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Watch out Lloyds Bank savings account expires annually

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  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    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.

    What will you complain to the Ombudsman about?

    It's not a question of Lloyds being "honourable" - interest rates have crashed for everybody in the last few years. There is no personal vendetta Lloyds have against you. You are just one of the many savers who used to get higher interest rates than they do now. Get over it.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    £15 went into mine this morning!

    Must have still been accruing interest at some point.
    What will your verse be?

    R.I.P Robin Williams.
  • innovate wrote: »
    What will you complain to the Ombudsman about?

    It's not a question of Lloyds being "honourable" - interest rates have crashed for everybody in the last few years. There is no personal vendetta Lloyds have against you. You are just one of the many savers who used to get higher interest rates than they do now. Get over it.


    Thanks so much for reminder on this - need to keep on top as its slipping my brain.
    So I should
    1. write letter to LLoyds,
    2. write letter to Ombudsman if they don't reply
    3. Should I go and see the local bank advisor or is that a waste of time?


    Everything has to be done in writing I guess. How does this letter sound?


    Manager
    Lloyds Bank

    Dear Sir/Madam,

    A member of your staff, Mr Blah, informed just before Easter that my accounts which have been with you for over 10 years needed to be renewed every year. I was never informed of this and despite several calls to check interest rates over the years have never been informed these accounts needed to be renewed annually to attract the rate you quoted when you suggested I take them out.

    In the circumstance, (being a very good customer for decades) can you adjust my accounts to credit the lost interest. In future I can renew them annually as I would have done if anyone had told me.

    Or do I have to take this up with the Ombudsman and my local MP.

    I look forward to a reply within 14 days.

    Yours faithfully
    Flying Donkeys- Do no harm to others and you will benefit in more ways than one.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    despite several calls to check interest rates over the years
    Surely the last two or three calls would have told you the rate had gone down considerably (like all savings accounts)? When was the last call to check the rate and what was it?

    BTW, accounts don't 'expire' and need 'renewing' (though a member of staff might well have used such misleading terms informally). What happens (and has always happened) is that account rates change, new types of account attract the market-leading rates and older ones get reduced. But, if you ask in the branch, they will always apply a 12-month 'bonus' to your account or move your account to one paying more interest.
  • No - they always implied this was the best rate achievable on these accounts. I didn't question it and think to ask if I renew this account will I get a higher rate? I didn't know they were expired. Idf I had got a letter, sms or phone call saying your account has expired renew it - would have done so as with car insurance or any other thing that expires that requires money from you. Seems the rules don't apply in reverse when they gain by you not renewing.
    Flying Donkeys- Do no harm to others and you will benefit in more ways than one.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    No - they always implied this was the best rate achievable on these accounts. I didn't question it and think to ask if I renew this account will I get a higher rate? I didn't know they were expired. Idf I had got a letter, sms or phone call saying your account has expired renew it - would have done so as with car insurance or any other thing that expires that requires money from you. Seems the rules don't apply in reverse when they gain by you not renewing.

    Did you read the terms and conditions of your account word for word when you opened it and did you re-read the terms every time they notified you they were changed?

    If not you can't be sure there was no 'introductory rate.'
    What will your verse be?

    R.I.P Robin Williams.
  • 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.

    Thanks writing letters re

    Flexible Savings and ESavings accounts.
    Flying Donkeys- Do no harm to others and you will benefit in more ways than one.
  • Mattye,

    On my list tomorrow to write letters and go in and see them if necessary
    Flying Donkeys- Do no harm to others and you will benefit in more ways than one.
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