I think Lloyds TSB have just shafted me? Any Financial heads in here?

Keltik THC · 22 Apr 2010 at 18:49

just got my annual ISA statement from Lloyds TSB.

last year i got about £400 of interest from them as i have a considerable amount of cash in my ISA.

This year i received £22, which is less that 0.2%... im no accountant but if i divide my savings by 500 the result is £5s more than the interest i accrued.// WTF?!

I have a FIXED RATE ISA, no notice from Lloyds about interest rate change or anything.

Just a bit annoyed and have to wait till the morning as the Call centre people cant help.

Dist · 22 Apr 2010 at 18:50

Did you take money out of the ISA?

Keltik THC · 22 Apr 2010 at 18:53

Dist said:
Did you take money out of the ISA?

Nope, i have just put in the full amount possible every year, i think it was 3.6K last financial year.

GreatAuk · 22 Apr 2010 at 18:55

Is it one of those ones where if the total is above a certain amount you get less interest maybe? (I think that's only current accounts usually though?)

Narj · 22 Apr 2010 at 18:55

You had a bonus rate fixed for the first year, which expired and hence you moved to a crappy rate for the next year.

Slam62 · 22 Apr 2010 at 18:59

if it's fixed for more than one year, then yes.

Nix · 22 Apr 2010 at 18:59

Time to move banks.

Keltik THC · 22 Apr 2010 at 19:04

yeah but less than 0.2%?? seriously?

I mean they have had over 14K of my money and they give me £20?

It just annoys me to think how much money they have made from factional reserve banking off of that money and they give me £20 for it... for example with £14k they can loan out £140k with an interest rate of 10-20%. grrrrrr.

Hatter The Mad · 22 Apr 2010 at 19:05

You should have checked the terms of the account you signed up to. Normally they make the fact that you get a standard rate plus a bonus rate ("for the first X") very clear.

mame · 22 Apr 2010 at 19:05

It could be about right. not so long ago I was getting about £12.50 a month in interest as well as adding a few £ myself. So even though the balance is going up all the time, I now get about £1.15 a month in interest because the interest rates were cut so much.

craptakular · 22 Apr 2010 at 19:05

You should have simply stuffed it under your bed instead.

Duke · 22 Apr 2010 at 19:12

My online saver was getting me a good amount as you expect when interest rates were higher (about 5%) but it dropped to something like 0.015% so put it into shares instead.

Keltik THC · 22 Apr 2010 at 19:21

Oxy said:
You should have simply stuffed it under your bed instead.

i should have bought Gold & Silver.. too late now though! :rolleyes:

Keltik THC · 23 Apr 2010 at 09:50

Just had a chat with TSB. It turns out my ISA won't mature until June... at which point the 3 or 4 % interest kicks in.... phew!