Watch out Lloyds Bank savings account expires annually

Goldiegirl

FlyingDonkeys wrote: »

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

Perhaps the way you expressed your astonishment was so intense that it felt like a personal attack.

Call centre staff are trained not to take things personally, but don't ever forget there's a human on the other end of the phone. He might have had a really bad day, and your astonishment was too much to take.

Newly_retired

I don't see how an account can "expire".
There is such a thing as a dormant account but that is one that hasn't been used for ages, and you can still reclaim the money by a certain procedure.
As you have been adding to this account over the years, it is not dormatn, so it has not expired.
Obviously the interest rates have changed. Every account, apart from fixed rate / fixed period accounts, has changed its rates periodically .

As the banks have only recently been obliged to keep customers informed of changes in rates, it's up to us to keep a check on what the interest rates are - and move to a better account ( if there is one) if we are not happy.

alanq

FlyingDonkeys wrote: »

What is OP?

Original Poster - the person starting the thread or Original Post - first post in thread.

matttye

Just realised this myself. I thought I might get about £1 interest for the money I've had in it the past year but that dream has gone out of the window now

FlyingDonkeys

Goldiegirl wrote: »

Perhaps the way you expressed your astonishment was so intense that it felt like a personal attack.

Call centre staff are trained not to take things personally, but don't ever forget there's a human on the other end of the phone. He might have had a really bad day, and your astonishment was too much to take.

Thanks but Not the case I'm polite.

FlyingDonkeys

I will write and go into local branch and take it o with Financial Ombudsman- tedious. Lets hope they can be honourable at the outset but I won't hold my breath.

jonesMUFCforever

What account have you got OP?

pinkdalek

How come it has taken 10 years to come to light? I can understand if the bank has never sent you a statement showing you the interest paid each year. But if they had been doing surely you would have raised your concerns earlier having seen the amount of interest paid drop so much.

Yorkie1

Every statement I've received from LTSB sets out the interest rates on it. Were you not receiving statements either?

jonesMUFCforever

Op has not come back yet to say what the account is - I have LTSB savings accounts and I get an annual interest summary as well as 6 monthly statements.
I ,again, from personal experience cannot believe that if he has been in a branch at all in the last 10 years that he has not been 'pounced' upon for a service review or even been telephoned for the same reason.
These will have been documented - so OP over to you - we need more information from you.