Direct debit from another bank account into my monthly saver?

homi

Does anyone know if it is it possible to setup a direct debit from my Lloyds account paying into my bank of Scotland monthly saver or does the funds have to come from the my bank of Scotland savings account ?

thanks

aaj123

What you need is called a 'Standing order' and you can do it from any account into the BoS monthly saver. 

adindas

homi said:

Does anyone know if it is it possible to setup a direct debit from my Lloyds account paying into my bank of Scotland monthly saver or does the funds have to come from the my bank of Scotland savings account ?

thanks

As above you fund your BOS monthly saver account using Standing Order (SO) not direct Direct debit from your Lloyds Current Account. And yes you could setup SO from Lloyds to fund your BOS monthly saver. My SOs to feed several Lloyds Banking Group Regular account are all coming from my Lloyds Bank AC and I have been doing that for many years.

homi

Thanks , will setup of the standing order.

I also have  a club lloyds account which was opened on the 24th of Jan , would the funds need to be after that date every month or is there a way of changing it so it can be down earlier in the month so I can get all the transfers done on the same day .

thanks again  

allegro120

homi said:

Thanks , will setup of the standing order.

I also have  a club lloyds account which was opened on the 24th of feb , would the funds need to be after that date every month or is there a way of changing it so it can be down earlier in the month so I can get all the tranfers done on the same day .

thanks again  

You can deposit on any day of the month.  The most efficient day is the 1st of the month.  If I opened on 24th Feb I would make my next deposit on 1st March.

adindas

homi said:

Thanks , will setup of the standing order.

I also have  a club lloyds account which was opened on the 24th of feb , would the funds need to be after that date every month or is there a way of changing it so it can be down earlier in the month so I can get all the tranfers done on the same day .

thanks again  

Not necessarily. The interest is counted everyday so you pay as soon as you possibly could in March to maximise the interest and then set up the SO on April 1 for the coming month to maximise the interest.

homi

Thanks , I was given the wrong advice when I went into branch - was told as the account was opened on the 24th the funds had to be 4 weeks after that date and the did not mention the 26th cut off date . 

homi

Just got off Lloyds Live help concering my CLUB monthly saver  and been told 

"Thanks for waiting, my apologies if you have been given the incorrect information if you have made a payment on 27th Feb you would need to now wait until after the 25th March before you can pay in again.

So the March payment made after 24th March would go towards the April payment."

The payment needs to reach your account before the account before the 25th of the month as you made a payment on 27th Feb this would count towards March amount, and would now not be able to pay in until after the 25th March which would go towards the April payment and so on "

Band7

homi said:

Just got of live help and been told 

Thanks for waiting, my apologies if you have been given the incorrect information if you have made a payment on 27th Feb you would need to now wait until after the 25th March before you can pay in again.

So does this mean the funds I paid on the 27th of feb goes towards march and I lose Feb interest ( on the 400) so I lose a month  ?

 Assuming we are still talking about Lloyds, and that your February payment shows in the account on the 27th (or 28th), you were given naff advice. You could have made your next payment on March 1.

homi

followed up with 

"Sorry so the funds would have to be there before the 25th of the month as you advised you were given the wrong info and paid it in after this date, it will count towards the following month so you would need to set it up for the 26th of the month."

So have I  lost 6.25% compounded for a year on the 400 ?

AmityNeon

homi said:

followed up with 

"Sorry so the funds would have to be there before the 25th of the month as you advised you were given the wrong info and paid it in after this date, it will count towards the following month so you would need to set it up for the 26th of the month."

So have I  lost 6.25% compounded for a year on the 400 ?

No. What you have been advised by bank staff is provably and resolutely, false. They are confusing the issue, so please just ignore them.

You can make a transfer into your Regular Savings account whenever you want, including right now. This can be via online transfer from an external account, an internal transfer, or a standing order (either external or internal). It can be multiple transactions with a mix of methods, as long as the total calendar month contribution is within the monthly limit. The calendar month in which money is credited to the account is the calendar month to which each contribution applies.