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Lloyds ISA - Rubbish interest!

evilgoose
evilgoose Posts: 532 Forumite
in ISAs & tax-free savings
I've had the full amount in an ISA for a full year and only £36 interest!

Nothing from Lloyds to inform me - from my calculations, thats less than 1% interest! Its disguisting! :mad:

Comments

  • sheslookinhot
    sheslookinhot Posts: 2,347 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    evilgoose wrote: »
    I've had the full amount in an ISA for a full year and only £36 interest!

    Nothing from Lloyds to inform me - from my calculations, thats less than 1% interest! Its disguisting! :mad:


    I'm afraid that's the way it is. Many have been caught out like this. It's maybe a mixture of them not advising you of better account, tho why should they, as they will want to attract maximum deposits and pay minimum interest and people being vigilant and ensuring the account is receiving a good interest rate or else transfer it to another provider.
    Mortgage free
    Vocational freedom has arrived
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    evilgoose wrote: »
    I've had the full amount in an ISA for a full year and only £36 interest!

    Nothing from Lloyds to inform me - from my calculations, thats less than 1% interest! Its disguisting! :mad:
    Learn the lesson. You can check on your current interest rate using their web site.
  • evilgoose
    evilgoose Posts: 532 Forumite
    The annoying thing is that I had a meeting with my account manager just before Xmas and nothing was mentioned about the P*** poor ISA!
  • marc-h_2
    marc-h_2 Posts: 146 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Lots of banks are doing this. It probably saves them a lot of money as many people haven't realised. I bet most people move to another bank when it happens to them though. So they will be losing customers.
  • Hungerdunger
    Hungerdunger Posts: 964 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    evilgoose wrote: »
    The annoying thing is that I had a meeting with my account manager just before Xmas and nothing was mentioned about the P*** poor ISA!
    But you could have mentioned it to him ;)
    "The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens
  • HouseHuntr
    HouseHuntr Posts: 522 Forumite
    evilgoose wrote: »
    I've had the full amount in an ISA for a full year and only £36 interest!

    Nothing from Lloyds to inform me - from my calculations, thats less than 1% interest! Its disguisting! :mad:

    You must be really disgusted with that. Crikey, that's bad, just how could you be that careless. Maybe in future you'll read the terms of the account, ask at your review meetings the interest rates applied and when it drops after the first year move the ISA elsewhere.

    Complacency never pays off !
  • lazysaver_2
    lazysaver_2 Posts: 41 Forumite
    It is a crap situation but that's partly why I go with monthly interest - I know you don't always get the choice, and it can cost you a bit on the rate, but at least you can see the interest you get on a regular basis - and notice if it plummets!
    BTW, I am not a "lazysaver" anymore - bit of a daft username really :o
  • Hungerdunger
    Hungerdunger Posts: 964 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    BTW, I am not a "lazysaver" anymore - bit of a daft username really
    If you really want to change it, send an email here for more info: webmaster@moneysavingexpert.com
    "The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens
  • agsnu
    agsnu Posts: 1,457 Forumite
    You might have noticed that the BoE base rate is 0.5%.
  • bagsacash
    bagsacash Posts: 194 Forumite
    The banks are crafty, watch for their sneaky little tricks, they bring out their headline grabing interst rate and after some time they drop the rate to some stupid low value and create another account with a very similar name but higher rate. All those who didn't keep an eye open while they slept will not notice untill the end of year when they are paid a bag of dirt for their savings. Its a sh*tty thing to do to customers and for that very reason I would close the account by tranfering to a more deserving bank.

    Finding a bank more deserving is easier said than done, all the banks seem to operate with the same !!!!!! princpals - screw the customers where ever possible.
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