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

Dagobert

The tax certificate for 2008/09 does not tally with my interest payments.

In my case that is just pennies as I never kept much money in the account. However, I wonder what the certificate figures are based on if not not on the interest actually paid?

I had 3 interest adjustments in total. Even if I take those out of the equation, the net figure does not tally with the certificate net.

You cannot trust their tax certificates: Lloyds TSB tax certificate error. I am still chasing this one up.

lindos90

Apologies for resurecting this thread, but for all those with a classic plus, check your interest this month.

I have the same amount going in every month, and the same direct debits out, and have recieved around £4.50 interest per month since the last interest rate reduction in jan to 2.5% (im not clever enough to do a spread sheet thingy to get it exact)

Just checked my statement, and its down to £1.40 this month! which seems a very significant drop.

I know the interest rate is variable, but it has been 2.5% since january, and still have the 2% bonus on top, that does not run out until next month, anyone else noticed this with their account, or am I missing something?

Biggles

Mine was OK (my anniversary's 8 June).

premierfella

lindos90 wrote: »

I have the same amount going in every month, and the same direct debits out, and have recieved around £4.50 interest per month since the last interest rate reduction in jan to 2.5% (im not clever enough to do a spread sheet thingy to get it exact)

Just checked my statement, and its down to £1.40 this month! which seems a very significant drop...

Not that I suggest that this would make such a major difference, but are any of the direct debits you mention actually standing orders? Many of those £500 and under are now being processed via Faster Payments, which I assume means losing the 2 working days interest Lloyds TSB were previously paying on standing orders whilst they were in BACS clearing. Just one possible alternative reason to the more likely systems issues.

lindos90

Thanks for the replies, no standing orders at all. Ive met all criteria (ie £1000+ deposit every month) Just seems a massive drop, similar to what happened a few months ago when they applied the wrong interest rate to quite a few classic plus accounts, so just checking if its happening again, or just a blip on my account only.

Milarky....you remember the issues, are you still here? is your interest looking OK?

M23_Spire

As we are all coming to the end of the bonus period, is anybody planning to move their accounts elsewhere?

Thanks

lindos90

My bonus finishes on 11th june, so im guessing that interest on 1st may and 1st june should still be 4.5%, then on july 1st I should get 11 days at 4.5% and the rest of junes interest at 2.5%, or am oversimplifying it?

The more I look at it, the more it looks like they have taken the 2% off early.

At the time I asked for it in writing, as I know many of us did, but my branch would not do it, just said it would 'automatically default back' on the correct date.

I do have a regular saver and a bond coming to an end in a week or two, and im wondering if to put those into here and change it to the vantage.

My current provider has offered 3% for a new 12 month bond, but the vantage is 4%, although variable, as long as you keep balance between £1k and 7k? plus I would have instant access to the money if I needed it.

I'll see if I can get an answer out of them about this interest rate drop before I go for vantage though!

steady__eddie

"but the vantage is 4%, although variable, as long as you keep balance between £1k and 7k?"

I was under the impression that 4% is payable on balances between £5k and £7k. Anything up to £4999.99 is tiered < 4% ?

lindos90

steady__eddie wrote: »

"but the vantage is 4%, although variable, as long as you keep balance between £1k and 7k?"

I was under the impression that 4% is payable on balances between £5k and £7k. Anything up to £4999.99 is tiered < 4% ?

Ah, yes half remember this being discussed before as the conditions are not that clear, got myself mixed up slightly. The 1k is the minimum deposit per month. The rates are tiered, but if you keep between 5k and 7k in all the time you can get 4% on the whole balance:

from the web site:

Rates are tiered and variable, 0.10% AER/Gross interest is paid on balances up to £1,000 and you can earn up to 4.00% AER on your whole balance if you keep between £5,000 and £7,000 in your account.

tobiascurious

Does anyone know if this only applied to Classic Plus or the fee-paying Plus accounts as well?

I've changed from Classic Plus to a fee-paying one and was curious to know if they would still pay the extra interest. I don't expect CS to know