Club Lloyds Interest Rate 7.18% :)

NedS

Can I ask where are you seeing the interest rate information? I can't find it in my Club Lloyds account.


Thanks!

alandaniel132

why so high-interest rate 7%?

Terry_Towelling

NedS wrote: »

Can I ask where are you seeing the interest rate information? I can't find it in my Club Lloyds account.

Thanks!

On the statement, according the opening post. Most likely an error and not everyone seems to have this figure on their statements. Mine doesn't.

alandaniel132

is not 7% interest then

NedS

Terry_Towelling wrote: »

On the statement, according the opening post. Most likely an error and not everyone seems to have this figure on their statements. Mine doesn't.

Nope, when I click on View Statement it simply gives me a list of transactions. There is no interest rate information anywhere, hence my question.

Terry_Towelling

NedS wrote: »

Nope, when I click on View Statement it simply gives me a list of transactions. There is no interest rate information anywhere, hence my question.

Understood. Are you accessing the electronic version of the actual paper statement, or just clicking the 'view statement' menu option in online banking?

You need to click on the 'messages' icon in online banking and then select the appropriate statement message from the list of documents that comes up.

My last statement was in July, and it seems the error has cropped up subsequent to that. I'll wait until my next statement message comes up to see what's on that.

Zanderman

alandaniel132 wrote: »

is not 7% interest then

No, it's just that some people had correspondence from Lloyds that quoted the wrong (amazingly wrong!) interest rate.

It would seem to be a computer or clerical error at Lloyds, not a real interest rate.

We'd all be queuing up for the account if it was a real rate!

RN61

EDIT. I would have suggested putting maximum amount of money for that high rate of interest in (if you have that sum!) and wait to see if they pay at that rate, if not a formal banking complaint evidenced with their own documents should have resulted in a payment of £50 - £100 as apology for their poor service!

Sadly, I only have October and November statements, they were accessed differently to how described above and they don't show an interest rate at all, so guess they were changing systems at time mentioned above.

sal_III

RN61 wrote: »

Suggest putting maximum amount of money for that high rate of interest in (if you have that sum!) and wait to see if they pay at that rate, if not a formal banking complaint evidenced with their own documents should result in a payment of £50 - £100 as apology for their poor service!

If you had paid attention you would have noticed the thread is from September and people have already reported that they didn't get the wrong inflated interest rate, so not much point in maxing out your account at this point.

There is also no point in complaining about it as it's the T&C you signed up to when opening the account that are important, not what is clearly a clerical/computer error on the statement. I don't believe it will qualify even for a good will gesture.

RN61

sal_III wrote: »

If you had paid attention you would have noticed the thread is from September and people have already reported that they didn't get the wrong inflated interest rate, so not much point in maxing out your account at this point.

There is also no point in complaining about it as it's the T&C you signed up to when opening the account that are important, not what is clearly a clerical/computer error on the statement. I don't believe it will qualify even for a good will gesture.

Wow, thanks for your withering contempt. However, your belief in what might qualify for a payment in response to a complaint does not match reality and my personal experience, where Banks have indeed paid out such sums for all sorts of clerical/computer errors and other customer service/experience issues!