Watch out Lloyds Bank savings account expires annually

FlyingDonkeys

Just discovered my Lloyds savings account is expired!
Despite checking interest rates from time to time no one informed me annual account expiry means account moves to substantially lower rate.

Banked for decades and never come across this concept of renewing accounts annually. My account expired 10 years ago or more. Feel incredibly ripped off as every time my account was in credit I mistakenly thought it attracted best rate on easy access accounts.

Any ideas on how to rectify this?

missile

I don't know what LTSB system was ten years ago, but I certainly got a letter advising when my savings interest rate changed this year.
Each of my savings accounts has the option to "+view interest rate"

You could write to LTSB and they may give you some recompense as good will gesture.

innovate

It has been normal practice for some time across all banks and BSs, and all savings products, to offer "bonus" rates that expire after a while, generally 12 months.

You are meant to receive notification a month or so before the bonus time is up, but all bonus T&Cs are available when you open the account, so you know exactly when the rate changes.

grumbler

innovate wrote: »

...You are meant to receive notification a month or so before the bonus time is up, ...

I think this became a compulsory requirement only recently, but if I understand correctly the OP's account 'expired' 10 years ago.

innovate

grumbler wrote: »

....but if I understand correctly the OP's account 'expired' 10 years ago.

You are right, I missed that bit.....wonder what made the OP not check the interest rate on their account for 10 years

Biggles

FlyingDonkeys wrote: »

Just discovered my Lloyds savings account is expired!

<snip>

Any ideas on how to rectify this?

It hasn't 'expired', the rate has changed, that's all. It was bound to have done over a period of ten years.

If you go into the branch, they can put it back on the 'bonus' rate if you ask nicely. That would probably be 1.6% (still much less than you would have been getting ten years ago).

FlyingDonkeys

innovate wrote: »

You are right, I missed that bit.....wonder what made the OP not check the interest rate on their account for 10 years

I did check. Statements incomprehensible so I rang and spoke on several occasions and was always given the rate that the higher rates account offered when opened. This rate was offered as a standard rate, not a two tier rate.

I was never informed verbally or in writing or when opened that accounts had to be renewed every year. Statements never inform you.

FlyingDonkeys

Biggles wrote: »

It hasn't 'expired', the rate has changed, that's all. It was bound to have done over a period of ten years.

If you go into the branch, they can put it back on the 'bonus' rate if you ask nicely. That would probably be 1.6% (still much less than you would have been getting ten years ago).

Thanks Biggles.
I didn't takeout a bonus rate account. I was offered an account which had a higher rate than my existing account. Never informed the same accounts offered two rates dependent on renewal.

What is OP? Happy Easter To All. . :EasterBun

Hominu

FlyingDonkeys wrote: »

I was never informed verbally or in writing or when opened that accounts had to be renewed every year. Statements never inform you.

The T&Cs that you agreed to when you opened the account informed you, it would have probably said the rate was also variable and so up to you to confirm the rate every so often.

FlyingDonkeys

Funny thing was when I expressed my astonishment on the phone the chap immediately jumped into I was personally attacking him.

FlyingDonkeys

innovate wrote: »

It has been normal practice for some time across all banks and BSs, and all savings products, to offer "bonus" rates that expire after a while, generally 12 months.

You are meant to receive notification a month or so before the bonus time is up, but all bonus T&Cs are available when you open the account, so you know exactly when the rate changes.

Thanks - never happened. :mad: