Club Lloyds Monthly Saver - payment deadline advice

[Deleted User]

Hi, just a quick question please… opened this on 26th October with £25 (knowing that I missed the cut off of 25th and to secure the rate - looked too good to be true if I was honest, I haven’t done this before) if I paid money in on 28th of every month (ie today) would that still be ok as a like to move money into my various pots ready for the month ahead - I’m assuming I have from 26th October to 25th November to qualify this to top up to the max of £400 or should I wait till 1st November to add £375.

Daliah

You can add the remaining £375 for October straight away, and the £400 for November on the 1st of November. The longer your money is in the account, the more interest you earn

ColdIron

You can make 13 payments to this if you transfer on the 1st

dcs34

The 25th part of their T&Cs is never an issue. You can make up the full £400 by paying £375 today, then on Tuesday you can pay the next £400 in.

isasmurf

They say the 25th to make sure that Standing Orders will still pay into the account by the end of the month if the 25th falls on a BH or weekend. 

[Deleted User]

Hi. No I can’t afford to pay again until next payday 28th November…so will only
make 12 payments in total. Silly me, will make sure next time to do it on the 1st of every month if we do this again. This is the first time I’ve done this, my DH has done the same. We’ve never managed to save like this before and we really need to start saving and putting something behind us. 

Eco_Miser

You can pay in £400 each calendar month, but you get the 365 days from when the account was opened to make payments. If you open the account on the 1st of a month you only get 12 opportunities to pay £400; if you open the account near the end of the month you get 13 such opportunities. You need to alter the date on the Standing Order though. Doesn't need to be the 1st either, just so long as you make a payment in both the first and last part calendar months, and the 11 full months that the account is open.