Direct debit from another bank account into my monthly saver?

redux

Some of those descriptions seem to be going a little astray

Those particular monthly savers ask that the regular monthly payment is made before the 25th of the month.

But I don't think that any of us has ever noticed that the opening payment being made after that date in the first month actually inhibits being allowed to make the next payment early the next month.

So I'd say just put the money in there when you can, and let it sort itself out without paying much more attention.

homi

sorry for the confusion was referring to the club lloyds monthly saver account

 -  was advised to setup the standing order on the 26th of each month as the first payment was the 24th of jan and the 2nd was made after the cut off date on the 27th of feb so contributes to march ( I lose a month) to maximise the interest .

I

AmityNeon

homi said:

sorry for the confusion was referring to the club lloyds account -  

The Club Lloyds account is not a Regular Savings account.

Sarahspangles

It could be that this account is set up differently from all the other banks/building societies - but I doubt it.  The IT development required is not worth it.  All the regular savers I’ve used have accepted a payment on the 1st of the month, whatever date they were started in the first month, and the calculation of interest shows they’ve credited interest from the 1st.  

Band7

AmityNeon said:

homi said:

sorry for the confusion was referring to the club lloyds account -  

The Club Lloyds account is not a Regular Savings account.

There is a Club Lloyds monthly saver. Which is probably what homi is referring to

In any case, the advice from Lloyds is dreadful and wrong

Band7

Sarahspangles said:

It could be that this account is set up differently from all the other banks/building societies - but I doubt it.  The IT development required is not worth it.  All the regular savers I’ve used have accepted a payment on the 1st of the month, whatever date they were started in the first month, and the calculation of interest shows they’ve credited interest from the 1st.  

There are regular savers which cannot necessarily be fed on the 1st. 

However, the Club Lloyds monthly saver is not one of them

AmityNeon

Band7 said:

AmityNeon said:

homi said:

sorry for the confusion was referring to the club lloyds account -  

The Club Lloyds account is not a Regular Savings account.

There is a Club Lloyds monthly saver. Which is probably what homi is referring to

Of course I'm aware of that, but a statement that's supposed to provide clarity and clear up any confusion, should not in itself be ambiguous and rely on others to continue making assumptions.

homi

AgainAmityNeon said:

Band7 said:

AmityNeon said:

homi said:

sorry for the confusion was referring to the club lloyds account -  

The Club Lloyds account is not a Regular Savings account.

There is a Club Lloyds monthly saver. Which is probably what homi is referring to

Of course I'm aware of that, but a statement that's supposed to provide clarity and clear up any confusion, should not in itself be ambiguous and rely on others to continue making assumptions.

sorry again it is the Lloyds Club monthly saver - 

So  if it have made first payment on the 24th of Jan  - the second  on the 27th of feb  ( which his past their cutoff date ) and now goes towards march   -

Should I setup the SO to come out on the 1st of April now ?

I have put in an complaint with lloyds as I have been given conflicting information and both seem to be wrong.

redux

If you've got money available now, I'd either edit the standing order to tomorrow, then after that payment has happened move it again to 1st or 2nd April ...

Or if possible make a manual payment today, and edit the standing order to early April. That's probably slightly less work overall than the first option.

Note that the current terms allow single transfer or standing order, and you may pay in more than once per month if you wish (provided staying within £400 a month overall)

dealyboy

Hi @homi ...

homi said:

AgainAmityNeon said:

Band7 said:

AmityNeon said:

homi said:

sorry for the confusion was referring to the club lloyds account -  

The Club Lloyds account is not a Regular Savings account.

There is a Club Lloyds monthly saver. Which is probably what homi is referring to

Of course I'm aware of that, but a statement that's supposed to provide clarity and clear up any confusion, should not in itself be ambiguous and rely on others to continue making assumptions.

sorry again it is the Lloyds Club monthly saver - 

So  if it have made first payment on the 24th of Jan  - the second  on the 27th of feb  ( which his past their cutoff date ) and now goes towards march   -

Should I setup the SO to come out on the 1st of April now ?

I have put in an complaint with lloyds as I have been given conflicting information and both seem to be wrong.

... it's a fair question in my honest opinion, to which I don't know the answer.

I have a Lloyds monthly saver and presume the terms are very similar. It doesn't hurt (too much) if you overpay one month, they will simply return the excess.

"If you pay in more than £250 in a month, we'll return the full amount of the payment which took your savings that month over £250."

Try some random small amount in the next couple of days, assuming you've been paying the max, and see what happens.