14% interest!

bring_back_threepenny_bit

Yes, it's true - I had a residual amount in a Lloyds Standard Saver for which the stated interest rate was 0.6%. I received a balance statement showing the annual interest credited to the account, which amounted to 14.28%. 
The downside was that I only had 7p in the account, they credited me with 1p bringing it to a grand total of 8p. 
I haven't decided what to spend it on yet...

Exodi

I'm assuming that Lloyds just round up as they can't pay 7.042 pence, and it's probably not worth the trouble rounding customer interest down.

Quite a fun novelty though. To take it to it's extremes, presumably if you had 1p in they'd have rounded 1.006p to 2p, reflecting an impressive 100% interest rate.

boingy

bring_back_threepenny_bit said:

Yes, it's true - I had a residual amount in a Lloyds Standard Saver for which the stated interest rate was 0.6%. I received a balance statement showing the annual interest credited to the account, which amounted to 14.28%. 
The downside was that I only had 7p in the account, they credited me with 1p bringing it to a grand total of 8p. 
I haven't decided what to spend it on yet...

Brilliant! I'm going to close my Metro savings account and open 283,494 Lloyds Standard Saver accounts, depositing 7p in each one. The plan is so perfect I can't think or a downside. I just hope the app can display all those accounts...

AmityNeon

A balance of 7p for a whole year at 0.6%? Even single penny interest is not rounded up from accrued interest totalling less than half a pence.

I had a lonely Lloyds Club Saver which recently 'matured' into a Standard Saver, and after a year with a £1 balance, I received absolutely nothing in interest... which is actually quite unusual, because I'm used to receiving token penny interest amounts every few months from various £1 balance accounts. I suspect it might be a quirk specific to LBG accounts (more noticeable with monthly interest); if an interest period results in £0.00 accrued interest, the cumulative figure is reset at the start of the next interest period and any fractional penny is forgotten.

MartaUK

Hahaha, what a clickbait, you've got my attention with the title and then there was a bit of dissappointment

Section62

bring_back_threepenny_bit said:

Yes, it's true - I had a residual amount in a Lloyds Standard Saver for which the stated interest rate was 0.6%. I received a balance statement showing the annual interest credited to the account, which amounted to 14.28%. 
The downside was that I only had 7p in the account, they credited me with 1p bringing it to a grand total of 8p. 
I haven't decided what to spend it on yet...

Are you sure the interest wasn't credited for a higher balnace that sat in the account for a day or so earlier in the year?

I sometimes get 'surprise' interest credited to an account, but invariably it was a regular saver that matured (with interest) and I was tardy transferring the maturity balance out of the account so earned a few days interest on a relatively large sum.

DavidAC

I recently closed a Cahoot easy access account that they moved my fixed term to when it matured. I moved the money out including the fixed term interest the same day. They sent me the interest for the easy access account by cheque, £0.01. One day I will go to my bank, Santander, and pay it in.

Rudyson

DavidAC said:

I recently closed a Cahoot easy access account that they moved my fixed term to when it matured. I moved the money out including the fixed term interest the same day. They sent me the interest for the easy access account by cheque, £0.01. One day I will go to my bank, Santander, and pay it in.

I've got a cheque from Santander for £0.01 as well. I've kept it as a memento :-)