lloyds current account interest rates

LittleVoice

sloughflint wrote: »

So are you saying that your first transaction for the month was the second but when you exported to CSV inputting the first, the date in A1 was the second for you?.....

No - I haven't tried downloading a csv file (I just maintain my own Excel file through the month). It was just a thought that the way LTSB deal with the start of a month (when they are counting payments into the account) may influence whether the account is being operated in accordance with the requirement to pay in £1K/month - and therefore whether the 6% AER is applicable in a particular month.

Somerset

Classic Plus account

Regular Monthly Deposit*Interest Paid MonthlyBalanceAER %Gross %Net %£1,000+£1 - £2500*6.00 5.844.67

These interest rates were correct from 09/06/2008 to 14/07/2008.

Classic Plus account

Regular Monthly Deposit*Interest Paid MonthlyBalanceAER %Gross %Net %£1,000+£1 - £2500*4.00 3.933.14

These interest rates are correct as at 14/07/2008.

I didn't realise but Lloyds have dropped their rate from 6% to 4% from 14/07/08 ( thanks Tone Dialer ). My interest still isn't right - more like 2.67% gross across the entire month, but the drop is a large part of the discrepancy.

They didn't leave the attractive rate for long did they ? Doesn't affect me, I was already with Lloyds - but if I were a customer who switched because of the rate, I'd be well hacked off.

Biggles

Somerset wrote: »

I didn't realise but Lloyds have dropped their rate from 6% to 4% from 14/07/08 ( thanks Tone Dialer ). My interest still isn't right - more like 2.67% gross across the entire month, but the drop is a large part of the discrepancy.

They didn't leave the attractive rate for long did they ? Doesn't affect me, I was already with Lloyds - but if I were a customer who switched because of the rate, I'd be well hacked off.

So what happened to the 2% bonus for 12 months? Is the basic rate of interest now only 2%, then?

Was it ever stated that either the 6% rate or the 2% bonus was to run for 12 months (I didn't get a letter, so have no way of knowing)?

YorkshireBoy

Biggles wrote: »

So what happened to the 2% bonus for 12 months? Is the basic rate of interest now only 2%, then?

Was it ever stated that either the 6% rate or the 2% bonus was to run for 12 months (I didn't get a letter, so have no way of knowing)?

Here's the press release at the time...

http://www.mediacentre.lloydstsb.com/media/pdf_irmc/mc/press_releases/2008/June/5408pressrelease.pdf

You could only sign up from 9/6/08 to 13/7/08, and the bonus runs for 12 months.

Somerset

Just got hold of my letter dated 12/06/08 ( after upgrading )

''Your account will receive credit interest at 6% AER/5.84% Gross variable on balances up to £2500 as long as you pay in at least £1000 a month as discussed. The Rate includes a 2% bonus on the standard Plus rate, payable for 12 months. After the 12 month period the interest rate will revert back to the standard 'Plus' interest rate.''

So pretty unequivocable. I should be getting, standard plus rate ( 4% per their website ) plus 2% bonus on top, guaranteed for 12 months = 6%.

They've mucked up in their systems somewhere.

Old_No.7

Hi there, I don't normally post in this section of the forum, but I'm so impressed you guys have noticed this!! And when I checked just now, mine doesn't seem to be calculate correctly either (difference is £2.11 from last month). Not a lot, but still worth pointing out to them as it involves so many customers. And in a way I think the people saying they need to compensate customers do have a point: if I'd go £2.11 overdrawn by mistake, they give me a completely ridiculous fine, so why should this not apply to their own mistakes too? Treat others as you want to be treated yourself, that goes for banks as well. )

Anyway, I'm hoping to access Milarkey's spreadsheet just to understand how these daily interest calculations work (curious, more than anything). (I had to request permission, Milarkey?): learning a lot here!

mutua

Does anyone out there know of a website that offers a bank statement checking service/software that actually works and is easy to use?

mutua

mutua wrote: »

Does anyone out there know of a website that offers a bank statement checking service/software that actually works and is easy to use?

Any ideas on how to easily check interest paid and received on my statements is there any software out there that is reliable and easy to use or do I need to break out the spreadsheets.

Thanks
:j