Club Lloyds Monthly Saver question

OceanSound

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

I opened club Lloyd's account on 18 October last year. Didn't pay-in £1500 that month (only £203.07). 

In November didn't pay-in £1500 either (only paid in £0.04 for some reason). I cannot see a fee charged (for October - as the fee is charged if you don't pay-in £1500 in the month before). So the first month grace/fee forfeit definitely happened. 

In December paid-in nearly £5000. Fee was charged (for missing November 2021 £1500 pay-in) . I cannot see an entry saying it was waived. So it was definitely charged.

After that I've been paying in over £1500 every month and the fee was waived consistently (it was waived in January 2022 too due to over £1500 pay-in in December 2021).

You've missed the point: I know they used to concede the first month on opening - but this is an upgrade back to a Club. 
I don't know if under these circumstances you get the grace period... so unless you know otherwise, do the £1500 if OP can.  

It could've been made clearer in your previous post that you knew they used to concede the first month on opening (but you don't know about upgrades).

I was recounting my experience from October 2021 to help others, as you said '...used to.....perhaps they still do.'.

soulsaver

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

I opened club Lloyd's account on 18 October last year. Didn't pay-in £1500 that month (only £203.07). 

In November didn't pay-in £1500 either (only paid in £0.04 for some reason). I cannot see a fee charged (for October - as the fee is charged if you don't pay-in £1500 in the month before). So the first month grace/fee forfeit definitely happened. 

In December paid-in nearly £5000. Fee was charged (for missing November 2021 £1500 pay-in) . I cannot see an entry saying it was waived. So it was definitely charged.

After that I've been paying in over £1500 every month and the fee was waived consistently (it was waived in January 2022 too due to over £1500 pay-in in December 2021).

You've missed the point: I know they used to concede the first month on opening - but this is an upgrade back to a Club. 
I don't know if under these circumstances you get the grace period... so unless you know otherwise, do the £1500 if OP can.  

It could've been made clearer in your previous post that you knew they used to concede the first month on opening (but you don't know about upgrades).

I was recounting my experience from October 2021 to help others, as you said '...used to.....perhaps they still do.'.

The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 


 

wmb194

OceanSound said:

wmb194 said:

OceanSound said:

wmb194 said:

OceanSound said:

Eco_Miser 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.

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.

Replying to Eco_Miser post above: I've seen the dated to next banking day when moving money around my Halifax bank accounts during weekends (savings to current and vice versa). As far as I know, Halifax and Lloyds are part of the same group. 

I suppose if I go down the making manual payment route for the Lloyds Monthly saver (as opposed to the SO), I could transfer £399.99 on 01 December 2022, then on 26 December 2022 (next bank holiday from now) do a manual transfer of £0.01 from lloyds current account to lloyds monthly saver to see if it's dated 26 December 2022 or 27 December 2022.

To everyone: 
I've just seen this, on the Halifax website (https://www.halifax.co.uk/bankaccounts/rates-rewards-fees.html):

"Interest we pay on credit balances

If you have a Student Current Account, Cardcash account (account holders aged 16 and 17 only) or Expresscash account, we will pay you interest on the money in your account."

Yes, its to do with a student account, Cardcash account, or Expresscash account (all paying interest on credit balances it seems), so not the same as Lloyds Monthly saver, but it does say 'we will pay you interest on the money in your account'. Nothing about 'we will pay interest from the date shown alongside payments into your account'. With Halifax and Lloyds being part of the same group I would think the same applies across the board. Actually, I wouldn't be surprised if there's an Financial Conduct Authority (FCA) rule that says financial institutions must pay interest from the date the money is in the account.

edit: from FCA website (https://www.fca.org.uk/consumers/making-receiving-payments)  - 

Receiving a payment

If money is paid into your account it must be available to you and start earning interest as soon as the bank receives it if it was:

* made electronically, such as by CHAPS, Bacs or Faster Payments systems

*cash deposited at the counter of the bank

* transferred between accounts with the same bank

If money is paid into a cash ISA or a savings account with a notice period, it does not have to be made available immediately, but the bank must start paying interest on the same business day as it receives the funds.

The key words in the FCA quote are, "business day." A weekend and bank holiday are not business days and Lloyds Banking Group's banks will date deposits and withdrawals on these days as the next business (working) day. This is how it's always worked with Lloyds. You need to dig into its banking terms and conditions, IIRC it's all in there.

