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nzseries1

opinions4u wrote: »

So does it say AER or gross online?

Definitely AER.

nzseries1

johnmoney05 wrote: »

I guess the discrepancies is becasue you got pay interest monthly?! Just a quess....

I believe that's the whole point behind AER though, it's supposed to give you an equal comparison of interest rates across products, regardless of whether interest is paid monthly, or yearly, etc.

ChiefGrasscutter

Some savings groups/accounts have a lower AER for when you ask to be paid the interest monthly compared to when you ask to be paid the interest in all one lump sum annually.....reflecting the additional costs etc of paying out monthly - and to act as a "disincentive" to require monthly income.

10_66

ChiefGrasscutter wrote: »

Some savings groups/accounts have a lower AER for when you ask to be paid the interest monthly compared to when you ask to be paid the interest in all one lump sum annually.....reflecting the additional costs etc of paying out monthly - and to act as a "disincentive" to require monthly income.

I can understand that reasoning if they offer the option of having annual interest, but when they don't offer that option I can't see that being the reason for the lower rate than that which they printed in their letter. I haven't actually got any correspondence with the 3% mentioned as I applied for mine over the 'phone (not having been one of the select few that received the letters).

Edit: I rang to query this and got the same reply as post #39. The person I spoke to was also perplexed after speaking to the internet banking dept, so said he was going to raise a query with his manager due to the discrepancy.

bwebba

Per the online terms:

2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).

So - can you not take money out without losing all interest?

10_66

bwebba wrote: »

Per the online terms:

2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).

There's no reference to this in the terms and conditions that were sent after I'd opened this account, so presumably this only relates to previous versions of this account as the current version isn't available online to view its terms and conditions.

mcphail

10_66 wrote: »

There's no reference to this in the terms and conditions that were sent after I'd opened this account, so presumably this only relates to previous versions of this account as the current version isn't available online to view its terms and conditions.

Yes, I agree - just checked my original letter and it says that you won't lose interest if you withdraw any money. I also think that relates to other versions of this account, not the 'exclusive' account many got offered.

bwebba

10_66 wrote: »

There's no reference to this in the terms and conditions that were sent after I'd opened this account, so presumably this only relates to previous versions of this account as the current version isn't available online to view its terms and conditions.

My wife rang them up and they confirmed this is one of the conditions ... so say for example you make a withdrawal at the start of july that means you get no interest on any money in the account for the rest of the month.

???

mcphail

bwebba wrote: »

My wife rang them up and they confirmed this is one of the conditions ... so say for example you make a withdrawal at the start of july that means you get no interest on any money in the account for the rest of the month.

???

Well I have the proof in the letter, and I have withdrawn my interest this month, so I will be right in there if they dare not pay my interest!

DocProc

I reckon that some of us would make better bank staff than some of the real bank staff out there.

Which reminds me of my local Gym, which has 7 TVs in the Gym (it is rather large).

There are 5 fed from a Sky dish from a commercial subscription and 2 fed from a terrestrial aerial.

The 5 are fed through a digibox and the 2 are not. Well of course, the whole thing is 'digital' now and so the terrestrial aerial, feeding the 2, now needs a digibox to receive and process a digital signal. BUT it hasn't got any kind of a digibox and so we now have 2 blank screens because they just won't work anymore.

Guess what and where I'm going with this?

Well the Maintenance Man at the Gym isn't crackingly well paid. Accordingly, he doesn't have a Sky subscription at home. In fact, he doesn't even have a TV of his own at all. He lives with his aged Mum and watches hers. She has had some sort of 'freebie gadget' fitted by the authorities all as part of the 'TV going digital' thingy. Thus, despite his TV working 'at home' (presumably on FreeView), he has never been involved with any of it. To him, it just 'works'.

So loads of us punters at the Gym know more about the Gym's TV System than do their top staff. The Manager just leaves it to the Maintenance Man and just 'doesn't want to know'.

And guess what?

Correct! It's just the same with internet banking and Vantage Accounts. The Lloyds TSB bank staff don't do it, haven't got such accounts themselves, and don't look at things at all like wot we do.

Cough. Cough.