Club Lloyds Monthly Saver - when best to pay in?

Hi

Ive just created a Club Lloyds Monthly Saver account. I plan to make £400pm payments.

My question is, now its open halfway through a month, when should I make my first payment - and then subsequent payments each month to make the most of getting interest, and not contravening their T&Cs?

Should I make a £400 payment today (14th), and then £400 on the 14th of each subsequent month?  Or shall I make £400 payment today, then £400 on the 1st of each subsequent month? Or something else?

Thanks




Comments

  • jimjames
    jimjames Posts: 17,493
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    £400 now and then 1st. Sooner the better to get the money in
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dllive
    dllive Posts: 1,205
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    jimjames said:
    £400 now and then 1st. Sooner the better to get the money in
    Ah I see, There T&Cs say no more than £400 per calendar month? (I must have misread their web page)
  • dllive said:
    jimjames said:
    £400 now and then 1st. Sooner the better to get the money in
    Ah I see, There T&Cs say no more than £400 per calendar month? (I must have misread their web page)
    That means you can pay in on any day of each month. They recommend before the 25th to avoid a standing order not being paid out due to bank holiday/wekends etc.
  • As above, pay in the first month's payment ASAP, and then every month on the 1st - this will maximise interest. And because you've opened it mid-month, make sure you make a 13th payment in Dec 2024
  • dllive
    dllive Posts: 1,205
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    Thanks guys, Ive now done this. :)
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