Lloyds Monthly Saver - Confused.

alewin

Opened a Lloyds Monthly Saver yesterday, and transfered £250 into it.

When can I deposit the next £250, the terms just state before the 25th of the month, so could I transfer it on 1st December to maximise the interest.

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

Anyone have any ideas. With the NatWest Digital Saver it is easy, very calender month.

wmb194

alewin said:

Opened a Lloyds Monthly Saver yesterday, and transfered £250 into it.

When can I deposit the next £250, the terms just state before the 25th of the month, so could I transfer it on 1st December to maximise the interest.

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

Anyone have any ideas. With the NatWest Digital Saver it is easy, very calender month.

It's per calendar month, so the 1st of December. Yes, supposed to be minimum of £25 when you make a deposit but it's instant access so you could just withdraw it immediately anyway.

grumbler

alewin said:

Opened a Lloyds Monthly Saver yesterday, and transfered £250 into it.

When can I deposit the next £250, the terms just state before the 25th of the month, so could I transfer it on 1st December to maximise the interest.

I'm pretty sure you can. My first deposit was on the 20th, and the SO is set on the 8th.

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

IMO, this is the only way to read this - either nothing or at least £25.

flaneurs_lobster

grumbler said:

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

IMO, this is the only way to read this - either nothing or at least £25.

Yes, it's a minimum deposit AFAIK. When I set up payments to my new Lloyds Saver I tried to send £1 (to check details were correct) - payment was bounced as invalid. £250 was fine. 

Exodi

alewin said:

Opened a Lloyds Monthly Saver yesterday, and transfered £250 into it.

When can I deposit the next £250, the terms just state before the 25th of the month, so could I transfer it on 1st December to maximise the interest.

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

Anyone have any ideas. With the NatWest Digital Saver it is easy, very calender month.

I think you're overthinking it.

It's just as simple as the NatWest Digital Saver, you can only deposit up to £250 every month - I transfer money in on the 1st personally, as you say to maximise interest.

My partner accidently deposited £250 intended for this month on the 31st October as she got paid (and she'd already deposited money for October) and it simply just got returned to her.

Minimum deposit is £25, but obviously you could just deposit nothing for a month if you didn't want to.

They're basically saying you can't make a deposit of £2 into your savings account.

phillw

alewin said:

Opened a Lloyds Monthly Saver yesterday, and transfered £250 into it.

When can I deposit the next £250, the terms just state before the 25th of the month, so could I transfer it on 1st December to maximise the interest.

Also the terms state that you do not have to save every month but the limit is £25-£250 per month. So is it either nothing (if you decidide not to save that month) or a minimum of £25 when you do.

Anyone have any ideas. With the NatWest Digital Saver it is easy, very calender month.

You can deposit immediately and then from the 1st of the month. So it's best to open these types of regular savers as close to the end of a month as you can.

The 25th of the month is given as the cut off for a standing order, because if you set a standing order for the 26th or later then in february if it falls on a weekend it will be sent in march instead and you'll have no february payment and two march payments (which is not allowed)

Bridlington1

I once opened a club Lloyds monthly saver on 31st of the month, put £400 in there and then and put another £400 in the next day. No issues.

BillTee

Bridlington1 said:

I once opened a club Lloyds monthly saver on 31st of the month, put £400 in there and then and put another £400 in the next day. No issues.

That's interesting. It does say that, ideally, deposit should be made before 25th for that month. I don't know if it's just a recommendation or if accounts opened after 25th but within the calendar month are excepted from the rule.

ColdIron

You can make your first payment with FP on any day of the month. The 25th thing is guidance for the subsequent SOs to avoid problems with Easter, Xmas, February etc. But to maximise the interest you should make those payments on the 1st of the month so it's pretty much irrelevant for most