LloydsTSB Classic Plus account interest changes?

monster30

As far as I knew the Lloyds Classic Plus account had two conditions to get the full interest rate - pay in £1,000 a month and log in to your online account a couple of times a month.

Looking at the conditions today though online I could see no mention of the "login twice a month" thingie. Have they scrapped that part? Are there any other conditions you have to meet?

I'm trying to figure out why my latest monthly interest payment was for 49p (net), when I usually get about seven quid...

thecotswolds

The conditions changed last year (or even earlier?), only condition is £1000pm must be credited to account.

If you call or pop into a branch they will change you to the new plus offer of 6% for 12m.

Premier_2

According to the website

You’ll need to pay in at least £1,000 each month and use Internet Banking regularly.

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

I've had one of these accounts for some years now. My experience is that they are not particularly strict about the £1000pm and as long as you have their internet banking option, that seems to be considered regular enough

Interest is 6% for new applicants or 4% or older customers. Both is limited to the initial £2500. 0.1% applies to amounts thereafter, the same that applies to all amounts on the classic account.

To get £7 interest at 4% would need an average balance of £2100
£2100 at 0.1% would give interest of 17p

To get £7 interest at 6% would need an average balance of £1400
£1400 at 0.1% would give interest of 12p

(all values gross)

Sorry, no idea why you have only received 49p net interest this month, other than your average balance over the month was not what you usually have. Perhaps enquire at the bank itself.

jonesMUFCforever

The new deal of 6% is available to both old and new customers.

Old customers have to ask for it though it is not automatic.

Thomas_Crown

jonesMUFCforever wrote: »

The new deal of 6% is available to both old and new customers.

Old customers have to ask for it though it is not automatic.

Correct. I phoned customer services (Phonebank Direct) a few weeks ago & I now have the 6% interest rate for 12 months.

Dagobert

There already is a thread on this topic [thread=955351]here[/thread].