Club Lloyds Monthly Saver question

EarthBoy

OceanSound said:

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.

....

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?

Lloyds don't pay Standing Orders on weekends, not even if it's going to a Lloyds Savings Account.  I have a Standing Order from my Lloyds current account to a Lloyds savings account due out on 21st of every month.  In August, that was a Sunday, and the payment/transfer wasn't made until Monday 22 August.  

Daliah

OceanSound said:

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.

£400 deposited on day 1 earns £21 over the year, or approx 6 pence a day for 365 days. If the £400 gets deposited later in the year, it still earns approx 6 pence a day but obviously only for the days it is in the account. So if it goes in 2 days later than the earliest possible date, it earns you around 12p less can it could have done if you had been able to deposit it at the optimal time.

OceanSound

EarthBoy said:

OceanSound said:

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.

....

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?

Lloyds don't pay Standing Orders on weekends, not even if it's going to a Lloyds Savings Account.  I have a Standing Order from my Lloyds current account to a Lloyds savings account due out on 21st of every month.  In August, that was a Sunday, and the payment/transfer wasn't made until Monday 22 August.  

I am aware they don't pay SO's on Saturday (or bank holidays). I'm talking about manual transfer from current account to monthly saver. That's what I mean when I say 'if you transfer from Lloyds Current account to Monthly saver on 01 May 2023...'.

EarthBoy

OceanSound said:

EarthBoy said:

OceanSound said:

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.

....

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?

Lloyds don't pay Standing Orders on weekends, not even if it's going to a Lloyds Savings Account.  I have a Standing Order from my Lloyds current account to a Lloyds savings account due out on 21st of every month.  In August, that was a Sunday, and the payment/transfer wasn't made until Monday 22 August.  

I am aware they don't pay SO's on Saturday (or bank holidays). I'm talking about manual transfer from current account to monthly saver. That's what I mean when I say 'if you transfer from Lloyds Current account to Monthly saver on 01 May 2023...'.

You also asked about standing orders:

"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?" 

Descrabled

I know that that you can transfer money from your current account to your regular saver on a Sunday. However, I suspect that the money transfer will be dated for the following Monday.

Daliah

Descrabled said:

I know that that you can transfer money from your current account to your regular saver on a Sunday. However, I suspect that the money transfer will be dated for the following Monday.

Suspect or know?

Descrabled

In reply to your question Daliah:

I have never attempted to pay any regular saver on a Sunday, excepting for Nationwide.

 I do know that any credits that arrive in Lloyds group banks over a weekend are dated on the following Monday.

I suspect because I've never tried it with any LBG savings accounts.

OceanSound

EarthBoy said:

OceanSound said:

EarthBoy said:

OceanSound said:

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.

....

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?

Lloyds don't pay Standing Orders on weekends, not even if it's going to a Lloyds Savings Account.  I have a Standing Order from my Lloyds current account to a Lloyds savings account due out on 21st of every month.  In August, that was a Sunday, and the payment/transfer wasn't made until Monday 22 August.  

I am aware they don't pay SO's on Saturday (or bank holidays). I'm talking about manual transfer from current account to monthly saver. That's what I mean when I say 'if you transfer from Lloyds Current account to Monthly saver on 01 May 2023...'.

You also asked about standing orders:

"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?" 

The first paragraph was responding to Eco_Miser, specifically to do with transfers.

Second paragraph was asking everyone about the Standing Order (SO). On hindsight, should have kept them separate and created two separate posts. As it is, it probably gives the impression if I'm asking 'because we are doing the standing order between internal accounts, would it go through even on a saturday', which is not what I was asking. I am aware internal/external doesn't matter when it comes to SO. Was just asking if SO (irrespectiving of if it goes from lloyds current account to monthly saver or external bank current account to lloyds monthly saver) will be credited on the Monday, and you have answered it. So, thank you. Just confused how the internal aspect (which I was referring to when talking about direct transfer) got muddled together with the SO aspect.

Eco_Miser

OceanSound said:

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.

Well, like Descrabled, I've never tried transferring to a Regular Saver account on a non-banking day, but I have moved money around on weekends, and it gets dated to next banking day, even in interest paying current accounts. Please let us know what happens to your transfer on 01 May 2023.

Sea_Shell

If I were to (re)upgrade my current account to "club" to access this account ... Would the £1500 pay in have to be made during October so as to not get charged the fee?

Wondering wether to wait until November and do everything at the start of the month.