Beware Bank Phone Advice

LE4d

I recently came into some money, about £71,000. This belongs to me, my husband and our two sons so whilst deciding how to invest it I opened an eSaver account with my bank, Lloyds TSB (interest rate 2.50% incl 12mth bonus). I then received a phonecall from the bank advising me to switch to an Advantage Saver account. I'm sure I queried the rates with the person on the phone but was assured that the AS gave me a better rate as I was with a 'value added' current account (Platinum Plus). Well, two months later I am still trying to sort out the best thing to do and prompted by MSE's great email I checked out a couple of higher savings rates. I then realised that the eSaver would have been a better rate all along as I am only getting 1.28% (incl 6mth bonus) on the AS!!
Ofcourse I have contacted the bank and hope to get some backdated interest but was surprised that although the person I spoke to before seemed able to switch my account from the eSaver to AS with ease I was now advised to open an eSaver again myself online, and I'd have to write a letter or call in at a branch to close the AS account! Aaaargh! Needless to say I am looking elsewhere for an account and I will always double check rate advice given over the phone in the future.

McKneff

Remember to split it - there is only a guarantee on savings of £50k and under.
Remember the big crash.