Club Lloyds Monthly Saver question

Sensory

Maz_50 said:

I also wanted to ask about when is best to deposit in to the club saver.
I opened an account yesterday and deposited £400. I want to set up a standing order but unsure if I have to set it up to come out a month after my first deposit or can it be set up to come out anytime before the 25th every month e.g 24th or maybe even earlier. Just wanted to know what is best. Thx

Payments are limited to each calendar month, so the 1st of each calendar month is best to maximise interest. As you are not limited to only 12 payments, it's even better to open an account and make your first deposit close to the 25th, to maximise the amount of time the account holds 13 monthly payments.

Maz_50

Okay. Thank you all.

MissRP95

Sensory said:

Maz_50 said:

I also wanted to ask about when is best to deposit in to the club saver.
I opened an account yesterday and deposited £400. I want to set up a standing order but unsure if I have to set it up to come out a month after my first deposit or can it be set up to come out anytime before the 25th every month e.g 24th or maybe even earlier. Just wanted to know what is best. Thx

Payments are limited to each calendar month, so the 1st of each calendar month is best to maximise interest. As you are not limited to only 12 payments, it's even better to open an account and make your first deposit close to the 25th, to maximise the amount of time the account holds 13 monthly payments.

They ask to deposit money before the 25th but what happens if you deposit it on the 25th or after. Does it count towards the next month's allowance? 

OceanSound

MissRP95 said:

Sensory said:

Maz_50 said:

I also wanted to ask about when is best to deposit in to the club saver.
I opened an account yesterday and deposited £400. I want to set up a standing order but unsure if I have to set it up to come out a month after my first deposit or can it be set up to come out anytime before the 25th every month e.g 24th or maybe even earlier. Just wanted to know what is best. Thx

Payments are limited to each calendar month, so the 1st of each calendar month is best to maximise interest. As you are not limited to only 12 payments, it's even better to open an account and make your first deposit close to the 25th, to maximise the amount of time the account holds 13 monthly payments.

They ask to deposit money before the 25th but what happens if you deposit it on the 25th or after. Does it count towards the next month's allowance? 

Yes, I wondered about that too. But I think they are referring to the standing order. When opening the account I took screenshots. 

it says "Save £25 - £400 every month by one standing order (SO). This needs to reach your account before the 25th of the month. You can top up your savings by bank transfer as long as you don't exceed the £400 monthly limit'.

I believe you can save  £200 by SO reaching your account on 24th November, then on 29 November if you make a  bank transfer of £200 that would count towards the £400 for the Calendar month of November.

Similarly, you should be able to make a direct transfer soon after opening account this month (October) even around the 27th, 28th. Maybe even the 31st (do direct transfer from Lloyds current account to be sure of instant transfer). Then setup SO to pay money in 5-7 working days from then. But then you're moving away from the 1st of each month (to maximise interest), so change the SO pay money in date to the 1st from December. Hope that makes sense.

phillw

trickydicky14 said:

Well, you say that, I set one up today and attempted to make a quick transfer from my Lloyds current account and the regular saver was not listed so I have had to setup a standing order. This has happened with both my basic regular saver and my club Lloyds regular saver.

It specifically told me to add money when I opened mine and that using the app would require me to close and open the app

I'm guessing the 25th is so that in non leap years where February ends with a weekend, that you don't end up missing a payment. But they aren't particularly clear.

I'm kinda tempted to not use a standing order, so I can transfer the money myself on the 1st. Even if that is a weekend. 

wiseonesomeofthetime

I have no standing order set up for mine. Not from within anyway.

My Saver will be  funded from an external SO.

Daliah

I have always funded my first deposit into Lloyds monthly savers with a Faster Payment from an external account. All my subsequent deposits come by SO from the same external account, scheduled on the 1st of a month. I am not bothered about any delays at weekends as the "loss" is only pennies / fraction of pennies. If you want to always deposit on a 1st, you can use a 7-day SO service (only one I know of is Chase), or make your deposit manually by Faster Payment on each 1st.

Eco_Miser

phillw said:

I'm kinda tempted to not use a standing order, so I can transfer the money myself on the 1st. Even if that is a weekend. 

It's highly likely that the transfer will be dated on (and interest paid from) the Monday if it actually happens on a weekend.

Wheres_My_Cashback

MissRP95 said:

Sensory said:

Maz_50 said:

I also wanted to ask about when is best to deposit in to the club saver.
I opened an account yesterday and deposited £400. I want to set up a standing order but unsure if I have to set it up to come out a month after my first deposit or can it be set up to come out anytime before the 25th every month e.g 24th or maybe even earlier. Just wanted to know what is best. Thx

Payments are limited to each calendar month, so the 1st of each calendar month is best to maximise interest. As you are not limited to only 12 payments, it's even better to open an account and make your first deposit close to the 25th, to maximise the amount of time the account holds 13 monthly payments.

They ask to deposit money before the 25th but what happens if you deposit it on the 25th or after. Does it count towards the next month's allowance? 

It's get paid into the account on 26/27/28/29/30/31 regardless of the 25th cut off, depending on how it's sent and whether there's a weekend involved. It's as simple as that.

The 25th is only stated as a safety net to help you ensure a payment is made each and every month.

EG. If Easter weekend starts on Fri 27th in a 30 day month and your MAX S/O is always set to go out on the 27th it won't happen until 01st of the next month so you will have missed a month and then won't be able to add again on the following 27th as it would be a 2nd monthly payment. By stating 25th it ensures this can't happen.

OceanSound

Eco_Miser said:

phillw said:

I'm kinda tempted to not use a standing order, so I can transfer the money myself on the 1st. Even if that is a weekend. 

It's highly likely that the transfer will be dated on (and interest paid from) the Monday if it actually happens on a weekend.

Pretty sure if you transfer from Lloyds Current account to Monthly saver on 01 May 2023 (Bank Holiday), money will be in the monthly saver account on 01 May 2023. Once the money is in the account can they pay interest from a future date? Doubt it.

Btw, I've had look at the calendar for future 1st's:

date            - Day - balance (without the rolling interest added)

01.11.2022 - Tue  -   £800 

01.12.2022 - Thu  -  £1200

01.01.2023 - Sun  -  £1600

01.02.2023 - Wed  - £2000

01.03.2023 - Wed  - £2400

01.04.2023 - Sat  -  £2800

01.05.2023 - Mon -  £3200 - Public holiday (Early May Bank holiday)

01.06.2023 - Thu -  £3600

01.07.2023 - Sat -  £4000

01.08.2023 - Tue -  £4400

01.09.2023 - Fri -  £4800

01.10.2023 - Sun -  £5200

If I setup a standing order (SO) to pay out on 1st of every month, does this mean the 01.07.2023 SO payment will be paid on Monday 03.07.2023?, so two days interest will be affected?

What kinda interest are we talking about? ( moneysaving website so every penny counts ). Of course, it's not simple as calculating the interest for £4000 at 5.25% for 2 days, because I would still earn interest on those two days for the amount of £3600 (more than this actually due to interest earned up to that point). I've also not taken into account that the balance at 01.07.2023 isn't going to be exactly £4000, it will be higher due to interest.