Should I contact Lloyds?

D@rkle

After reading a lot on this forum, I'm wondering about a situation with my Bank.

I have been with Lloyds TSB for over 3 years, infact I think its 4 years. My business operates through them as well.

When I joined I was given no insentives, nothing to say, thanks for your business.

I was really quite annoyed recently as I discovered that for years I've been using the classic account, and getting nearly no interest (something 0.1%). A simple upgrade online gave me the Plus account which gives much more, about 4%.

I'm really quite annoyed about the whole thing, I realise that its my responsibility to find the best deal, but the bank must make money out of my money, and don't seem to have really done anything for me!

On top of this, I now see that they are offering between £50 and £100 for new customers.

I'm sure you see where I'm coming from

Should I write to their head office and ask for some sort of incentive?

Do you think I'd get anything?

I just feel pretty cheated in a way, I never got an incentive, they haven't pointed out the poor interest rate to me, and I've been a loyal customer... until now.

Any thoughts welcome.

jamesd

Welcome to the way banks and building societies normally work. Expect them to change terms on you, not tell you what you need to know and generally try to prevent you from getting the best deals they offer.

Lloyds does offer one of the best current accounts so leaving them may hurt you more than them.

System

No i dont think you will get anywhere. When we opened a student account for my 16 year old son i couldnt even haggle a folder out of them for his statements.

RubyBish

I have only just upgraded to the 'Plus' account.
The 'Plus' account requires you to pay in £1000 a month and also log in to your internet account regularly. So there is a trade of for earning the extra interest which only applys to the first £5000. Also I think you may get better overdraft terms on the 'classic' account.
It would be wrong of Lloyds to automatically put their customers on the Plus account when many would not like disadvantages. They certainly put me off for a time.
The maximum you could have earnt is £200 before tax and unfortunately banks will always give little incentives to attract new customers whilst not thanking their loyal customers.

dunstonh

I have two accounts with Lloyds and one is a classic and the other a platinum plus. The classic has had an "upgrade" button next to it on the online banking facility. I have also seen a number of leaflets over the years about the other accounts. It would be wrong to say that they have not tried to tell me about it.

In my case, the classic account is the best option for the account in question and Lloyds would be wrong to switch it automatically as it would give me worse terms than the other available accounts.

D@rkle

OK guys, I understand where you're coming from.

In fairness, if what you're saying it right, there's probably been a few leaflets in with my statements which I've just chucked in the bin.

Do any of you get pulled in for a yearly review at all? I've never had one of these, and I'm quite happy to keep it that way, but it's just more instances of where I think i'm being treated different.

Fair enough, I'll leave it for now, unless anyone else thinks there's a chance.

System

Yes, periodically they try and get you in to upgrade your accounts. I too have noticed on my online statement an option to upgrade but for my banking needs, Classic Plus is far better than any of the other accounts they offer.

Cara79

Hi guys

Sorry to hijack the thread here. I've had a classic current account for 10 years and it's never occured to me to upgrade (naughty me!).

Anyway, I have my salary paid in every month £1,400+, never had or used an overdraft so don't require one.

Do you think i should upgrade to the classic plus account? I don't want to pay any monthly fees, but don't think I would have to.

thanks for any advice.
x

dunstonh

check the differences at the website and choose the one that is right for you. As you can see from this thread, you already have two people where the classic remains best choice.

I must be getting old. Once upon a time you had a current account. Now, with Lloyds, you have current, classic, classic plus, select, select plus, Gold, gold plus, platinum and platinum plus. Arghh!!!

System

Do you think i should upgrade to the classic plus account? I don't want to pay any monthly fees, but don't think I would have to.

Cara as long as you can meet the terms of conditions why settle for 0.10% when you can have 4% interest on your money.

Cara79

Thanks Guys

I'm always wary about bank accounts and worry about things that I may have missed etc. and then it work out badly for me . Don't know why, as I think I'm pretty savvy. :rolleyes:

Anyway, having had a re-read through everything and the T&Cs I think the upgraded one is alot better for me. As I wont be doing anything different to currently and rather than get 70p interest for the year, at least it will be somewhat better than that! :j

Thanks guys, just needed a little reassurance!
xx