Club Lloyds Monthly Saver question

phillw

Calidad said:

Is the interest paid monthly or annually? 

Interest is paid on maturity, after 12 months

phillw

OceanSound said:

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!

My experience in the past is if you have an arranged overdraft then you can transfer a value that is larger, so you wouldn't need to do multiple transfers. You will be in an unarranged overdraft, but as long as you transfer the money back then you shouldn't be charged. It might have changed, or be dependent on which bank you are with

However unless you have some available zero buffer to save, then it won't be worth opening a savings account.

Unless you were expecting some money imminently and wanted the current account open ready.
 
There are people still doing the 30 tsb debit card transactions  for £5 and that is too boring for me. I did it for six months and that was enough

Descrabled

I tried the multiple pp ayment trick with my debit card and all was going well at £1 a time. Then I somehow made a mistake and debited £111. Don't know how it happened but because of this I vowed never to do it again.

OceanSound

Sea_Shell said:

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

As you were 😉

Hello pondering poster. I've contacted Lloyd's support to query your interesting question. After much to and from, we finally have an answer. At least pretty sure we do. You can see for yourself and decide. Please see my reply to other member below. 

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?

when I contacted Lloyd's support via chat within app. After a few messages I was told grace period didn't apply to upgraded accounts. I then asked them how come it's not published online.

I was first told a 'different part of the bank decides that'. When I asked which part I hit a brick wall. After repeated messages I have a useful answer.

The fee is based on monthly billing period. For club Lloyd's accounts this is the second working day of  a calendar month to the first working day of the next. This is why there is a grace period If you open account midway. With a upgraded account Lloyd's will change it (presumably the billing period) straight away.

The agent has referred me to the terms at:

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

including page number - page 27.

Edit: with above link, scroll down to 'Terms and conditions' and then 'Personal banking terms and conditions & Banking charges guide.