lloyds/tsb 6% account

Biggles

!!!!!!_here wrote: »

My interest was a bit higher this month, so I assume I have been upgraded.

I've still not received a letter though, and doubt I'll get one now. Anybody else in that situation ?

Yep, just the same here.

Dagobert

~Chameleon~ wrote: »

My balance changes too frequently for me to be able to calculate it accurately.

???

All you need to do is enter the end of day balance for every day in June and apply the gross interest to it. Sum up and compare to what you received.

Dagobert

Is the higher interest applied from the day of the switch or to the whole month?

According to my calculations, I seem to have received the lower interest for the whole month although I downgraded to Classic and did not upgrade to Classic Plus (6%) until a week later.

AP

Dagobert wrote: »

Is the higher interest applied from the day of the switch or to the whole month?

According to my calculations, I seem to have received the lower interest for the whole month although I downgraded to Classic and did not upgrade to Classic Plus (6%) until a week later.

The higher interest rate applies from the day of the switch. However, you need to have paid in at least £1000 between the date you upgraded back to Classic Plus and the last day of the month in order to benefit the Classic Plus interest rate.

After you downgraded to Classic and before you upgraded back to Classic Plus, the time before that did not count even though you might have paid in £1000 then. The clock for paying in £1000 starts again after you upgraded back to Classic Plus.

Dagobert

AP wrote: »

The higher interest rate applies from the day of the switch. However, you need to have paid in at least £1000 between the date you upgraded back to Classic Plus and the last day of the month in order to benefit the Classic Plus interest rate.

After you downgraded to Classic and before you upgraded back to Classic Plus, the time before that did not count even though you might have paid in £1000 then. The clock for paying in £1000 starts again after you upgraded back to Classic Plus.

That's what I would have thought, too. But I asked after my upgrade to Classic Plus (6%) whether I needed to pay in another £1000 to qualify for the higher interest. I was told "no". I can provide date, time, name + recording of the call.

blackeberg

Just wanted to say thanks for the advice on this thread and to give feedback. I just popped into the Swiss Cottage/Finchley Road branch where after initially being told 'no problem' it suddenly became one when I wouldn't agree to sit down for an immediate meeting or book a future appointment. After telling the cashier (and his supervisor) that this was rubbish I was passed over to the customer service desk who set it up on the spot (I will of course be checking this later on).

AP

Dagobert wrote: »

That's what I would have thought, too. But I asked after my upgrade to Classic Plus (6%) whether I needed to pay in another £1000 to qualify for the higher interest. I was told "no". I can provide date, time, name + recording of the call.

I would say if you have a Classic Plus all the time then there is no need to pay in an extra £1000 after the change in interest rate - whether it is a promotional rate or a general interest rate change. Maybe this is what that customer service advisor means.

However, if you have downgraded to Classic before upgraded back to Classic Plus, then logically, I would say the period for paying in £1000 to benefit for the higher interest rate starts from the date of the change until the end of the calendar month.

Dagobert

AP wrote: »

However, if you have downgraded to Classic before upgraded back to Classic Plus, then logically, I would say the period for paying in £1000 to benefit for the higher interest rate starts from the date of the change until the end of the calendar month.

I absolutely agree that this would be logical. As this is how I would have expected TSB to handle the down- + upgrade, I explicitly asked whether I would have to fund the account again after upgrade. The advisor explicitly said this was not necessary. I acted upon the advice (which I recorded) and therefore I expect this to be honoured. If they misadvised me that's their problem.

steady__eddie

I've had this a/c. for a couple of months now (I think) and there has been a daily cleared balance in excess of £2500 and a couple of p (literally). It has been funded monthly to the tune of £2k to cover my regsavers.
Now that it has settled down, I must admit that I am a tad disappointed with the interest paid. Unfortunately the advice offered earlier re exporting things into excel spreadsheets is somewhat too advanced for me so could someone please tell me how much I could expect to receive on a monthly basis on £2.5k given that it is funded adequately ?
My mental capabilities allow me to calculate net payments from gross (just about)

LittleVoice

steady_eddie: £10.19 for July after tax.