP transfer)?

The Club Lloyds current account needs £1500 paying into it to avoid the monthly fee, so I've found it convenient to use the £650 ultimately going into the regular savers as a contribution to this requirement.  The gain from funding the regular savers directly from an external account is somewhat offset by the need to still push £1500 through the Club Lloyds current account each month.

Ed-1

ColdIron said:

Useful if you use Tesco or Chase as feeders that pay on the day you say and not the next working day if the 1st was a weekend (as the Club current would) for a few extra pennies of interest

Except LBG take a deposit on a non-working day as being received the next working day and pay interest accordingly.