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

~Chameleon~

fischer79 wrote: »

Any chance you are using the high interest on balances above £2.5k? This would make the payment look less than it should be.

Nope, the balance never exceeded £2.5K during the period 1st-31st July.

In fact just going back through my statements, it looks like the June (July 1st) interest payment might be wrong too as it was less than the previous month's (despite the increase to 6%) although the balance was over £2.5K for a few days in June so I will have to try calculate that later.

Paul_Herring

I think the 4%/6% changeover only occurs on a month boundary - my June interest paid in July was 'correct' at 4% even though I applied for the 6% on the first working it was possible to.

~Chameleon~

Paul_Herring wrote: »

I think the 4%/6% changeover only occurs on a month boundary - my June interest paid in July was 'correct' at 4% even though I applied for the 6% on the first working it was possible to.

Yes, I was just wondering that as I'm pretty sure we were already into June when the switchover took place.

Dagobert

In June, I switched from Classic Plus 4% to Classic Plus 6%. Following the advice from my branch, I was first downgraded to Classic. A week later I upgraded to Classic Plus 6% online.

It is my understanding that 3.93% should have been applied until the downgrade, 0% until the upgrade, and 5.84% from the upgrade on.
However, the interest I received for June appears to have been 3.93% gross for every day of the month.

It is my understanding that they pay interest on the first working day of the following month (for instance, the interest from 1st-31st May was paid on 2nd June 2008). Can anyone confirm? The TSB call-centre staff does not seem to grasp that interest paid in July is for June.

Following my complaint, I received a weird reply: the calculating period for the interest payment on the 25th April was 31 days, the calculating period for the interest payment on the 27th May was 32 days and the calculating period for the interest payment of the 25th June 2008 was 29 days.

I then sent them a letter detailing my calculations to which I received no reply.

On 15th August, I received a 10p July interest adjustment. Does this relate to the interest paid in July or for July? Other people have received an adjustment on that date, too (see).


To complicate matters further, I stupidly underfunded the accont in July. Can anyone confirm which months will be affected by this? TSB told me I would get no interest in July. However, the interest I received on 1st August for July was spot on 5.84% gross.

fischer79

HI Dagobert

Interest is paid on first working day of following month i.e. 1st July for June.

The interest adjustment was for July's interest. A lot of Plus accounts were underpaid on the 1st August and adjustments are being paid throughout August.

You got lucky on the month you underpaid! Due to the interest issues in July some accounts which wern't eligible got higher interest.

Milarky

Actually 'Classic Account with Vantage' See

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

What are these people up too? Not content with souring a lot of existing customers they now want to go off and collar some more (and then, presumably, not be able to work out their interest correctly since they've made the proposition so complicated?)

Does "The first £7,000 of your balance will earn the interest rate in the table above." mean the tiered rate applies within the tiered balance or do you get the rate applicable to the (day's?) balance on the whole balance?

~Chameleon~

I'm becoming more and more disillusioned with LTSB, to be honest. A year ago, besides the Classic Plus acc I also had the reg saver, online saver and Advantage cc, but one by one I've closed them all down until I'm left with just the current acc and I'm seriously thinking of ditching that too :rolleyes:

It's not like it would be difficult to do as I already have existing current accs with Barclays and Nationwide

Paul_Herring

Milarky wrote: »

Actually 'Classic Account with Vantage'

Tiered intererst.

Maximum (£6k-£7K) 5% AER. If you stay in credit.

Sorry, what are they trying to sell?

ps2659

Lloyds tsb made an error on my interest payment on my classic plus account for july (upgraded to 6% in june) my balance over the month was approx £2200.00 on 1st august they paid me £2.70 I called them to report this on the 4th august and received no reply therfore called in to my local branch and reported it again, on the 22nd august I received a call from the girl at the local branch who said she had calculated the interest and would add it manually later that day to which she did £15.34, today I have checked my online banking and note that lloyds have made another interest adjustment of £5.82 I think in total they have paid me in excess of 10%.

beecher

I had an adjustment made yesterday to my account entitled 'July Interest Adj' without having to phone them up - did everyone else get the same?