lloyds/tsb 6% account

vulcan59

~Chameleon~ wrote: »

Yes, that is what I said!

What you also said was "You need to keep your balance below £2.5K to receive the 6% interest".
If I have a balance of £2600 I expect to get (6% on £2500)+(0.1% on £100). That is my understanding anyway.

~Chameleon~

vulcan59 wrote: »

What you also said was "You need to keep your balance below £2.5K to receive the 6% interest".
If I have a balance of £2600 I expect to get (6% on £2500)+(0.1% on £100). That is my understanding anyway.

Oh I see! I've always been under the impression that if the balance is £2500+ that the 0.10% was applied to the whole balance, but I stand to be corrected if I'm wrong

On the website it states:

Any balances above £2,500 will receive our standard interest rate 0.10% AER/Gross

Rather ambiguous if you ask me, so now I'm not sure which is correct :rolleyes:

YorkshireBoy

~Chameleon~ wrote: »

Rather ambiguous if you ask me

From the interest rates page...

The first £2,500 of your balance will earn the interest rate in the table above. Any balance over £2,500 will receive our standard interest rate of 0.10% AER/Gross (0.08% Net).

http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp

johnmoney05

~Chameleon~ wrote: »

Oh I see! I've always been under the impression that if the balance is £2500+ that the 0.10% was applied to the whole balance, but I stand to be corrected if I'm wrong

On the website it states:

Any balances above £2,500 will receive our standard interest rate 0.10% AER/Gross

Rather ambiguous if you ask me, so now I'm not sure which is correct :rolleyes:

Look here at their website. Should be clear now?!
http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#classicaccount

* The first £2,500 of your balance will earn the interest rate in the table above. Any balance over £2,500 will receive our standard interest rate of 0.10% AER/Gross (0.08% Net).

Milarky

I've been affected by this too. £1.99 paid for the month of July instead of the expected £8.68

Thanks to those for contacting them though, I know I am not alone in being dissappointed...

It's actually very simple to download a statement

1) From the current statement page go to the select the option 'Download a statement'

2) Enter last month's start date , choose '+1 month' and select a format [I'd suggest 'CSV' for 'comma separated value'] and save [to desktop]

3) Go to where you saved the file appears and right click on it. This should bring up an option 'Open With'. Select the icon for your spreadsheet program [eg Excel, OO Calc] and this will load the data in the correct format into a newly opened spreadsheet

4) (Now the hard part!) You have to manipulate the data to calculate. Column 'A' contains dates. Using the first free column [Column 'I'] enter this expression

'=(A2-A1)*H1/365'

this expression then needs to be 'copied down' to the row with the last date

the row's final expression wont make sense because there needs to be a date at least one in advance of '31/07/08' So simply enter the date '01/08/08' in the first free cell in column 'A'

now 'SUM' all the copied down cells in column 'I' by entering the expression

'=SUM(' then move the cursor over 'I1' hold down the left mouse button and run down the column to the last cell with an entry and realease. The results in the expression being completed for and should look something like

'=SUM(I1:I20)'

The figure shown as the 'SUM' is the number of 'pound-years' represented in the daily balance [I'm assuming the balance never exceeds £2500 of course!] over the course of one month. So the expected interest is this '0.0584' [5.84%] times this

so if this amount is in cell reference [strike]'H1'[/strike] 'J1'say, the interest [in £s] is this then caluculated by the expression

'=0.0584*[strike]H1'[/strike]J1

[apologies]

I have also put up a version of this calculation as a 'Google Doc' spreadsheet see

http://spreadsheets.google.com/pub?key=pcWCFgj3HX9sj42ln2-7baw

If you study it you should be able to reproduce this on your own data at home

steady__eddie

By Jove, I appear to have stirred up a bit of a hornets nest here.
Went to see a geezer @ Lloyds, gave him my card and asked him what breed of a/c. I currently had. After searching through cyberspace he told me that I did indeed have a current plus job and the int. rate was 6%. I then queried the amount of interest paid. He checked that my daily cleared balance was a couple of p in excess of £2.5k and then the solar powered calculator is withdrawn from an inside pocket. A few keystrokes later the number 10 appears on the display. A swift apology and he disappears, shortly afterwards, reappearance with an explanation that an error appears to have occured which cannot be investigated until Monday morning. I explained that the same thing appears to have happened for the previous month and he did a Churchill nodding dog impression.
Outcome, he will 'phone me when he finds out what's going on.
Excellent start to my holidays, compo, how much and when ? :beer:

sloughflint

Further to Milarky's instructions, I think cell H1 is already used so:
When I downloaded to CSV, Column A was dates ( A1 being 1st date in July) and column H was the balance after a transaction ( H1 being the balance after the transaction on the first entry of the month) with other columns in beween not relevant for interest calculations.
I would therefore put the sum value in cell K1 and multiply this by 0.0584 and again by 0.8.

Formula for column I

---

> Cell I1..... =IF(H1>2500,2500,H1)
column J

---

> Cell J1.....=(A2-A1)*I1/365
cell K1.......... =0.0584*0.8*SUM(J:J)
and 01/08/2008 to be input in the first possible empty cell of column A

Cell K1 contains close enough net interest (doesn't count the 0.1% on balances above 2.5k)

However, LTSB only download the first entry of the month if request a download from 1st.....
So that mucks the formula up a bit if there are no transactions on the first of the month.
Easiest way round would be to insert a row and put 01/07/08 in A1 and the balance at the start of the month in H1.

johnmoney05

~Chameleon~ wrote: »

I'm now aware that I misunderstood the T&C's and that I'd made a mistake, but was there any reason to be so damned rude about it? :rolleyes:

Only this post is already a good enough reason. :T

Auntie_K

I rang customer services yesterday, and I was told that the interest that was paid on 1st August, actually relates to June, not July as I had automatically assumed.... has anyone else been told that?

This is my first MSE post, yay!

steady__eddie

Welcome aboard Auntie_K, I don't know about the August and June bit but I doubt it as I transferred half way through June and had a pounds payout on July the 1st when I would only have had a pennies payout on the bog standard classic job which I had before.
Anyway, cast your mince pies over this http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#classicplusaccount

Can anybody spot the difference ? Obviously the geezer at Lloyds who I spoke to yesterday wasn't aware of the change has he told me that the applicable rate was 6%.
If the staff aren't aware of the current rate, what chance of we valued customers got ?