Interest on Lloyds children's savings account

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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LouanaLouana Forumite
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
I've just checked the interest on my children's savings account. I discovered that because we opened their account befone august 2011 they are only receiving 0.5% instead of the after rate of 3%.
Am I within my rights to demand that they move us to the highter rate?

Replies

  • grumblergrumbler Forumite
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    Was 3% some introductory rate for, say, 1 year?

    That said, there is Savings & Investments board here...
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • No that is just the new rate on the bank account.
  • edited 28 February 2013 at 1:39PM
    grumblergrumbler Forumite
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    edited 28 February 2013 at 1:39PM
    If it was 3% when you opened it you can demand 3% for the time until it was changed.
    If 3% was offered for new accounts later it could be some different 'issues' of the same account and the rate doesn't have necessarily be applicable to all accounts.

    Ask at the savings board, but do post more information. I don't see this information on the website and I don't see any historical information on it. What is the exact name of the account?

    EDIT: I see, it's 'Young Saver'. I don't *think* that you can claim anything. You should have applied for a new 'Young Saver' in 2011. Now it's closed to new applications.
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • edited 28 February 2013 at 4:04PM
    opinions4uopinions4u
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    edited 28 February 2013 at 4:04PM
    Young Savers Account - Opened from 15th August 2011
    If you opened the account before this date, you get 0.50%. On or after this date gets 3%.
    Am I within my rights to demand that they move us to the higher rate?
    When was the account opened?

    I would strongly recommend against "demanding" anything.

    If you ask nicely, they'll probably move it to 3.00% from today.

    If you complain politely, they might backdate it. But I wouldn't expect it. It's certainly not an entitlement.
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