Monthly Saver Account with Lloyds - Rate Halved?!

snootyjim

Hi, and credit to my first post for being an angry rant

My dad gave me £1800 from my NS&I account, which I decided after much checking to invest in a Lloyds Monthly Saver account, at 8%... sounded great. Now, I'm several months down the line, got another four to go I think, and I was just checking some Lloyds rates on their website, totally unrelated to this.

Then, I'm absolutely gobsmacked as I see

Monthly Saver 1 Year Term
4.55% AER
These interest rates are correct as at 03/03/2008.

Now, I check the MSE website, nope, Lloyds are still top pick for regular savings account with 8%... maybe I made a mistake. Checked the old rates page,

Monthly Saver 1 Year Term
8% AER
These interest rates were correct from 12/03/2007 to 03/03/2008.

I've heard nothing about this from Lloyds... please tell me for the love of my Uni savings they aren't allowed to just halve the interest on an account I'm committed to for a year! I don't even remember being told about it!

I'm hoping since it's still top pick that I've made a mistake, but it doesn't look good to me

Aegis

Their current terms and conditions state that it's a fixed-rate account. If this was the case when you opened the account, you should still have the 8% rate.

snootyjim

I was hoping that was the case, thanks a lot. It's a big weight off my chest to say the least!

Surely though it should be removed from the regular savings account as a top pick? 4.55% would be pathetic for an instant access, let alone a regular savings account!

~Chameleon~

It's definitely fixed, either 1yr or 2yrs depending when you opened it. The lower rate is for new customers

They have recently lowered interest rates on the online saver though making it not worth using anymore. Nationwide pay a much better interest rate on the e-saver account.

Meltdown_2

snootyjim wrote: »

Surely though it should be removed from the regular savings account as a top pick? 4.55% would be pathetic for an instant access, let alone a regular savings account!

Yes, you are right - particularly as the link to the account details, from the MSE article, takes you to the Lloyds webpage quoting the 4.55% AER. It doesn't look very good ...

I'm sure it is very hard for the MSE staff to keep on top of these issues. Is there a case for a more obvious way of people like ourselves keeping them supplied with updated info? I realise that we can send them emails, but no doubt they get an awful lot of those. There are "sticky" threads attached to many of the articles - do the staff pick up on 'article update' stuff primarily via those? (I doubt if they have time to read ALL the threads in this forum.)