Lloyds Classic Plus 6% - is your interest correct this month?

Somerset · 3 August 2008 at 1:35AM

Have the account and got it upgraded to the 6% when the improved interest rate became available. Then forgot about it since I was 'in the system'. First two months interest were better than before so assumed all was working properly.

This month 02/08 interest credited seemed low. Since it's late & I'm bored & my O/H is out at work, I manually calculated the closing balance each day @ 6% less tax, and it's well out - seems to be more like 2.7% gross.

All the usual conditions have been met so there's no reason for the reduction. I'll give them a call on Monday, just wondered if anyone else has noticed an unexplained reduction ?

Tone_Dialer · 3 August 2008 at 9:10AM

I notice my 1st August interest payment is also incorrect.

Lloyds not only dropped the Classic Plus rate from 6% to 4% AER on 14th July but have also incorrectly calculated the interest due this month, it looks to me that anyone with around £2500 in for the month is about £4 or £5 down.

So whats going on Lloyds?

Somerset · 3 August 2008 at 10:48AM

Thanks. I should have searched first but it was late and my contact lens was playing up :cheesy:

Martyn1981 · 4 August 2008 at 11:05AM

I noticed this weekend that my two accounts and my wife's account had received only a third (approx) of the interest I expected.

Rang Lloyds they seemed surprised and are looking into it.

Then checked this site only to find several similar posts.

Can't find a 'contact us' for Martin on the main site, but presumably something he needs to highlight nationally?

Paul_Herring · 4 August 2008 at 2:25PM

Confirmed by CS staff member in branch (those on the phone were useless as usual)

The product code attached to the account (341/6) was wrong (it should have been 364/1).

CS could not give me a reason as to why the code was wrong, why I'd been paid the correct amount previously, why it was wrong for last month, or anything generally.

On a positive note however, he did believe me when I said it was the incorrect amount and after a small prod, offered to credit the difference to my account.

I await to see if I get this difference credited, and what the interest will be next month.

Paul_Herring · 4 August 2008 at 4:46PM

sloughflint wrote: »

Paul, did your calculations match exactly last month? Mine were out by 10p (in my favour)

I didn't work out last month's. I shall endeavor to remember to do it when I get home...

Paul_Herring · 4 August 2008 at 8:19PM

Paul_Herring wrote: »

I didn't work out last month's. I shall endeavor to remember to do it when I get home...

Sadly, it would appear not. It's 1p off 4% :mad:

Prudent · 4 August 2008 at 8:29PM

Thanks for this thread. Mine was wrong. I will phone them in the morning.

Like-a-Dream · 5 August 2008 at 9:55AM

Well, I've just contacted TSB again to try and find out when they're going to get the interest payment for July corrected... customer service didn't know, couldn't have cared less and said if it was wrong it'll be corrected!

When I said that the only reason we hadn't switched accounts was because they were upgrading our account to a 6% apr interest earner as per their tv advertising and Martin's monthly email. The response I got was "If you want to switch that's entirely your decision; now is there anything else I can help you with"!

So, didn't they get as many new customers as they wanted? Paying existing moneysaver customers more interest would mean were less profitable for them so might they be unashamedly pleased for us to switch accounts? For us, I'm not at all happy with their unfriendly response and wll start the application to switch if TSB isn't going to provide a prompt and open response.

So, what's really going on TSB? Can someone in MSE Towers get an honest response from TSB? Over to you Martin and your team...

Thanks

Paul_Herring · 5 August 2008 at 10:04AM

So, didn't they get as many new customers as they wanted?

Or they got too many existing customers swapping.

I feel a poll coming on....

Edit:: Blatant plug for my poll (posted on other thread as well): http://forums.moneysavingexpert.com/showthread.html?t=1076249

Martyn1981 · 5 August 2008 at 10:24AM

Hello again people. Well, I got fed up waiting for the promised call back, so contacted CS again. Agree with earlier comments, next to useless. They kept winding me up saying "so you think the interest is wrong", and I kept saying " no, I know it's wrong".

I asked them to follow a simple bit of maths, pointed out balance was £1,000 or higher for whole of July, so minimum interest =

6% of £1,000 is £60, divide by 12 (months) = £5 then knock off 20% for tax equals £4, therefore minimum interest would be £4.

Asked if looking at my cleared balance for July they agreed, and the initial person and then her supervisor both went "um, not sure, but will pass on your concerns at only receiving £2.45".

I might as well have been talking Mandarin, they had no idea how I was doing the maths!!!!!!

Also had to point out that the interest showing on my account on the 1st July was not July's interest but actually June's as they kept quoting June's interest, whenever I mentioned £2.45. What hope do we have?

Still no call back. Getting annoyed now.

Lloyds Classic Plus 6% - is your interest correct this month?

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