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

Martyn1981

:j

Only 24 hrs behind you MSE's, LLoyds TSB CS has caught up.

The teams have now been notified that there was a problem with Classic Plus accounts interest for July - you don't say!

The problem is being sorted and the correct interest will be paid by 20 August.

When pushed to answer whether this meant missing interest added by, or just correct rate applied - they said yes both (but a bit skeptical, so worth watching out for and checking it).

Just in case anyone thinks I'm being petty, I worked out my joint account's interest on a daily basis and instead of receiving £7.30 net I got £1.73.

Might only be a few pounds, but as we and Martin know, they all add up.
Have a nice day.

Paul_Herring

The teams have now been notified that there was a problem with Classic Plus accounts interest for July - you don't say!

It would appear that I had a problem for June as well

ps2659

I note that Lloyds Tsb have started faster payments, maybe they are holding on to the extra interest so we are unable to withdraw so quickly.

mini_mad_dad

just ask to go through to Account Enquiry's and mention the interest is incorrect and it will be adjusted accordingly. there seems to be some system glitch apparently that has been noticed. telephone banking should be aware of this by now... but Lloyds are aware of the problem now and accounts should adjusted in time.

Niksan

same as martyn1981here, same amount too.

Geoffo_M

Just checked mine - interest payment last month (1st Jul) was correct at 6%. This month mine is only 4%. Are they going to adjust everyone automatically, or do you have to ring up and beg? Geoff

AP

I queried this interest underpayment at my local branch 2 days ago and after making a few frenzied key typing on her keyboard, the cashier read out a notice from the screen, saying that interest has been underpaid for the month of July and customers will be getting an extra payment for the shortage, plus interest on the interest! She also told me that this should be done within 2 weeks.

By my calculation, the interest payment on 01/07/08 was nearly spot on at 5.84% gross less 20% tax, albeit a few pence more! The interest payment on 01/08/08 was calculated as if I had been getting no interest at all between 01/07/08 and 14/07/08 inclusive. Otherwise, it was spot on at 5.84% gross less 20% tax but only for the remaining 17 days in July.

Can anyone put a balance of £0 in their spreadsheet between 01/07/08 and 14/07/08 inclusive and confirm whether this is the case for them as well?

Geoffo_M

AP wrote: »

I queried this interest underpayment at my local branch 2 days ago and after making a few frenzied key typing on her keyboard, the cashier read out a notice from the screen, saying that interest has been underpaid for the month of July and customers will be getting an extra payment for the shortage, plus interest on the interest! She also told me that this should be done within 2 weeks.

By my calculation, the interest payment on 01/07/08 was nearly spot on at 5.84% gross less 20% tax, albeit a few pence more! The interest payment on 01/08/08 was calculated as if I had been getting no interest at all between 01/07/08 and 14/07/08 inclusive. Otherwise, it was spot on at 5.84% gross less 20% tax but only for the remaining 17 days in July.

Can anyone put a balance of £0 in their spreadsheet between 01/07/08 and 14/07/08 inclusive and confirm whether this is the case for them as well?

Not much difference for me. I was credited £2-96. At 4%, it works out at £3-02. By inserting £0 between 1st and 14th, it calculates at £2-86. I reckon they've credited 4% for the whole month. Why would they give no interest for half a month??

Geoff

Like-a-Dream

TSB had their computer system off-line Thursday evening and this morning my account has had an interest adjustment allegedly to correct the interest that should have been paid for the month of July on Classic Plus accounts.

However, they still haven't calculated the interest due correctly. It's less than it should be by 8p. OK not much but for a bank that claims it's the most trusted UK bank it's not acceptable, imho.

Anyway, For getting it wrong twice they're paying an 'ex-gratia' £12 into the account to say 'sorry'. British Heart Foundation will get my £12.

Anyone else had their back interest and found it to be less than they thought?

diygardener

I've had to phone Lloyds TSB 3 times so far about this. My interest payment for July should have been around 4 pounds. At first they gave me 8 pence. Then after I complained the first time they made an adjustment of a further 7 pence. Now another two phonecalls later I am still waiting for the rest. It looks as though they used the standard current account 0.1% interest rate when calculating the adjustment! Every time I phone, the person I talk to seems more interested in selling me something than in fixing the problem. Dreadful service. It would have cost me a fortune if I had to use their advertised 0870 number. Thank heavens for saynoto0870.com!