lloyds/tsb 6% account

Auntie_K

Thanks Eddie - I hadn't heard the bit about the rates apparently going back down to 4% on 14th July until I clicked this link. The 6% is shown if you go to the 'previous rates' link, as being applicable from 9th June to 14th July... hmm...

Luckily I have a letter from LloydsTSB, confirming the change in interest rates (I already had a Classic Plus account, so I'd rung to ask them to put me on the new higher 6% version). The letter says that I will receive credit interest at 6% AER, which includes a 2% bonus payable for 12 months. Maybe the change on 14th July was a closing date, so customers wouldn't be able to request their account to be upgraded after that date, but customers who already had upgraded would be OK and would receive the higher rate for the next 12 months? Agree it's very confusing! Maybe all we got this month was the 2% bonus part, and not the remaining 4%?

YorkshireBoy

Auntie_K wrote: »

Maybe the change on 14th July was a closing date, so customers wouldn't be able to request their account to be upgraded after that date, but customers who already had upgraded would be OK and would receive the higher rate for the next 12 months?

Exactly right...

http://forums.moneysavingexpert.com/showpost.html?p=13025059&postcount=29

Maybe all we got this month was the 2% bonus part, and not the remaining 4%?

That's been speculated on another website forum, but some people here have calculated their interest paid as 2.67%...so that can't be true?

Auntie_K

Thanks Yorkshire Boy. I'll just have to wait til Lloyds ring me back as they promised, with the explanation as to why the interest was so low.

chodura

These Lloyds people I think are on purpose underpaying interest. I had a high interest rate with them before and they constantly underpaid me. I sent a complaint letter and was paid £20 which covered the underpaid interest for 5 months. Again, in July I was supposed to have been paid 6% and was paid measly 1.51%. I called and they told me that the system glitch caused underpayment of interets to some Plus account holders with 6% interest. The are working on it and will pay the missing interest on 1st Sep! Which is a bit long to wait and also we won't be able to earn interest on that amount (just out of principle). I think we need to collectively complain about Lloyds so this doesn't happen every month. The aggro of calling them and going through dumb customer service reps is annoying enough to put me off calling them.

chodura

Just to confirm calculations, I kept £2500 the whole July and at 6% AER (5.84% gross) should have received £12.37 of interest for July.

~Chameleon~

Has anyone yet received a proper explanation for the shortage of interest last month?

I've checked my account today and they haven't made any corrections as yet, although I know it's early days and will probably take them some time to work through the backlog.

Just wondered if anyone had actually spoken to the appropriate team today?

chodura

In the previous post mistakenly I assumed that the 6% applies from 1st July but I think it started sometime during July (don't remember the date). I have a letter at home though.

Paul_Herring

~Chameleon~ wrote: »

Has anyone yet received a proper explanation for the shortage of interest last month?

Not for want of trying - see my post http://forums.moneysavingexpert.com/showpost.html?p=13051535&postcount=5 (on the other thread) when I went in branch to complain about it today.

~Chameleon~

Paul_Herring wrote: »

Not for want of trying - see my post http://forums.moneysavingexpert.com/showpost.html?p=13051535&postcount=5 (on the other thread) when I went in branch to complain about it today.

I'll keep an eye on my account then and if the rest of the interest hasn't been credited by the end of the week I shall be back on the phone to them!

I've also downloaded Milarky's google excel page to check interest payments and make sure I've received the correct amounts before July

steady__eddie

" The are working on it and will pay the missing interest on 1st Sep! "

Looks like it could be a good month in September then what with this and the 10p tax fiasco refund. :rotfl: