Lloyds Young Savers paying 0.5% APR

balloonist

Also think you will find that statements are addressed to the child not the parent. Do you expect the child to notice the rate of interest??

balloonist

If you go to Lloyds Bank website and check from their child savings page at the interest rate for Young Savers, they do not advertise or mention a lower rate for older accounts but only the one rate as follows:
Young Saver rates

£0 - £20,000 3.00 2.97 2.38
Anything over £20,000 0.50 0.50 0.40
These interest rates are correct as at 15/08/2011.

PeacefulWaters

balloonist wrote: »

If you go to Lloyds Bank website and check from their child savings page at the interest rate for Young Savers, they do not advertise or mention a lower rate for older accounts but only the one rate as follows:
Young Saver rates

£0 - £20,000 3.00 2.97 2.38
Anything over £20,000 0.50 0.50 0.40
These interest rates are correct as at 15/08/2011.

This link?
http://www.lloydsbank.com/rates/savings/young-saver.asp

Previous rates – opened before 15 August 2011

Amount invested Interest Paid Quarterly
AER % Gross % Net %
£1+ 0.50 0.50 0.40

You've also ignored a dozen statements telling you the interest rate.

balloonist

Try this link:

http://www.lloydsbank.com/savings/young-saver.asp?WT.ac=SCSFPFND1

And there hasn't been a dozen statements PeacefulWaters

PeacefulWaters

balloonist wrote: »

Try this link:

http://www.lloydsbank.com/savings/young-saver.asp?WT.ac=SCSFPFND1

I am not denying that you might have some mileage with a complaint. Give it a go.

Banks have been offering new issues of accounts for years while leaving customers in old versions. Your big case here is that they don't clearly identify the difference between the two issues.

But are you going to hold your hands up to your part in allowing this to happen? Their big defence is your failure to read the statements. A dozen or so opportunities where you've accepted the rate they're paying you.

balloonist

Do you remember in the 1990s when Halifax had two different mortgage base rates?

I will complain but it has already involved two phone calls and a trip into a branch. The branch could not deal with it straight away and I had to make an appointment to discuss the matter. Not exactly great service from the black horse.

xylophone

Also think you will find that statements are addressed to the child not the parent. Do you expect the child to notice the rate of interest??

I'd certainly expect a parent to check a minor's bank statement- and isn't the parent responsible for the account?

http://www.lloydsbank.com/savings/young-saver.asp?WT.ac=SUSESAV1

"You’re in control of the account until they turn 16."

butterflymum

It also says:

Who is this agreement with? This agreement is between us and the adult who opens and runs the account on behalf of the child. Who does the money belong to and who runs the account? The money belongs to the child, and the account is in the child’s name. An adult will open, run, and close the account on the child’s behalf. The adult must manage the account in the best interests of the child.

Even if it didn't say the above, I'd agree with xylophone about the need for any parent to check statements and monitor interest has been paid correctly for their child (and probably to use the opportunity to teach their child about the account, and interest too, in an age appropriate way, to help prepare them for banking on their own in the future), especially given, in this instance, the rather large sums involved.

xylophone

The adult must manage the account in the best interests of the child.

Particularly if

balance is circa £17k.

And if the parent has provided the capital, has he had regard to the £100 rule?
http://www.moneysavingexpert.com/savings/child-savings-tax-free

"Any interest earned on money specifically given to them by a parent is only tax-free up to the first £100, per parent or step-parent, each year. If your child earns more than £100, the whole lot is taxed at the parent's rate."

Lloyds_Bank

balloonist wrote: »

Do you remember in the 1990s when Halifax had two different mortgage base rates?

I will complain but it has already involved two phone calls and a trip into a branch. The branch could not deal with it straight away and I had to make an appointment to discuss the matter. Not exactly great service from the black horse.

Hi balloonist. I'm sorry to read your posts. If you wish to submit a complaint about what's happened, you can do so using our online form. You can also find details of our complaints procedure, here.

Hope this helps.

James