Club Lloyds Monthly Saver - paying 2nd instalment in before the 1st instalment date

tel_

I noticed I opened and funded My Lloyds Monthly Saver on Mon 3rd July. Could I possibly pay in again on the 1st (tomorrow) instead of waiting until the 3rd (Thursday)? 

Will their systems just reject the payment, or will the instalment be accepted, but just wont pay any interest on the 2nd instalment for those two days?

I only ask as I opened a regular saver on the 1st with another provider some time ago, and it would make it easier to pay/set up the instalments on exactly the same day for both accounts.

ColdIron

Yes of course. I tend to open these 'monthly savers' at the end of the month and all subsequent deposits on the 1st of the month. You can make 13 deposits

Not all regular savers work like this but all the Lloyds Banking Group ones do

tel_

ColdIron said:

Yes of course. I tend to open these 'monthly savers' at the end of the month and all subsequent deposits on the 1st of the month. You can make 13 deposits

Not all regular savers work like this but all the Lloyds Banking Group ones do

Many thanks ColdIron.

It was a spur-of-the moment decision to open another regular saver, so it just so happened to be the third when I opened the account. Otherwise, opening on the 29/30th makes sense for the Lloyd Saver accounts, as you suggested.

jpsman

But always read through the T&Cs first, as the Club Lloyds Monthly Saver, for example, requires deposits to be received before the 25th of the month.

Bridlington1

jpsman said:

But always read through the T&Cs first, as the Club Lloyds Monthly Saver, for example, requires deposits to be received before the 25th of the month.

I think that's mainly aimed at people with SOs. If a one off bank holiday was suddenly brought in on a Monday 28th February, those who had SOs going out on 26th would find the payment wouldn't be made until 1st March, whereas those who had SOs on 25th would still have deposits made that month. 

jpsman

Bridlington1 said:

jpsman said:

But always read through the T&Cs first, as the Club Lloyds Monthly Saver, for example, requires deposits to be received before the 25th of the month.

I think that's mainly aimed at people with SOs. If a one off bank holiday was suddenly brought in on a Monday 28th February, those who had SOs going out on 26th would find the payment wouldn't be made until 1st March, whereas those who had SOs on 25th would still have deposits made that month. 

Lloyds website suggests it must be received before the 25th:

ColdIron

It doesn't, it's guidance to avoid end of the month bank holidays or weekend issues

For a decade or more I've opened Lloyds/BoS/Halifax RSs and routinely start them just shy of the end of the month. It always works. Of course nobody in their right mind would setup subsequent SOs for anything other than the first of the month

Qyburn

A disadvantage of opening it late in the month, is that you have to be on your toes to open a new one in the same month next year.

badger09

ColdIron said:

It doesn't, it's guidance to avoid end of the month bank holidays or weekend issues

For a decade or more I've opened Lloyds/BoS/Halifax RSs and routinely start them just shy of the end of the month. It always works. Of course nobody in their right mind would setup subsequent SOs for anything other than the first of the month

I’ve very recently moved SOs feeding 2 of my regular savers from 1st to 3rd of each month. I’ve drained all my instant access cash and as pension is credited 2nd, this saves me raiding flexible ISA or limited access accounts. 

I don’t think I’ve lost my mind. Yet.