Club Lloyds Monthly Saver question

Wheres_My_Cashback

kuepper said:

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?

25th is a red herring (read further back), next one on the 1st Nov

kuepper

Wheres_My_Cashback said:

kuepper said:

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?

25th is a red herring (read further back), next one on the 1st Nov

Thanks, I saw the earlier posts but I couldn't understand

Daliah

kuepper said:

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?

Please stop worrying about the 25th. As you will be able to confirm by looking at your account transactions, your deposit of today has been credited today. You can make your next deposit on November 1. Or at any other time [during the 12 month account life] you like after October 31.

ColdIron

1st November for 13 payments

Qyburn

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. 


 

The £1,500 per month isn't a requirement for a Club current account, but it determines whether you pay £3 per month or not.  As far as I can see this is determined on a month by month basis.  That's stated in a couple of places  ..

"There's a £3 monthly fee for maintaining the account, but we'll refund this every month in which you pay in £1,500 or more"

"To waive the £3 fee for maintaining the account, you'll need to pay at least £1,500 into your Club Lloyds account in the calendar month for the following month's fee to be waived. Each month you pay in at least £1,500 you'll not be charged the fee for maintaining the account."

See more detail here .. https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

Every month our statement shows a transaction for the £3 fee, and another one crediting it back.

soulsaver

Qyburn 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. 


 

The £1,500 per month isn't a requirement for a Club current account, but it determines whether you pay £3 per month or not.  As far as I can see this is determined on a month by month basis.  That's stated in a couple of places  ..

"There's a £3 monthly fee for maintaining the account, but we'll refund this every month in which you pay in £1,500 or more"

"To waive the £3 fee for maintaining the account, you'll need to pay at least £1,500 into your Club Lloyds account in the calendar month for the following month's fee to be waived. Each month you pay in at least £1,500 you'll not be charged the fee for maintaining the account."

See more detail here .. https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

Every month our statement shows a transaction for the £3 fee, and another one crediting it back.

Glad to see you understand the discussion. 

OceanSound

Qyburn 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. 


 

The £1,500 per month isn't a requirement for a Club current account, but it determines whether you pay £3 per month or not.  As far as I can see this is determined on a month by month basis.  That's stated in a couple of places  ..

"There's a £3 monthly fee for maintaining the account, but we'll refund this every month in which you pay in £1,500 or more"

"To waive the £3 fee for maintaining the account, you'll need to pay at least £1,500 into your Club Lloyds account in the calendar month for the following month's fee to be waived. Each month you pay in at least £1,500 you'll not be charged the fee for maintaining the account."

See more detail here .. https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

Every month our statement shows a transaction for the £3 fee, and another one crediting it back.

In my experience (mine was a new account as opposed to upgraded account - with account opened in October 2021) statement shows a fee of £3 and another one crediting it back for every month apart from the month following account opening (November) where at least £1500 has been paid in to account the previous month. 

As my account was not an upgraded account I don't know if the same applied to an upgraded account.

Hope the semantics aren't flawed here!  Thank you.

Edit: the '..pay in £ 1,500 or more..' and '..pay in at least £1,500..' could be worded differently to be clearer. It may be comprehended as 'pay in £1500 or more in one go' or as some would call 'lump sum'. Something similar to 'at least £1500 in total' would enable customer clearer comprehension and less confusion.

I note that lloyds is one of the banks with the crystal mark standard:
http://www.plainenglish.co.uk/services/crystal-mark/crystal-mark-holders/876-banks-and-building-societies-with-crystal-marks.html 

phillw

OceanSound said:
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?

That would depend on the overdraft interest rate. First direct give you £250 at 0%, which mine is permanently maxed out. I've seen temporary larger overdrafts for new customers at other banks, and some gave free overdrafts during covid.

But ultimately if you have no money at all and no free way of borrowing it, then opening a savings account seems like a waste of time until you do. 

OceanSound

phillw said:

OceanSound said:
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?

That would depend on the overdraft interest rate. First direct give you £250 at 0%, which mine is permanently maxed out. I've seen temporary larger overdrafts for new customers at other banks, and some gave free overdrafts during covid.

But ultimately if you have no money at all and no free way of borrowing it, then opening a savings account seems like a waste of time until you do. 

If you don't have money and you're overdraft is maxed out as you say, then how are you going to send that to the Lloyd's monthly saver and back?

Even if it's not completely maxed out and you have £10 left of overdraft you'll need to do 150 payments out of the current account (with overdraft) and 150 payments out from Lloyd's monthly saver back to current account (with overdraft). I'd rather watch paint dry!

Calidad

Is the interest paid monthly or annually?