LloydsTSB Fixed rate Isa 6.5%

derrick

sloughflint wrote: »

Anyone got an email address for this guy?
He needs a link to this thread. It's got to be a record for both length and catalogue of still ongoing utter nonsense.

[EMAIL="eric.daniels@lloydstsb.co.uk"]eric.daniels@lloydstsb.co.uk[/EMAIL]

sloughflint

derrick wrote: »

[EMAIL="eric.daniels@lloydstsb.co.uk"]eric.daniels@lloydstsb.co.uk[/EMAIL]

Have you already done it or shall I start the revolt?:rotfl:

derrick

sloughflint wrote: »

Have you already done it or shall I start the revolt?:rotfl:

I actually sent my original complaint to the postal address I gave earlier on the 21st April, (see my post http://forums.moneysavingexpert.com/showpost.html?p=10824227&postcount=1048),
the reply was from Martin Orton, Manager, and I am now speaking/writing to Jane Fowler,Assistant Manager.

boobbby

I always understood interest was calculated on a daily basis which at the end of one year meant that if your account contained a level amount of money for the term it would be easy to calculate the percentage paid. Most people have various amounts in their account throughout the term making it impossible to work out if they have received the correct annual interest. Does anybody know the daily formula used for an annual interest of 6.5%? The funny thing is that when Lloyds advise the amount of interest paid during the time they hold onto a cheque they calculate the annual interest so they can add it on at the end.

sloughflint

boobbby wrote: »

I always understood interest was calculated on a daily basis which at the end of one year meant that if your account contained a level amount of money for the term it would be easy to calculate the percentage paid. Most people have various amounts in their account throughout the term making it impossible to work out if they have received the correct annual interest. Does anybody know the daily formula used for an annual interest of 6.5%? The funny thing is that when Lloyds advise the amount of interest paid during the time they hold onto a cheque they calculate the annual interest so they can add it on at the end.

Not quite sure what you mean but if you want to check a year from now, I suppose the simplest would be to download the statement into excel, multiply the daily amounts by 1/365th of 6.5% and add up.
Is that the sort of thing you wanted to know?

boobbby

sloughflint wrote: »

Not quite sure what you mean but if you want to check a year from now, I suppose the simplest would be to download the statement into excel, multiply the daily amounts by 1/365th of 6.5% and add up.
Is that the sort of thing you wanted to know?

With my previous ISA the interest was calculated daily and added monthly. I would receive a statement which showed each month the interest very slightly increased as my capital also very slightly increased. I had asumed that the same method might be used with any savings account although I agree that if the interest was was kept seperate and then added up later it should work out the same.

derrick

boobbby wrote: »

With my previous ISA the interest was calculated daily and added monthly. I would receive a statement which showed each month the interest very slightly increased as my capital also very slightly increased. I had asumed that the same method might be used with any savings account although I agree that if the interest was was kept seperate and then added up later it should work out the same.

Interest calculated on a daily basis and paid at account maturity.

http://www.lloydstsb.com/savings/fixed_rate_cash_isa.asp

LankyMoneySaver

Just been on the phone to Lloyds ISA helpline (0800 015 0060 not 0845 3 000 000 the number it said to ring on my transfer letter who could not help me as I have no other accounts with them ). It took about 15 mins to get through but at least its 0800!

I was told they are currently processing the cheques they received on the 17th April! Good job they backdate interest to the date on the cheque (which she confirmed to me). So if anyone wants to check the progress of their transfer you’d be best ringing your old provider to see if they have sent it as it’s most likely sat in a big pile somewhere in the corner of Lloyd’s office.


I also asked if the 12 months fixed at 6.5% goes from the account opening date or the date of the first deposit. I opened this account with 0 balance and just a transfer in and I thought the T&Cs said something along the lines that '12 months from the account opening which would be taken as the day of first deposit'. She said this was not the case and it was the day I opened it (10th March) but I didn’t have them to hand to dispute this when I was on the phone.

Can anyone else confirm or deny this and point me in the direction of them?

Baldur

LankyMoneySaver wrote: »

I also asked if the 12 months fixed at 6.5% goes from the account opening date or the date of the first deposit. I opened this account with 0 balance and just a transfer in and I thought the T&Cs said something along the lines that '12 months from the account opening which would be taken as the day of first deposit'. She said this was not the case and it was the day I opened it (10th March) but I didn’t have them to hand to dispute this when I was on the phone.

Can anyone else confirm or deny this and point me in the direction of them?

This point has been discussed ad infinitum on this thread, if you care to read back several pages.

LankyMoneySaver

Baldur wrote: »

This point has been discussed ad infinitum on this thread, if you care to read back several pages.

Thanks, wondered if it would be but hadn't looked back through it yet. I haven't read this thread for a month or so since mine was opened so if it’s only a few pages back I've probably missed that bit of discussion.