- Pam and Tony Burke, 69 and 71, weren’t even moving their savings to a rival bank
- The couple had locked away more than £24,000 for five years in two Isas
- They were trying to move from Cheltenham & Gloucester to Halifax, both are part of the Lloyds Banking Group
Leah Milner For The Daily Mail
A retired couple has been stung with a penalty for moving their savings between two Lloyds Banking Group accounts
A retired couple has been stung with a penalty of nearly £1,000 for moving their savings between two Lloyds Banking Group accounts just four days early.
It comes after Money Mail exposed how Nationwide Building Society charged a customer £1,259 after he moved his Isa 16 days too soon.
The penalty against Pam and Tony Burke, 69 and 71, is all the more alarming because they weren’t even moving their savings to a rival bank.
The couple had locked away more than £24,000 for five years in two Isas with Cheltenham & Gloucester, part of Lloyds Banking Group.
They received letters in July telling them that their Isas were due to mature, which they took to mean they could transfer to a new provider.
The couple, from the Midlands, went to their local Halifax, which is also part of Lloyds Banking Group, to open new accounts and move their money.
But when they checked their new accounts, they found they had been charged £968 because the money had been transferred four days before their previous deal ended.
They complained to C&G, but the bank refused to refund the money.
Pam says: ‘There is no way I’d have done it if I knew of the charge.
‘We can’t afford to lose that kind of money.
‘To find out that Halifax and C&G are part of the same group, and so weren’t even losing our custom, makes it even worse.’
Lloyds and Nationwide both refunded the penalties as a gesture of goodwill after Money Mail intervened.
THIS IS MONEY’S FIVE OF THE BEST SAVINGS DEALS