Club lloyds monthly saver matured

ColdIron

Done right it allows you to have £800 in your first month(ish) instead of £400 and the same for every month thereafter

It adds about £25 over the term

oldfella

I could have been clearer, open the RS around the 25th as usual, make 12 payments. ie dont make the final payment on the 1st of the 13th month. The difference over 13 payments is 400*1.25%/365*25 = 34p

grumbler

ColdIron said:

Done right it allows you to have £800 in your first month(ish) instead of £400 and the same for every month thereafter

It adds about £25 over the term

It's worth clarifying - £25 compared to 0%. £5 compared to 5%.

Malchester

Surely it depends on which payment you count as the 13th. If it is the first payment you class as the extra then the figure is more than counting the last payment. Total is the same 

Eco_Miser

The T&Cs actually allow 365 payments, at one  a day, but only a total of £400 per calendar month.

surreysaver

Eco_Miser said:

The T&Cs actually allow 365 payments, at one  a day, but only a total of £400 per calendar month.

366. Its a leap year next year 

grumbler

Do they really disallow paying twice or several times a day?

dreaMer001

EarthBoy said:

dreaMer001 said:

Past experience with First Direct Monthly saver where I needed to close a monthly saver then open a new account was not good. Had to wait a few days. Needed to close because I had deposited less than the maximum (in the starting month) and there was no way to make another deposit to supplement initial deposit (payments can only be made via standing order). 

You didn't need to close the account.  Although you can only make one payment each month to the First Direct Regular Saver, where you have paid less than the maximum, you can increase the next month's payment to make up for previous months.  You just need to ring them to do it -you can't do it yourself online, or in the app.

• if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

I did contact First Direct support via the in-app chat. He said he changed the standing order from £250 to £300 from the next month (June 2023) and setup a £50 'one-off payment which will leave alongwith the June payment on 26/06/2023.  In all total £350 will leave on 23/06/2023.'.

But then I recalled that only 12 payments are allowed. Would the £50 'one-off payment' count towards the 12 payments, in which case I'm losing out on a maximum deposit of £300. It was all a bit confusing. So, I thought, I'd start afresh (by closing account then opening new account with correct maximum deposit amount).

Did follow-up with a complaint. Customer relations have got back to me saying '..my colleague explained that we could amend your payment that is due on 23 June to £350 to make the maximum payment for month two and make up the £50 for the first payment. My colleague did change the remining payments starting in June to £300. All actions taken were correct.;.

However, within the in-app chat, the CS agent mentioned a 'one-off' payment, not amend the payment due on 23 June to £350. If he had said 'amend the 23 June payment to £350 I would've probably gone with it'. 

Edit: initial account opening was on 23 May 2023. After the faffing around, looks like I was only able to apply again for new account on 30 May 2023. At the finish of the application there was a message:

Your regular saver account will open in the next 3 working days. Once open, it could take up to another 48 hours to show up on your accounts list when you log on.

we'll make the first payment when it opens, then 11 subsequent monthly payments on the same date or the next working day.

I just checked the App and can see first payment of £300 (this time I entered the correct amount for standing order LOL) credited to account on Fri 2 June 2023.

Qyburn

grumbler said:

Do they really disallow paying twice or several times a day?

I'll try that next month since I'm paying into mine manually.

kaMelo

grumbler said:

Do they really disallow paying twice or several times a day?

There is no minimum or maximum number of payments, only a minimum payment value and maximum total amount per month.