lloyds/tsb 6% account

steady__eddie

Thank you very much Little Voice. I was correct in my assumption then when I thought that an interest payment of £3-84 was a little on the stingey side !
Has I explained previously, my interest calculating abilities leave something to be desired but another a/c. produces £10-03 on £3k @5.1% monthly so I figured that I may have been short changed somewhere along the line.
Armed with your info., I am now going to pay them a visit to see what a/c. I have been sold.

~Chameleon~

Assuming you have the Classic Pluss acc, if you have more than £2.5k balance you only get paid a measly rate of interest 0.10% AER/Gross. You need to keep your balance below £2.5K to receive the 6% interest

Like-a-Dream

Moneysavers who thought they were going to get 6% gross apr interest on the first £2.5k in their accounts this July will be surprised to find that they've been substantially underpaid by TSB.

TSB call centre staff seem unaware of what's happened but customer service say that all Classic Plus accounts have been underpaid... but they don't know why it's happened or when it'll be corrected and whether customers will be reimbursed for time and costs in dealing with TSB's error.

Me? I'm just wondering if they've got interest calculations wrong before. Anyone know their record on this?

~Chameleon~

Like-a-Dream wrote: »

Moneysavers who thought they were going to get 6% gross apr interest on the first £2.5k in their accounts this July will be surprised to find that they've been substantially underpaid by TSB.

TSB call centre staff seem unaware of what's happened but customer service say that all Classic Plus accounts have been underpaid... but they don't know why it's happened or when it'll be corrected and whether customers will be reimbursed for time and costs in dealing with TSB's error.

Me? I'm just wondering if they've got interest calculations wrong before. Anyone know their record on this?

I've just spoken with the CS team and they are aware from the vast number of calls received today that there has been a technical hitch with interest payments this month.

The team who deals with this won't be in until Monday when they will go through all the accounts and rectify everyone's interest so we should expect to receive an additional payment as soon as they've sorted it all out

Perhaps it would be an idea to wait until next week to call them if your account has been affected so you can speak to the relevant dept direct as I think the poor CS staff are currently being inundated with calls and there isn't anything they can do about it this weekend

johnmoney05

~Chameleon~ wrote: »

Assuming you have the Classic Pluss acc, if you have more than £2.5k balance you only get paid a measly rate of interest 0.10% AER/Gross. You need to keep your balance below £2.5K to receive the 6% interest

Don't listen to this! WRONG. Sound like another customer advisor on the phone!!!!

6% rate will be payable on balances up to £2500, and any balance above £2500 will receive 0.10%!!!

vulcan59

~Chameleon~ wrote: »

Assuming you have the Classic Pluss acc, if you have more than £2.5k balance you only get paid a measly rate of interest 0.10% AER/Gross. You need to keep your balance below £2.5K to receive the 6% interest

Are you sure about this? My understanding is that the first £2500 gets 6% and anything over £2500 gets the 0.1% rate.

YorkshireBoy

johnmoney05 wrote: »

6% rate will be payable on balances up to £2500

Of course, anyone wanting to check their own interest should be using the 5.84% gross p.a. rate...not the 6% AER (compounded) rate.

~Chameleon~

johnmoney05 wrote: »

Don't listen to this! WRONG. Sound like another customer advisor on the phone!!!!

6% rate will be payable on balances up to £2500, and any balance above £2500 will receive 0.10%!!!

Ermmm isn't that what I said??? :rolleyes:

Dick_here

vulcan59 wrote: »

Are you sure about this? My understanding is that the first £2500 gets 6% and anything over £2500 gets the 0.1% rate.

That's how it should be, but they've managed to balls it up by the look of it. I normally get £2-3 per month, and with the raise to 6% I was expecting £3+ this month. I got exactly £1 !:mad:

~Chameleon~

vulcan59 wrote: »

Are you sure about this? My understanding is that the first £2500 gets 6% and anything over £2500 gets the 0.1% rate.

Yes, that is what I said!