Other banks are or have been different e.g., Santander pays/used to pay interest on deposits made on a Saturday.

You've clearly missed that the key words belong to 'a cash ISA or a savings account with a notice period...'!!!!

Erm, that's irrelevant. Business day still counts. Anyway, you go ahead and discover how it works for yourself but trust me, Lloyds won't pay interest on deposits made at the weekend or bank holidays. 

Btw, it also works the other way around. If you're overdrawn and you deposit enough to cover it on a Saturday you'll still be charged interest for Saturday and Sunday and it'll only be counted as cleared on Monday (or Tuesday/Wednesday if the weekend is followed by a bank holiday or two).

Words aren't irrelevant.

I don't need to discover either. When I made a lump sum payment to my mortgage on a Bank Holiday the interest charged on the mortgage went down from the date I made the payment. Not the date it started showing on the recent transactions or bank statement. That is also what I was told by Halifax mortgages support. I called to confirm before making payment in order to maximize interest.why deposit to mortgage on a public holiday and not gain interest if money could be in a savings account elsewhere gaining interest was my quandary. I was told mortgage interest is calculated from date of payment, not date showing on statement.

The fca rules are clear. Earlier you said it's dependent on the bank. Now not so much.

Note this is not something for the bank to determine. These rules apply to all financial institutions. 

The stuff about notice accounts etc. was to say that deposits don't have to be immediately available for withdrawal. The key to that whole section, including the bullet points above that paragraph, is the business day part...

I don't trust anything a bank employee tells me as in my experience they're extremely hit and miss. I always look at the T&Cs. Which is what you should be doing.

As I wrote earlier, *some* banks will pay interest from the day of deposit including Saturday e.g., as Santander does or used to - IIRC it may have changed its T&Cs - but Lloyds doesn't. There used to be a wheeze where you could earn interest on the same money in two places at the same time over a weekend...

phillw

soulsaver said:
The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 

 

Even if you have no money, if you have an overdraft then you can send that to the account and back.

OceanSound

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

I opened club Lloyd's account on 18 October last year. Didn't pay-in £1500 that month (only £203.07). 

In November didn't pay-in £1500 either (only paid in £0.04 for some reason). I cannot see a fee charged (for October - as the fee is charged if you don't pay-in £1500 in the month before). So the first month grace/fee forfeit definitely happened. 

In December paid-in nearly £5000. Fee was charged (for missing November 2021 £1500 pay-in) . I cannot see an entry saying it was waived. So it was definitely charged.

After that I've been paying in over £1500 every month and the fee was waived consistently (it was waived in January 2022 too due to over £1500 pay-in in December 2021).

You've missed the point: I know they used to concede the first month on opening - but this is an upgrade back to a Club. 
I don't know if under these circumstances you get the grace period... so unless you know otherwise, do the £1500 if OP can.  

It could've been made clearer in your previous post that you knew they used to concede the first month on opening (but you don't know about upgrades).

I was recounting my experience from October 2021 to help others, as you said '...used to.....perhaps they still do.'.

The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 


 

this comment :

I know they used to concede the first month,and perhaps they still do.

Isn't strictly correct if you don't know if it applied to upgrades. If you only knew it applied to new accounts it should've been mentioned irrespective of whether your ultimate goal was to nudge the member asking the question in a certain direction.

Also, you could've simply said something like 'they used to have a grace period when opening accounts...i've no idea if they ever had it for upgrades. irrespective of whether they have it or not now, it'll be good if you try and do the payment(s)'.

phillw said:

soulsaver said:
The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 

 

Even if you have no money, if you have an overdraft then you can send that to the account and back.

That'll be convenient for all of us who've taken out an overdraft! For those of us that haven't probably easier to send a quick online banking secure message to confirm if grace period applies to upgraded accounts. If they say no it doesn't apply, just start from next month (as that was one of the options that the member was pondering anyway).

Unfortunately, for the above solution to work, you would need to trust what the bank employee tells you. 

Sea_Shell

For all you wondering (as I was the pondering poster)...I'm leaving upgrading until the first.   It's just easier.

As you were 😉

phillw

OceanSound said:
That'll be convenient for all of us who've taken out an overdraft! For those of us that haven't probably easier to send a quick online banking secure message to confirm if grace period applies to upgraded accounts. If they say no it doesn't apply, just start from next month (as that was one of the options that the member was pondering anyway).

