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

Milarky

p1an0player wrote: »

Hi, I went for this offer but I can't remember, was it 6% fixed or will it have gone down in line with the BOE reduction? Thanks

It was a fixed-bonus rate equivalent to 2% pa on top of the variable rate (then 4%, now 3.5% - probably 2% after 1 December...)

lindos90

Milarky wrote: »

It was a fixed-bonus rate equivalent to 2% pa on top of the variable rate (then 4%, now 3.5% - probably 2% after 1 December...)

yep, that how I remember it, 2% extra until june 2009 (it was a 12 month 2% bonus)

Dagobert

The Classic Plus rate is at 3% AER (2.96 gross) w.e.f. 1/12/2008, see TSB rates and charges.

Can anyone confirm the previous rate reductions with date?

Milarky

Dagobert wrote: »

The Classic Plus rate is at 3% AER (2.96 gross) w.e.f. 1/12/2008, see TSB rates and charges.

Can anyone confirm the previous rate reductions with date?

It was 3.5% AER (3.45 gross) from 3/11/2008 (coincident with the statement period - 3/11/08 to 30/11/08 inclusive) With bonus, the rate for last month would be 5.37 gross, and the rate for this month becomes 4.89 gross. So from this we can assume that Lloyds will only next change their rates on this account from 2 January (first working day) so that the rate doesn't alter during the statement period

Dagobert

The Classic Plus rate is down to 2.5% AER w.e.f. 2/1/2009.

Presumably, the 2% bonus takes it to 4.5% AER = 4.4% gross.

Milarky

Dagobert wrote: »

The Classic Plus rate is down to 2.5% AER w.e.f. 2/1/2009.

Presumably, the 2% bonus takes it to 4.5% AER = 4.4% gross.

'2/1/09' [unchanged from January]

Still a good rate - worth keeping topped up (e.g. I've now moved some Tesco [4%] money in there!! )

..also, as experience indicates, Lloyds will only change the rate at the start of a month (corresponding to complete statement periods) So we have a certain 'stability' with the rates on this account.....

Dagobert

Milarky wrote: »

... good rate - worth keeping topped up (e.g. I've now moved some Tesco [4%] money in there!! )...

I would do that if their Faster Payments worked. But I have never managed to send a FP from TSB, neither online nor via phoneline, to any FP destination!

Dagobert

Are Lloyds TSB still making a hash of the interest calculations?

In November, they wrote to me that they had to make an interest adjustment for August. In January, they sent another letter saying that the correction had been incorrect and an additional adjustment had to be made for August!

For December, I received £2.77 net (£3.46 gross). Based on Milarky's gross interest of 4.89% in [post=16382337]#135[/post] it should have been £1.53 gross.

magpiejay

So, with the Current Plus bonus applied, the rate is only marginally better than the top 'Vantage' rate (4% at £5-£7k). If you're lucky enough to have £7,000, am I right in thinking you're now better off with Vantage?

Milarky

magpiejay wrote: »

So, with the Current Plus bonus applied, the rate is only marginally better than the top 'Vantage' rate (4% at £5-£7k). If you're lucky enough to have £7,000, am I right in thinking you're now better off with Vantage?

Not in my opinion. The vantage does pay 4% but only if you keep your balance in a range of 5k-7k. In effect you have to 'give' them £5000 permanently. It is therefore only of value if you can't get 4% elsewhere on no-notice savings. Keeping a lesser amount at a slight premium of 4.5% still looks better (at the moment) although, as you suggest, there is not much in it...