Lloyds and crediting of interest

[Deleted User]

My husband is banking with Lloyds Offshore (we are in CI) - we have a savings account at 4.5% which is critical for us at present - interest is supposed to be credited on 9th of each month but we often find it does not go in until 11.59 that day.  As 9th was a Saturday this month, we expected it to be credited latest when we logged on this morning but it's not there.  Are they able to get away with this?  That's 2 days interest we've lost given 9th was a Sat and it's still not credited.  Strikes me this could be one for the Ombudsman or an investigation by Martin and his team?

Dazed_and_C0nfused

[Deleted User] said:

My husband is banking with Lloyds Offshore (we are in CI) - we have a savings account at 4.5% which is critical for us at present - interest is supposed to be credited on 9th of each month but we often find it does not go in until 11.59 that day.  As 9th was a Saturday this month, we expected it to be credited latest when we logged on this morning but it's not there.  Are they able to get away with this?  That's 2 days interest we've lost given 9th was a Sat and it's still not credited.  Strikes me this could be one for the Ombudsman or an investigation by Martin and his team?

How do you figure that 🤔

[Deleted User]

Because it's Sat/Sun that we've not had interest credited - so sorry, I mean interest on the interest

[Deleted User]

Because it's Sat/Sun that we've not had interest credited - so sorry, I mean interest on the interest

MEM62

[Deleted User] said:

Strikes me this could be one for the Ombudsman or an investigation by Martin and his team?

I doubt it.  If you read the T'c & C's I am sure this will be covered. 

la531983

Not really, it would just be credited next month.

dcs34

Presumably when they credit it they will pay the interest up to the 9th, so you've not lost out on days of interest? Presumably the account T&Cs explain how interest is calculated and applied to the account.

Perhaps start the investigation by reading the T&Cs?

eskbanker

[Deleted User] said:

Strikes me this could be one for the Ombudsman or an investigation by Martin and his team?

As above, it seems unlikely that there's actually an issue here, but if you do feel the need to take things further then it's the CI ombudsman that you'd need to involve rather than the UK one: https://www.ci-fo.org/

Likewise, it's probably unlikely that Martin Lewis or MSE would be interested in financial issues outside the UK....

Wheres_My_Cashback

[Deleted User] said:

My husband is banking with Lloyds Offshore (we are in CI) - we have a savings account at 4.5% which is critical for us at present - interest is supposed to be credited on 9th of each month but we often find it does not go in until 11.59 that day.  As 9th was a Saturday this month, we expected it to be credited latest when we logged on this morning but it's not there.  Are they able to get away with this?  That's 2 days interest we've lost given 9th was a Sat and it's still not credited.  Strikes me this could be one for the Ombudsman or an investigation by Martin and his team?

Absolutely no issue here. Interest isn't credited over a weekend/bank holiday so in this case It should be credited overnight tonight. It will never be the same exact date every month as it can only be paid on business days.
You haven't lost anything. Banks do not follow the monthly calendar for payment of interest. You could get anywhere between 26 to 33 days interest in any given payment month, but you'll always gate paid for every single day money is in the account.

ToastLady

Also if you withdraw money out online at the weekend, as I did on 9th March, it does transfer immediately, but the date shown on your statement is the following Monday, as in today 11th March. An odd quirk, but it doesn't bother me, so long as it got into an interest paying account on the 9th, that is all that matters.

[Deleted User]

Thanks for the clarification - very helpful