Lloyds bank and their Easysaver

Blue_Parrot

I put about £4k in a Lloyds Easysaver last year. (Initial interest rate 2% dropping to 0.35% after one year.) This week the annual statement came through with no interest shown.

I phoned and asked why no interest was shown on their single statement. The reply was that the statement had been issued on August 30, interest was added on August 31.

I asked for a fresh statement. They said "That will take a year."

My response was that I had already waited for a year, and was not prepared to wait another one. The reply was that they "could send me a statement now, but that would cost me five pounds".

My response was to go into Lloyds today, and request a cheque closing that account. The lady looked startled, then uneasy, looking around. No, I did not need advice. She then took 28 minutes to fill in a form by hand while consulting her computer. The cheque to me was printed out so badly that they eventually asked me where I was going to put the money.

Barclays, was all I said.

A look of relief on the Lloyds faces. They then wrote a letter to Barclays explaining the badly-printed cheque, and hoping that they would accept it, and gave it to me.

On the way out, I told them about their own bank's response to my request for a fresh statement. The looks of relief turned into weary crestfallen resignation.......

Into Barclays with cheque and letter (I bank there too). Their immediate response was "Hallo Blue Parrot!" and some amusement at Lloyds treatment of their customers.

That £4k has now gone (in one year) from Santander to Lloyds to Barclays and is about to be moved to a Post Office on-line saver paying over 3%.

The interest from Lloyds while they had it? About £43. I only found this out when I went in to close the account. It seems that many people close their Lloyds savings accounts because of the rubbish interest rates and eye-boggling responses from their customer service line.

opinions4u

Why did you need a statement to confirm the amount of interest?

markwilkinson

E saver is a carp account but I use one.

Surely you can see the interest on your online banking?

Blue_Parrot

opinions4u wrote: »

Why did you need a statement to confirm the amount of interest?

Thanks for completely missing the point.

Blue_Parrot

markwilkinson wrote: »

E saver is a carp account but I use one.

Surely you can see the interest on your online banking?

That ex-account was not on-line.

:question:

opinions4u

Blue_Parrot wrote: »

Thanks for completely missing the point.

You posted:

I phoned and asked why no interest was shown on their single statement. The reply was that the statement had been issued on August 30, interest was added on August 31.

I asked for a fresh statement.

Reasonable to assume the point was you wanted the statement to show interest.

Blue_Parrot

You've lost me on this one, opinions.

I had a statement without interest showing (and then all that happened as in opening post)

You ask "Why did you need a statement to confirm the amount of interest? "

Then you post "Reasonable to assume the point was you wanted the statement to show interest."

Yes. :T

But alas you're still missing the entire point of this thread.

innovate

Blue_Parrot wrote: »

But alas you're still missing the entire point of this thread.

I think I do, too. What is the point of this thread?

Saints2011

The Easy Saver has been 1.6% AER for over 12months dropping to 0.1% AER after the year.

The E Savings gives 2.5% over £10k under 1.6% both with a 12 month bonus.

Savings servicing will send a statement anytime.

mulronie

It probably would have saved a lot of your life if you'd used the phone call to have this account linked to your online banking - you could have viewed the interest posted, and transferred the money to wherever you wanted all within about 2 minutes.

opinions4u

Blue_Parrot wrote: »

I put about £4k in a Lloyds Easysaver last year. (Initial interest rate 2% dropping to 0.35% after one year.) This week the annual statement came through with no interest shown.

So is the point that you've got the interest rate hopelessly wrong? Or that the statement doesn't show any interest?

I phoned and asked why no interest was shown on their single statement. The reply was that the statement had been issued on August 30, interest was added on August 31.

Or is the point that they pay interest a day after the statement is issued?

I asked for a fresh statement. They said "That will take a year."

Or that they are a bit useless when it comes to issuing a new statement? Or is the point that you want to see the interest in a statement?

My response was that I had already waited for a year, and was not prepared to wait another one. The reply was that they "could send me a statement now, but that would cost me five pounds".

Or that they would try to charge you the fee for a duplicate statement even though you want a new one.

My response was to go into Lloyds today, and request a cheque closing that account. The lady looked startled, then uneasy, looking around. No, I did not need advice. She then took 28 minutes to fill in a form by hand while consulting her computer. The cheque to me was printed out so badly that they eventually asked me where I was going to put the money.

Or that you didn't ask to transfer the money to a Lloyds TSB current account? Or that they have a stupidly slow process for issuing a ake draft? Or that they forgot to charge you £20 for it?

Barclays, was all I said.

Or that you chose to move your money to a bank with a poorer service record?

A look of relief on the Lloyds faces. They then wrote a letter to Barclays explaining the badly-printed cheque, and hoping that they would accept it, and gave it to me.

Or their stupid cheque issuing process doesn't work very well?

Into Barclays with cheque and letter (I bank there too). Their immediate response was "Hallo Blue Parrot!" and some amusement at Lloyds treatment of their customers.

That £4k has now gone (in one year) from Santander to Lloyds to Barclays and is about to be moved to a Post Office on-line saver paying over 3%.

Or are you trying to make a point about the poor rate you got for the last year?

The interest from Lloyds while they had it? About £43. I only found this out when I went in to close the account. It seems that many people close their Lloyds savings accounts because of the rubbish interest rates and eye-boggling responses from their customer service line.

Yet you put up with a rubbish rate for a year. Is that the point?