Q for Lloyds Bank Rep and any MSE members that opened a new Club Lloyds Monthly Saver

butterflymum

I know some others, like myself, recently came to the end of their first 12 months of a Club Lloyds Monthly Saver. This was then converted to an Easy Saver. Like me, many then also opened a new 12 months Club Lloyds Monthly Saver.

Today, I happened to notice on the new Club Lloyds Monthly Saver (opened earlier this month), a 'View Renewal Options' tab, so being curious, clicked same. This took me to a 'Savings Re-designation - Compare Products page', which began:

Renew your account

It’s now possible to renew your savings account to take advantage of a new interest rate or product.
You can renew your account to any of the options shown below.

which then listed my new Club Lloyds Monthly Saver account, with, for some reason :

Interest rate: 0%

and then gave a table of alternative accounts available, all above 0% interest.

Has this happened to anyone else who already opened a new 12 month Club Lloyds Saver after their original one changed to an Easy Saver?

Lloyds rep - why would my new Club Lloyds Monthly Saver be:

a) showing 0% interest

and

b) have an option to 'renew', when it is less than a month old and should be earning more interest anyhow than the alternatives?

(ps just for clarity, I can confirm the new Monthly account was allocated a different number from the previous Monthly account, as that number is now associated with the Easy Saver.)

Consumerist

I renewed mine a couple of weeks ago and see only an option to "View latest statement" for the new Monthly Saver along with a green "Make a transfer" button.

Might be a good idea to send them a secure message using the Contact Us .. link (upper-right of Your accounts window).

Edit
Did you set up a new standing order to fund the account and has a payment been credited? The 0% interest rate my be just because your first standing order has not yet been transferred in to the Monthly Saver.

eskbanker

butterflymum wrote: »

Has this happened to anyone else who already opened a new 12 month Club Lloyds Saver after their original one changed to an Easy Saver?

I just checked mine out (same scenario as yours) and get exactly the same. Re post #2, yes, first SO has already been credited, so will watch this thread with interest (hopefully 4% )

Biggles

Consumerist wrote: »

I renewed mine a couple of weeks ago and see only an option to "View latest statement" for the new Monthly Saver along with a green "Make a transfer" button.

Once you go into 'Latest Transactions', there is a 'View Renewal Options' link. And, yes, where it says 'Your existing account' it does show 0%.

Might be a good idea to send them a secure message using the Contact Us .. link (upper-right of Your accounts window).

There's no secure messaging service with Lloyds, except that they can send us messages to the 'Inbox' at top right. Their messages can't be deleted and can't be replied to.

Consumerist

I think this must be a site error.

I received an email from Lloyds in response to my application which confirms the rate at 4% fixed for one year.

If the OP has also received such an email then I think it can be relied on with regard to the interest rate.

[FONT=Arial, Helvetica, sans-serif]* Interest rate of 4.00% gross/AER fixed for the first 12 months, interest is paid on maturity of the account.[/FONT]
* [FONT=Arial, Helvetica, sans-serif]Carry on saving – at the end of the first 12 months your account will mature to an Easy Saver account (with bonus), currently paying 0.50% gross/AER variable including a fixed bonus of 0.30% for the first 12 months

[/FONT]

butterflymum

Thanks for replies.

Yes, first month's standing order already in the new account (6th of Month), second due in next week (duly amended to 1st of Month).

Yes, 4% is the correct rate, as we all know, but it is never good to see your account page online show otherwise.

Posted to bring the apparent 'system blip' to attention of Lloyds Rep, especially as it now seems it is affecting more than just myself.

As I have said to Lloyds before, it is frustrating that they choose not to put a secure mail system in place that can be used for varied issues, but rather a limited email contact form for specific issues only. Secure Mail systems work well for many other banks and building societies.

pmjenkins

Both my monthly saver and my wife's show 0% interest! Grrr!

butterflymum

Bumping up, to hopefully catch attention of Lloyds Bank Rep today.

anna42hmr

I have had the same on mine as well when i look at it today, hopefully it is just an error as when i opened mine confirmed the 4% rate

Biggles

Looks like it's a new feature of the site that is still being built. It should speed up renewals in future.

skitskut

I've just received my closing statement from Lloyds and have noticed that from 19th May '15 the interest rate tiers have changed so that no interest is paid on any amount greater than £4800 (it was previously £5600 according to the statement). I had £5200 in my account for the last 21 days and for the final few days from the 19th onwards interest was indeed only paid on the first £4800.

Was wondering if anyone else has noticed this, whether it's a permanent change from 19th May or just something that happens on the last few days of the account's 12 month period?