lloyds/tsb 6% account

Paul_Herring

~Chameleon~ wrote: »

... I shall be back on the phone to them!

If my experience today is anything to go by, you'd be far better off going to a(ny) branch if possible.

People on the phone (once I actually got through to a human at 1pm, I'd been trying since 9am) first didn't want to know, and told me to go into a branch. Once I'd asked them why it couldn't be dealt with over the phone, they caved in and asked me for bank/security details. Once they'd ascertained that I had the correct account and that I should be getting 6% (which wasn't the case according to in-branch CS) they decided to palm me off onto another department which... couldn't be contacted. "Could you call back in 15 minutes; we're having system problems...?"

That's when I felt I'd had enough of 'phone CS and went to a branch (not my local branch - that's about 280 miles away )

steady__eddie

"If my experience today is anything to go by, you'd be far better off going to a(ny) branch if possible."

Totally agree with you. I did that on Saturday morning and was assured that I had not breached any conditions and should have received the 6% (gross) rate. The guy that I spoke to had not heard of another case of under payment and promised that he would contact me once he had found out what the problem was. He pencilled it in as a first to do on Monday morning. (do I sound that naive).
The 'phone has been exceptionally quiet today so I am forced to conclude that he has nothing to report.

Paul_Herring

Blatant plug for a poll on this (posted on other thread as well): http://forums.moneysavingexpert.com/showthread.html?t=1076249

AP

I queried this interest underpayment at my local branch yesterday and after making a few frenzied key typing on her keyboard, the cashier read out a notice from the screen, saying that interest has been underpaid for the month of July and customers will be getting an extra payment for the shortage, plus interest on the interest! She also told me that this should be done within 2 weeks.

By my calculation, the interest payment on 01/07/08 was nearly spot on at 5.84% gross less 20% tax, albeit a few pence more! The interest payment on 01/08/08 was calculated as if I had been getting no interest at all between 01/07/08 and 14/07/08 inclusive. Otherwise, it was spot on at 5.84% gross less 20% tax but only for the remaining 17 days in July.

Can anyone put a balance of £0 in their spreadsheet between 01/07/08 and 14/07/08 inclusive and confirm whether this is the case for them as well?

vulcan59

AP wrote: »

By my calculation, the interest payment on 01/07/08 was nearly spot on at 5.84% gross less 20% tax, albeit a few pence more! The interest payment on 01/08/08 was calculated as if I had been getting no interest at all between 01/07/08 and 14/07/08 inclusive. Otherwise, it was spot on at 5.84% gross less 20% tax but only for the remaining 17 days in July.

Can anyone put a balance of £0 in their spreadsheet between 01/07/08 and 14/07/08 inclusive and confirm whether this is the case for them as well?

I had to put a zero balance in for 1st to 15th and then I got within 1p of my interest paid for July.

For information, I called them on Saturday to complain. Got a letter yesterday saying they were investigating. Got a second letter today saying they are aware of the problem, there will be no loss of interest and it will be corrected no later than 20th August.

Dagobert

After all the hassle I had upgrading to Classic Plus 6%, I forgot to fund the account in July as I was on holiday!

Does anyone know which month is going to be affected by this? July or August?

I was told that I would get 6% for August if I fund with £1000+ in August.

AP

Dagobert wrote: »

After all the hassle I had upgrading to Classic Plus 6%, I forgot to fund the account in July as I was on holiday!

Does anyone know which month is going to be affected by this? July or August?

I was told that I would get 6% for August if I fund with £1000+ in August.

You will get 0.1% for the month of July which should have been credited on 1st August. If you pay in at least £1000 in August, you will get 5.84% Gross (6% AER when compounded monthly) less 20% tax for the month of August which will be credited on 1st September.

Dagobert

AP wrote:

You will get 0.1% for the month of July

This tallies with what I was told by the TSB advisor, but not with my interest payment.

I just entered the daily July balances in a spreadsheet. AT 5.84%, this should have given me 59p gross (47p net), which is exactly what I got.

This is why I am wondering whether the July underfunding might not take effect until the following month.

Rogerb_2

In the last hour or so LloydsTSB have processed our missing interest from Aug 1st.

The adjustment suggests the interest given was only about one third of the 6% it should have been. Thats in line with what I had anticipated, without getting into spreadsheets calculations etc.

~Chameleon~

Rogerb wrote: »

In the last hour or so LloydsTSB have processed our missing interest from Aug 1st.

The adjustment suggests the interest given was only about one third of the 6% it should have been. Thats in line with what I had anticipated, without getting into spreadsheets calculations etc.

I suggest you do check it. I got my adjustment yesterday and its still wrong! :rolleyes:

Is 0.0584 the right figure to use to calculate gross interest using Milarky's spreadsheet method?