Lloyds should be ashamed!
Comments
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I've got some sympathy for the OP and the individual, under what circumstances is a 0.55% fixed and no access account of benefit to anyone?
Inflation running at 2.5-3%, Ok it has been above the base rate but is far worse than many easy access accounts.
I have little sympathy for most people who hang onto the traditional undeserved respect for banks but in this scenario how can such an account be of any benefit?0 -
I have little sympathy for most people who hang onto the traditional undeserved respect for banks but in this scenario how can such an account be of any benefit?
They offered their terms. No arm twisting or threatening the family. You take it or you leave it. If you go into something which has quite clear terms (and with savings accounts, you really only have two things to worry about. Rate and accessibility), then you do have to take responsibility for that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I've got some sympathy for the OP and the individual, under what circumstances is a 0.55% fixed and no access account of benefit to anyone?
Same here.
I was in a bank branch the other day and overheard someone being "advised" to open a specific account. Of course it wasn't proper financial advice, but how is the typical bank customer meant to know that? I wanted to tell them to check MSE and get one of the far better deals available.... even one that this particular bank offer... but then you can't really butt-in and tell strangers that kind of thing in a bank branch, can you?
I fully appreciate that banks are businesses and at the end of the day are there to make money. I also understand many provide unattractive products because some customers want a full-range of services using only one provider.
But what does nark me a bit is when you see products offered which give the impression they are something special, but in reality are terrible deals. For example, products which require you to lock away your savings for a set length of time, which most people would expect to offer a preferential rate of interest. Or accounts which have words like 'special', 'bonus', or 'loyalty' in the name but then offer less than the best.
But then 0.55% is positively generous compared to Lloyds 'Easy Saver' - currently 0.05% variable for 12 months from account opening at which point it becomes a 'Standard Saver'. How many people would read that and think 'Easy Saver' is some kind of 12-month bonus account? Because, as you might have guessed, the 'Standard Saver' rate is currently also 0.05%.
"In the future, everyone will be rich for 15 minutes"0 -
The bank is expected to disclose that it isn't giving advice at the start.Of course it wasn't proper financial advice, but how is the typical bank customer meant to know that?
"Informed choice" are the magic words.0 -
They offered their terms. No arm twisting or threatening the family. You take it or you leave it. If you go into something which has quite clear terms (and with savings accounts, you really only have two things to worry about. Rate and accessibility), then you do have to take responsibility for that.
I don't see how that is fair terms in any logical sense.
Another case of teh financial industry hiding behind contracts rather than sense and logic?0 -
I don't see how that is fair terms in any logical sense.
Another case of teh financial industry hiding behind contracts rather than sense and logic?
A conversation along the lines of "You get 0.05% for easy access of 0.55% if you tie the money up for a year" seems perfectly fair and reasonable.
Potential customers always have the option of going elsewhere if they can be bothered.0 -
This is another case of someone not taking responsibility for their own actions, and trying to blame someone else for bad decisions.
If the lady had shopped around and decided to put her money into a fixed term account paying 0.55%, that was the decision she made.
If the lady did not shop around and simply took what may, or may not, have been mentioned by a Lloyds employee, that was again her own decision.
If she is now becoming vulnerable, perhaps it is now time for her to appoint someone she trusts to look after her financial affairs?0 -
If the OP's elderly friend had gone to Currys to buy a hoover, should the checkout staff be ashamed for selling her a hoover instead of telling her that she could get the same hoover for £30 cheaper online?
Overcharging is not a crime.0 -
Well if the same Hoover was for sale at Amazon, Ao.com, Argos or John Lewis etc at a cheaper price, she could have used the Price Promise pricematch to get it for less, even a week after she had bought it from Currys (https://www.currys.co.uk/gbuk/price-promise-1023-theme.html)Malthusian wrote: »If the OP's elderly friend had gone to Currys to buy a hoover, should the checkout staff be ashamed for selling her a hoover instead of telling her that she could get the same hoover for £30 cheaper online?
However, when she tried to buy the Hoover the shop assistant should have pointed out the Dyson equivalent as reassuringly more expensive
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