lloyds/tsb 6% account

Mr_Glover_Lover

I've got a Classic Plus account and I keep my balance at around £2500. I've just been to my local branch of Lloyds and discovered they have reduced the rate from 6% to 3.5% as of today! I thought the 6% was guaranteed for a year but apparently not. Confirmation on their website: http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#currentaccountsplus

fischer79

Mr_Glover_Lover wrote: »

I've got a Classic Plus account and I keep my balance at around £2500. I've just been to my local branch of Lloyds and discovered they have reduced the rate from 6% to 3.5% as of today! I thought the 6% was guaranteed for a year but apparently not. Confirmation on their website: http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#currentaccountsplus

Standard Plus rates have gone down from 4 to 3.5% AER but the promotion was actually for a 2% bonus. People who took out the 6% offer (4 +2% offer) will now be on 5.5% AER.

Biggles

Mr_Glover_Lover wrote: »

I've got a Classic Plus account and I keep my balance at around £2500. I've just been to my local branch of Lloyds and discovered they have reduced the rate from 6% to 3.5% as of today! I thought the 6% was guaranteed for a year but apparently not. Confirmation on their website: http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#currentaccountsplus

The 2% bonus was for a year, not the 6%. So if the basic rate has dropped from 4% to 3.5%, I assume our rate has dropped from 6% to 5.5%; otherwise most account-holders are going to be cut from 4% to 1.5%!

steady__eddie

Thanks sloughflint, I'm relieved that it not just me.
After reading that the total interest rate may have dropped, I'm surprised to see that my interest this month is about a quid up !
I keep £2.5k in there and the day before a S/O or D.D. goes out, I deposit the equivalent amount in cash. They've paid me the interest adjustments for the previous months when things went wrong so who knows what it can be.
I can hang on a couple of days every month for the sake of a quid, every little helps.

LittleVoice

Dagobert wrote: »

To be honest, I can't remember when it becomes visible.

I expected it to-day (3rd Nov) as the interest period ends on the day prior to the first working day and therefore is probably calculated during the night before the first working day.

I thought the interest period ran from the second to the first working day. Therefore the end of the last "month" was on Monday 3 November and interest is credited at the end of the day.

The interest paid on Monday is now showing online.

Dagobert

LittleVoice wrote: »

I thought the interest period ran from the second to the first working day. Therefore the end of the last "month" was on Monday 3 November and interest is credited at the end of the day.

You are absolutely right: as per my own post #105

The period starts on the day following the first working day of the month and ends on the first working day of the following month, which is the day the interest is credited to the account.

Dagobert

My October interest is correct.

lindos90

Sorry to bring this thread up again but to all those existing account holders who asked for the 2% bonus last june time, check your interest for april (given on may 1st)

We have done a spread sheet as aprils interest given at the beginning of may was lower than expected, and they have dropped the 2% bonus already.

I thought it was a 12 month bonus, so should last until the anniversary of the day your account was upgraded (which in my case should be mid june 2009)

At the time there was very little publicity about this, especially for existing customers, and very few of us even got the 2% bonus confirmed in writing.

Even call center staff and branch staff had conflicting information about it at the time!!

The only reason I think it was for 12 months is reading it on here. I wonder if it was '2% bonus until end of april' not a 12 month offer?

Does anyone have any paperwork that shows it was a 12 month offer?

Has anyone else noticed a drop i their interest payment? (by nearly half)

Biggles

My Apr int, paid 1 May, was about the same as usual. My anniversary date is 8 Jun.

lindos90

Biggles wrote: »

My Apr int, paid 1 May, was about the same as usual. My anniversary date is 8 Jun.

Thanks for your reply, maybe its just a one off then but thought i'd just let people know, as TSB did make several interest mistakes last summer on many current accounts, glad its not the same sort of thing this time.