Mis-selling question

fordy

Just want to run this past people with more experience.
Mum showed me a ISA projection from her bank (lloyds tsb)
It clearly states that if she paid in £3,500 into their variable ISA at 2.35% she would earn £85.25 PER MONTH in interest.

Now correct me if I'm wrong but using the ISA calculator on here that's only £85.25 PER YEAR?

Now the guy at the bank kept repeating 'per month'

Isn't this Mis-selling?

Or at least lying

opinions4u

Or making a mistake.

MoneySaverLog

Get him to put it in writing on letter headed paper and have the manager sign it!!!

fordy

A mistake, really? I doubt that. This wasn't someone behind the counter, this was sales manager.

opinions4u

fordy wrote: »

A mistake, really? I doubt that. This wasn't someone behind the counter, this was sales manager.

A personal banking manager.

Just a low paid salesperson.

Don't get excited by the word "manager" in somebody's job title.

Gromitt

fordy wrote: »

A mistake, really? I doubt that. This wasn't someone behind the counter, this was sales manager.

and how many sales managers does the bank have?

I know where I work there is 4 sales managers. That is there official title. Nobody reports to them however. Above them is the 'Sales Director', which sounds good, but is just a standard employee and not listed on the board of directors.

Companies give people titles to make them feel good, it's cheaper than a raise, and it looks better to customers when you are greeted by such.

fordy

But had mum not talked to me first, she said she would have gone for it. I would have gone for it. £82 a month in interest, god that would be great!

dunstonh

This wasn't someone behind the counter, this was sales manager.

Which puts him on about £13k to £15k a year. Banks over use manager and adviser in their titles. They are all clerks nowadays.

fordy

Doesn't change the fact that someone without the sense to think twice would sign up for that expecting to get nearly a grand a year in interest.

opinions4u

fordy wrote: »

Doesn't change the fact that someone without the sense to think twice would sign up for that expecting to get nearly a grand a year in interest.

If it's so important, complain.

You might get £25 for nothing.

fordy

Changing banks, proof that we can't trust them.