Now that I have €20k sitting in my Lightyear cash deposit account, is it just a matter of remembering to transfer the monthly 2.5% interest payment out of the account each month in order to avoid going beyond the €20k protection limit?
I got my interest today of €31.95 which was less than I expected given that I have €20,000 sitting in cash deposit. Perhaps I didn't have the money there for the entire month. Can someone explain how the 2.5% interest works if I intend to just leave €20k sitting in the account.You will need to do this if you ridgly want to stick inside the 20k.
Got €41.94 today for the 31 days, on 20K deposit. As @Lightning says, did you have 20K in every day last month, or only transfer some in after the month started?I got my interest today of €31.95 which was less than I expected given that I have €20,000 sitting in cash deposit. Perhaps I didn't have the money there for the entire month. Can someone explain how the 2.5% interest works if I intend to just leave €20k sitting in the account
You can deposit what you like. But you are only protected (like other "broker" accounts) up to 20K.Has anyone deposited more than the €20k or is the account capped at that?
I opened a savings account with Lightyear and invested 20K. I recently got an email from them requesting information on the source of my funds. I explained to them that most of my savings came from employment but I also got redundancy and an inheritance from a late Aunt. Now they want to know from which source the money deposited in Lightyear came from and bank statements reflecting the transactions. I have nothing to hide but I don't like sending them my bank statements. Anyone else have a similar experience? If I refuse to send them the statements I assume I will need to withdraw the money and close my account?
+1 I'm also interested to know the answer to this. E.g. if I already have €20K on deposit, if I deposit USD in addition to this to avail of the 4.25% rate, is any of that USD covered & if so up to what amount?If I have money in sterling is this converted by the EU guarantee for investment funds to 20k?
Or does it have to be in euro, it's 4.25% for sterling