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

anna42hmr

Lloyds_Bank wrote: »

Thanks to those who've sent on the requested info; our team are looking into this at the moment & I'll update this thread when I have some clarification.

Thanks,

Graeme

Thanks for your help.

Eco_Miser

butterflymum wrote: »

Haven't sent my screenshot, as for some reason I am not seeing any address in your profile.

Third line in the About me box.

butterflymum

Thanks eco and Anna. I still couldn't find it, but then figured out why I wasn't seeing the address. It is not showing on the 'new' forum skin, so I switched back to the old forum and can see it just fine.

Lloyds_Bank

Hi all

Apologies for the delay in my response. To clarify a few points about the Club Lloyds interest rate which have been raised on the thread:

- As expected, any mention of the full balance being subject to an interest rate of 0% is a display error, & the rate paid will be as quoted when the account was opened. This has been reported & will hopefully be rectified soon.
- Interest is paid up to & including £4800, with no interest paid on balances over that i.e. if a balance of £5200 is held, interest would not be accrued on the additional £400.
- Interest is calculated on a daily basis and is therefore accrued against the daily balance in the account.

I hope this helps!

Thanks,

Graeme

anna42hmr

Lloyds_Bank wrote: »

Hi all

Apologies for the delay in my response. To clarify a few points about the Club Lloyds interest rate which have been raised on the thread:

- As expected, any mention of the full balance being subject to an interest rate of 0% is a display error, & the rate paid will be as quoted when the account was opened. This has been reported & will hopefully be rectified soon.
- Interest is paid up to & including £4800, with no interest paid on balances over that i.e. if a balance of £5200 is held, interest would not be accrued on the additional £400.
- Interest is calculated on a daily basis and is therefore accrued against the daily balance in the account.

I hope this helps!

Thanks,

Graeme

Thanks for the update Graeme, I appreciate it.

bsms1147

Lloyds_Bank wrote: »

Hi all

- Interest is paid up to & including £4800, with no interest paid on balances over that i.e. if a balance of £5200 is held, interest would not be accrued on the additional £400.

I'm not sure that's true; it would seem that interest was calculated using all 13 of my £400 monthly payments.

oldfella

Lloyds_Bank wrote: »

Hi all

- Interest is paid up to & including £4800, with no interest paid on balances over that i.e. if a balance of £5200 is held, interest would not be accrued on the additional £400.

Graeme

could you provide a reference to the T&Cs where this is stated ?

pafpcg

There might be nothing in the T&Cs to limit interest to only £4800, but it looks like the interest on my account that matured yesterday does NOT include anything for the 13th payment, so I sadly have to disagree with BSMS1147 in Post#47.

Feeding all my £400 per month deposits into a spreadsheet to calculate the interest on a daily basis including a 13th payment, I should get gross interest of £112.05, but I've received only £111.61 which matches exactly what my spreadsheet calculates if I remove the 13th payment.

So for next year's account, I'll reduce the standing order's 13th deposit to the £25 minimum and transfer it out the next day to limit the account to £4,800.

Ed-1

pafpcg wrote: »

So for next year's account, I'll reduce the standing order's 13th deposit to the £25 minimum and transfer it out the next day to limit the account to £4,800.

Did your 13th payment go into the account by 25th of the month as there is a statement to the effect that a payment needs to go in by 25th of the month to count for that month's payment.

If yes, then clearly no interest is earned on balances above £4800.

Why even make a £25 standing order 13th payment if no 13th payment is needed?

oldfella

if thats the case I reckon they are in breach of contract

the conditions are that you pay 1 payment each month. It doesnt define month, so reasonable to assume its calendar month.

we are only talking about £1 extra interest, but if they want to not pay you interest they should have returned the money.

comment required from Lloyds rep please.