lloyds current account interest rates

gordon_smith_2

I have a lloyds current account which I upgraded in july and it should be paying 6% gross 4.8% net. However checking my statement it is only paying 3.64% gross 2.91 net. I will be going to lloyds to find out why it has not upgraded my account. Maybe other people should check their interest paid on their lloyds account.

Stuart107

Interesting (if you'll excuse the pun). I've just logged onto my account and noticed I've received less than half the interest I was expecting based on my back-of-the-spreadsheet calculations - it corresponds to an interest rate of 1.6% instead of 4.0%.

Has anyone else received drastically less interest this month?

springarc

Me too! After upgrading in June and getting the higher interest rate paid in July, my rate seems to work out at around 2% gross for my 1st August interest.

LittleVoice

Received just over half of expected interest! Guess a lot of us will be in touch with them on this.

Like-a-Dream

Moneysavers who thought they were going to get 6% gross apr on the first 2.5K in their accounts will be disappointed to find that TSB have substantially underpaid interest in July.

The call centre staff don't seem to know anything and the customer service staff say they are aware of the error but don't know why customers have been shortchanged or when TSB are going to put it right or if customers are going to be compensated for related time and call costs.

Me? I'm concerned that TSB may have got interest calculations wrong before. Any one know their record on this?

gordon_smith_2

Must get down to lloyds early monday they could be busy with this one.

It seems to be a mess and with interest being calculated on a daily basis quite complicated.

The staff I am sure will be unable to calculate the difference between what was paid and what should be paid because the computer will say "NO" and I do not think the staff will have the intelligence to work it out manually.

The best solution would be to ask them for compensation to cover the underpaid interest and an ex gratia payment for time spent having to check their mistake.

With regard to their record in the past I have always taken their word with regard to interest calculations but not anymore. I am sure that due the complications of working out interest on a daily basis other financial institutions have made mistakes, it seems that you have to check everybody to make sure you are recieving the right interest on your account

YorkshireBoy

gordon_smith wrote: »

The best solution would be to ask them for compensation to cover the underpaid interest...

The interest will be corrected once they've analysed what's gone wrong. It isn't "compensation"...it's what you were originally entitled to.

...and an ex gratia payment for time spent having to check their mistake.

The error equates to a couple of quid...which WILL be corrected (and I'd guess within a few days).

How much do you think they should pay all their customers (for working it out themselves or asking on internet forums)? £5...£10? For 250,000 customers that'll be up to £2.5m. Is that a fair penalty for a technical glitch? I'd say it isn't.

Banks will ALWAYS make mistakes...but it's fair to say they'll always correct them.

johnmoney05

YorkshireBoy wrote: »

The interest will be corrected once they've analysed what's gone wrong. It isn't "compensation"...it's what you were originally entitled to.The error equates to a couple of quid...which WILL be corrected (and I'd guess within a few days).

How much do you think they should pay all their customers (for working it out themselves or asking on internet forums)? £5...£10? For 250,000 customers that'll be up to £2.5m. Is that a fair penalty for a technical glitch? I'd say it isn't.

Banks will ALWAYS make mistakes...but it's fair to say they'll always correct them.

Well, I have spent all my SAT morning to look for the papers, calculated the interest, making phone calls....

I don't think it is fair at all. How about if we failed to pay in cash and account went overdrafted by accident?

Rogerb_2

Like-a-Dream wrote: »

Moneysavers who thought they were going to get 6% gross apr on the first 2.5K in their accounts will be disappointed to find that TSB have substantially underpaid interest in July.

The call centre staff don't seem to know anything and the customer service staff say they are aware of the error but don't know why customers have been shortchanged or when TSB are going to put it right or if customers are going to be compensated for related time and call costs.

Me? I'm concerned that TSB may have got interest calculations wrong before. Any one know their record on this?

Mine works out at 2% instead of 6%. When my ISA was transferred from variable to 6.5% fixed they included Feb 29th in the days count, but not the interest calculation so I had to get it added in manually.

Biggles

Mine's down too. It's hard to tell exactly how much by as, even wth a spreadsheet, I've never been able to exactly agree with their sums anyway.

Is there a good calculator for this purpose online?

YorkshireBoy

Biggles wrote: »

Mine's down too. It's hard to tell exactly how much by as, even wth a spreadsheet, I've never been able to exactly agree with their sums anyway.

Is there a good calculator for this purpose online?

Apologies for stating the obvious, but you are using the gross p.a. rate and not the AER aren't you?

Aside from that, the other thing could be cheques...and when they start to earn interest (T+2).

I'm usually only a penny out with my Halifax and A&L current accounts (LTSB Classic only has £1 in it) with a simple spreadsheet.