the richest man in atherstone

While on the Lloyds TSB website today, I found a new account in their 'Savings' section. The Lloyds TSB Monthly Saver boasts an interest rate of 8% (6% after tax) and unlike most Regular Savings Accounts there is no penalty for withdrawing money early (although if it is closed, you can't open another for 2 years). Between £25 and £250 can be deposited monthly and an additional lump sum of £500 can be deposited upon opening the account. The account runs for two years and interest is calculated daily and paid yearly. A Lloyds TSB Current Account is required for the Standing Orders to be sent from.

Doing a quick calculation, this should earn me around £250 over two years if I deposit the maximum amounts possible (please correct me if my maths is wrong!). Sounds like an ideal place to store my £4'500 Emergency Fund. I plan to transfer £250 per month from my Online Saver via my Current Account as well as the initial deposit of £500. Best of all, the money can be accessed instantly with no interest penalties if I have to get at the cash urgently.

Happy with my discovery, although a bit miffed that Lloyds hadn't written to me to tell me about the account (they're always mailing me with details of their latest loan offers!), I called them up to open a Monthly Saver account.

Over the phone the call operator asked for my name, sort code and account number (of my current account) as well as confirming my address and DOB. He then asked me for more personal details so they could update their database. I agreed.

I then proceeded to tell him my place of work, the address, my salary, mobile phone number and a few other questions. It was then that I suddenly realised that armed with all the information I had divulged, the call operator had just about all he needed to steal my identity. Identity theft has become quite common over the last 24 months or so (for more information see www.identity-theft.org.uk). I politely asked that he stopped asking me personal questions and continue with opening my account. The Call Operator understood what I was saying and did as I requested. I should also add that the operator was very polite and helpful all the way through the call and I have no problems with him whatsoever.

Upon finishing the phone call, I typed out an email to Lloyds TSB expressing my concerns and requesting their assurances that I had nothing to worry about. I also requested that they review their procedures for 'updating their database'. When I get a reply I will post it here in my journal.

Armed with just a few personal details, it is possible for fraudsters to obtain credit cards, loans and forged documents in your name. I urge anyone reading this to be careful when divulging details about themselves and vigilent if required. I am certainly going to be more careful in future. I'd hate to have the bayliffs at my door because someone has gone on a spending spree with a Credit Card in my name!