Lightyear Paying 3.00% Instant Access, No Fees & 20k Protection

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?
 
PoundMan said:
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?
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You will need to do this if you ridgly want to stick inside the 20k.
 
The interest on dollars is 4.25%

Exchange fee is 0.35% (0.7% to go from euro out dollars and back again).

If I convert my euros to dollars I would be effectively getting 3.55% rather than 2.5%

Apart from currency fluctuations are there any any reasons not to do this?
 
Why take the FX risk? You could loose a lot more than 3.55% via FX currency movements.
 
Lightning said:
You will need to do this if you ridgly want to stick inside the 20k.
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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.
 
Interest with 20k should roughly be (20000*0.025)/12 = 41.66 EUR per month. 500 EUR per year. Day counts might slightly change the figure per month.

If you did not have 20k in the account for every day in the month then you obviously will not get the full amount.
 
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?
 
Referral posts removed. Please use the referral thread, in this forum, only for all referral requests. Thanks.
 
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?
 

No similar experience.

Possibly random AML checks.

Might just be simplest to send on a PDF statement and close the matter. Don't think you have must to worry about by sharing the statement.
 
The Lightyear rate should increase to 2.75% on Wednesday 21 June following the ECB deposit rate increase given that the rate tracks the ECB rate minus 0.75% as per the app.

Obviously won't be confirmed until 21 June.
 
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
 
irishfinanceguy said:
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
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+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?
 
I believe GBP and USD is covered up to 20k EUR equivalent.

The Investor Protection Guarantee is an EU directive.

The French government website that explains this says:
"The investor compensation scheme protects and compensates investors in the event of the failure of their investment services provider (bank or investment firm), excluding those provided by portfolio management companies. Securities are compensated per customer, per institution regardless of the currency in which they are denominated."

https://www.tf.ee/eng/protection-of-investors/ (The Estonian website states:)
"For the purposes of the Guarantee Fund Act, the value of an investment is the value of the money and securities, determined pursuant to the methods established by the minister responsible for the area mainly on the basis of the market value of the money and securities."

If you covert 20k EUR into USD or GBP this will give you your rough coverage level but the FX rate applied at the time of compensation, if it happened, could vary.
 
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Speaking of which, the FED just hiked their base rate to 5.25%-5.50% ... so the Lightyear USD rate, which tracks the FED lower bound less 0.75% should increase to 4.50% over the coming days.
 
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