Problem with a fixed rate deposit savings account

alanq

SeduLOUs wrote: »

Did you submit an R85 form for each tax year?

In my experience R85 should only need to be submitted once per account.

SeduLOUs

Well if you tell us what the amount is that the bank has given and the period the account was open, somebody might be able to figure out what's happened...

stormy-weathers

alanq wrote: »

In my experience R85 should only need to be submitted once per account.

Yes that's my understanding and indeed what the bank told us.

alanq

stormy-weathers wrote: »

We had worked the amount out to be £20,969.91 as an R85 form was completed.It should be a simple matter but the bank won't tell us why they have a different amount.

What is the bank's "different amount"? If we knew the amount of the discrepancy perhaps someone here could suggest how that figure may have been arrived at.

stormy-weathers

SeduLOUs wrote: »

Well if you tell us what the amount is that the bank has given and the period the account was open, somebody might be able to figure out what's happened...

The bank have £19,543.18 and the account ran for a full three year period.Everyone on here has the same amount that we worked it out We don't know why they won't just explain why they have that amount.

stormy-weathers

alanq wrote: »

What is the bank's "different amount"? If we knew the amount of the discrepancy perhaps someone here could suggest how that figure may have been arrived at.

The bank's amount is £19,543.18

PeacefulWaters

Which bank is it?

What's the name of the account?

Have they paid any interest to another account each year?

Speculator

stormy-weathers wrote: »

The bank's amount is £19,543.18

Not read thru the whole thread but was it 4.25% each year or a step up rate account. ie 2.5% yr 1, 3% yr 2 , 4.25% yr 3.

stormy-weathers

PeacefulWaters wrote: »

Which bank is it?

What's the name of the account?

Have they paid any interest to another account each year?

I would rather not give the bank name.I'm not sure how far this matter is going to go so would prefer to avoid naming them at this stage.No there is only one account so interest has not been paid to another account each year.
The name of the account is 'Three year fixed rate deposit'

stormy-weathers

Speculator wrote: »

Not read thru the whole thread but was it 4.25% each year or a step up rate account. ie 2.5% yr 1, 3% yr 2 , 4.25% yr 3.

It was 4.25% each year