Unfortunately, for the above solution to work, you would need to trust what the bank employee tells you. 

You could ask and if they tell you that it's waived in the first month (make sure you ask them to define what they mean by a month) and it's wrong, then you can complain.

You have no money & no overdraft and you're opening a savings account?

OceanSound

phillw said:

OceanSound said:
That'll be convenient for all of us who've taken out an overdraft! For those of us that haven't probably easier to send a quick online banking secure message to confirm if grace period applies to upgraded accounts. If they say no it doesn't apply, just start from next month (as that was one of the options that the member was pondering anyway).

Unfortunately, for the above solution to work, you would need to trust what the bank employee tells you. 

You could ask and if they tell you that it's waived in the first month (make sure you ask them to define what they mean by a month) and it's wrong, then you can complain.

You have no money & no overdraft and you're opening a savings account?

You have no money & no overdraft and you're opening a savings account?

End of the month could explain the 'no money' part'. Choosing not to have an overdraft wasn't against the rules last time I checked.

I tend to use a credit card on a 0% purchases offer for making purchases then pay the minimum over the 0% offer period, then pay the balance when the offer period is about to expire. I've never really needed the use of an overdraft. I used to have two tesco current accounts with £100 overdraft each. Those two accounts are closed now. So, never used an overdraft for ages. 

edit: how about no money & have overdraft and we are opening a savings account? Does that make more sense than no money & no overdraft? Or about the same level of sense?

soulsaver

OceanSound said:

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

soulsaver said:

OceanSound said:

soulsaver said:

Sea_Shell said:

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.

I know they used to concede the first month,and perhaps they still do.

To be sure, you know can pay in and out as much as you can easily lay your hands on to get the £1500 ie £250 6 times  or 15x £100 etc?

Upgrade is instant and transferring in and out with another of your Lloyds acs is instant too.

I opened club Lloyd's account on 18 October last year. Didn't pay-in £1500 that month (only £203.07). 

In November didn't pay-in £1500 either (only paid in £0.04 for some reason). I cannot see a fee charged (for October - as the fee is charged if you don't pay-in £1500 in the month before). So the first month grace/fee forfeit definitely happened. 

In December paid-in nearly £5000. Fee was charged (for missing November 2021 £1500 pay-in) . I cannot see an entry saying it was waived. So it was definitely charged.

After that I've been paying in over £1500 every month and the fee was waived consistently (it was waived in January 2022 too due to over £1500 pay-in in December 2021).

You've missed the point: I know they used to concede the first month on opening - but this is an upgrade back to a Club. 
I don't know if under these circumstances you get the grace period... so unless you know otherwise, do the £1500 if OP can.  

It could've been made clearer in your previous post that you knew they used to concede the first month on opening (but you don't know about upgrades).

I was recounting my experience from October 2021 to help others, as you said '...used to.....perhaps they still do.'.

The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 


 

this comment :

I know they used to concede the first month,and perhaps they still do.

Isn't strictly correct if you don't know if it applied to upgrades. If you only knew it applied to new accounts it should've been mentioned irrespective of whether your ultimate goal was to nudge the member asking the question in a certain direction.

Also, you could've simply said something like 'they used to have a grace period when opening accounts...i've no idea if they ever had it for upgrades. irrespective of whether they have it or not now, it'll be good if you try and do the payment(s)'.

phillw said:

soulsaver said:
The point of the comment is that it doesn't matter whether the grace is there or not for the upgrade, you can, and have time to, just do the £1500 by multiple deposits; even if you haven't got £1500 in one lump. 

 

Even if you have no money, if you have an overdraft then you can send that to the account and back.

That'll be convenient for all of us who've taken out an overdraft! For those of us that haven't probably easier to send a quick online banking secure message to confirm if grace period applies to upgraded accounts. If they say no it doesn't apply, just start from next month (as that was one of the options that the member was pondering anyway).

Unfortunately, for the above solution to work, you would need to trust what the bank employee tells you. 

Yawn - I'm not discussing your flawed semantics further.

kuepper

I just opened one tonight 27th - annoyed I didn't know about it before 25th - and put £400 in without any problem so I'm confused about why the 25th is mentioned??? When can I put my next deposit in?