Lloyds Bank has issued new advice urging customers to use a tool that can help boost their savings. The lender offers a 'savings calculator' designed to help customers determine when they could reach their financial goals and how much they will need to save.
Lloyds, which has branches in Birmingham, states: 'You could be planning a large expense, or just want the peace of mind that you've got a financial safety net in place.' The bank adds: 'You could also be considering whether to choose between savings or credit. If you can afford to wait, it often pays off to take your time and save up for the things you want. While credit is convenient, it could be more expensive, especially when you account for interest, fees and other charges.'
How the Calculator Helps
The savings calculator assists customers with two key questions: how much they need to put aside each month to meet their goal, and how long it could take to save the desired amount.
Customer Service Issues
Recently, the bank responded to a customer who criticized what they felt was a long wait to access a service. The person contacted Lloyds via social media after being told it would take 48 to 72 hours to generate an online statement for their account. They asked for the reason behind this timeframe.
Lloyds replied: 'Statements are generated as per their scheduled dates, however, when requesting an up-to-date statement they do take time to generate. This is a standard timeline for it to show in digital inbox.' The customer then asked: 'And there's no way to print a current view for savings accounts? What if someone needs it urgently?'
Lloyds, which competes with Santander, HSBC UK, NatWest, Nationwide, and others, said: 'Statements aren't instant screen prints, they're securely generated and checked for accuracy, so they take 48–72 hours to appear in your digital inbox. If you need transaction details urgently, you can view them straight away in internet or online banking.' However, the customer responded that this process was 'still extremely inefficient.'
The customer explained that in their case, they had been waiting almost 72 hours to get the requested statement. They asked: 'Can this be escalated? How can I make a formal complaint?' Lloyds responded: 'Sorry you haven't received your statement yet. If it hasn't arrived in your digital inbox after 72 hours, you can raise a complaint using the link below.'
