Club Lloyds Monthly Saving - Closing and reopening to get new rate 26 October 2022 at 10:51PM in Savings & investments 11 replies 560 views

NewPieman

Evening 

I "renewed" my new Club Lloyds Monthly Saver back in July at 1.5%......but seeing now the rate is 5.25%, thinking to stop and start again.......seems to make sense.....but just thought I'd sound out any thoughts before pressing the button...............

TIA.....

NewPieman

I think I may have answered my own question........open a new regular account elsewhere.......

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.

soulsaver

Press the button.. you'll very likely be pleasantly surprised. And you've got nothing to lose with Easy Access accounts paying more than you're getting now...

And when that works, ask about the 4.5% monthly saver...
And the Halifax & BoS 4.5%s, too

eta typo correction

NewPieman

I already have the YBS monthly - will have a look round....

Bridlington1

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

Sea_Shell

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Bridlington1

Sea_Shell said:

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Whenever I've done it the interest is automatically applied when you convert it into a monthly saver. You can then transfer the final balance into a current account and then use it to fund the new regular saver.

Sea_Shell

Bridlington1 said:

Sea_Shell said:

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Whenever I've done it the interest is automatically applied when you convert it into a monthly saver. You can then transfer the final balance into a current account and then use it to fund the new regular saver.

But you're still restricted to the maximum monthly deposit, so you can only drip feed, what could be a fairly large balance, back in.  Albeit at the new better rate.

Daliah

Sea_Shell said:

Bridlington1 said:

Sea_Shell said:

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Whenever I've done it the interest is automatically applied when you convert it into a monthly saver. You can then transfer the final balance into a current account and then use it to fund the new regular saver.

But you're still restricted to the maximum monthly deposit, so you can only drip feed, what could be a fairly large balance, back in.  Albeit at the new better rate.

Don’t do it then. It’s not compulsory.

Bridlington1

Sea_Shell said:

Bridlington1 said:

Sea_Shell said:

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Whenever I've done it the interest is automatically applied when you convert it into a monthly saver. You can then transfer the final balance into a current account and then use it to fund the new regular saver.

But you're still restricted to the maximum monthly deposit, so you can only drip feed, what could be a fairly large balance, back in.  Albeit at the new better rate.

At the moment the top easy access account pays 2.81%. It is surely better that the OP shuts the regular saver, puts £400 in the new regular saver now and puts the rest at 2.81% than keeping the whole lot at 1.5%.

Sensory

Sea_Shell said:

Bridlington1 said:

Sea_Shell said:

Bridlington1 said:

Renew the Club Lloyds monthly saver account into an easy saver, then close it. You will then be able to open a new Club Lloyds monthly saver at 5.25%. I've done this 3 times this year and found it works very well.

But you can't put the accrued balance back in in one go...or can you? 🤔

Whenever I've done it the interest is automatically applied when you convert it into a monthly saver. You can then transfer the final balance into a current account and then use it to fund the new regular saver.

But you're still restricted to the maximum monthly deposit, so you can only drip feed, what could be a fairly large balance, back in.  Albeit at the new better rate.

In the context of this thread, what reason would there be to keep a regular saver that only pays 1.5%, if you can close it, move the balance plus interest to a higher-rate easy-access account, then drip feed into the new 5.25% regular saver?