LloydsTSB Fixed rate Isa 6.5%

luckylizard · 18 April 2008 at 1:35PM

i signed my transfer forms in Lloyds on March 4 and am still awaiting the arrival of funds :mad:

i have a query regarding this '30 days' rule for the allowable length of time for a trasnfer. Is it 30 working days , ie 6 weeks, or 30 days in total, ie 4 weeks 2 days?

If they exceed this, what comeback to do you have?

Yesterday Lloyds told me it was 35 working days!!

whu · 18 April 2008 at 2:21PM

i received a letter from Lloyds saying they had written to my old provider and it should take no longer than 30 days to transfer the funds- have spoken to HMRC and they said the 30 days starts from when the old provider receives the request

Richchad · 18 April 2008 at 2:31PM

whu wrote: »

i received a letter from Lloyds saying they had written to my old provider and it should take no longer than 30 days to transfer the funds- have spoken to HMRC and they said the 30 days starts from when the old provider receives the request

That's what a HMRC spokeswoman confirmed on BBC working lunch today after they have had lots of calls about ISA transfer delays, and yes Lloyds TSB was mentioned. :rolleyes:

sloughflint · 18 April 2008 at 2:44PM

I've just popped back to say that I did quote HMRC guidance notes ( see my post linked to in my last post) if that helped my case in any way re the commencement date.
Good luck all. I probably won't come back to this thread until next year lol.

( yes madonss, the dates coinciding did cross my mind but I thought it funny that they put "the fixed rate is set for the whole current tax year" rather than from 05/04/08.
So would anybody like a copy of the LTSB letter to wave at them and be treated the same? In true MSE style, I could make a tidy sum with that letter:rotfl:)

Richchad · 18 April 2008 at 2:52PM

sloughflint wrote: »

Now would anybody like a copy of my letter to wave at them and be treated the same? In true MSE style, I could make a tidy sum with that letter:rotfl:

Perhaps you should post a copy of your letter on here, with all personal details deleted of course, as a parting gift to us all....lol

4leafclover_2 · 18 April 2008 at 5:59PM

4leafclover wrote: »

I opened one quickly on the Sunday at 6.5% with the £3000 minimum, but I have now been told I cannot add the remaining £600, so I lose out on some of this year's ISA allowance. I didn't spot that in the T&C If they also refuse to transfer my current cash ISA as requested, I could be stuck with £3000 at 5% for this year so if this happens I guess I will need see if I can transfer it elsewhere if i can.

I have just had confirmation that I had been given the wrong information and you can make additional transfers into the account up to the £3600 limit throughout the year and this can be done by phone bank or at a branch, just not currently via LTSB internet banking due to a 'technical fault'. :rotfl: gives me (some) hope!

(For instant transfer of money between LTSB accounts, the additional internet transfer of £600 into the FRISA would not be accepted by the system, but I have set myself (ISA account number) as a payee from my current account, so that should work - but will take the usual few days.)

sloughflint · 19 April 2008 at 9:35AM

4leafclover wrote: »

:rotfl: gives me (some) hope!

You are a very generous person 4leafclover:T

4leafclover_2 · 19 April 2008 at 11:29AM

In the days of cost cutting, off-shoring, no job security and the fact that the call centres left look a soul destroying place to work - ( a bit like my office ) I guess I will go through the same process next year with the next 'best deal' at whatever bank as the staff try and understand it themselves .... :eek:

gelato_cat · 19 April 2008 at 12:22PM

This is my timeline so far:

9th April: Went into local branch to open FRISA. Was told I have to make an appointment and the first available was on the Monday. I said that I'd heard that the 6.5% rate was being withdrawn at the weekend and they all denied it. I made the appointment.

Was not satisfied, so when I got home I went on the Lloyds website to find the freephone number to apply over the phone. However, saw that they were now offering the option of opening the account online (which wasn't there when I checked some days before). Clicked on that and the account was open in under two minutes. When I get five mins I'll ring the branch and have a rant.

11th April: Filled in transfer forms online and printed off.

14th April: (Day I should have gone for my appointment) interest rate now showing on Lloyds website as 5%. I HATE having to deal with people in banks *fumes*. Thanks to all those on here for the heads up re the withdrawal of the 6.5%.

14th April: Took forms to local branch. The guy there was much more helpful and said he would keep an eye on my account to see if the transfers had gone through and gave me his card, so at least there is someone in a branch I can call if I need anything.

Now: waiting for my transfers to go through, from Egg, NS&I and YBS. Haven't received anything in the post from Lloyds at all (eg welcome letter).

Just logged onto Lloyds online banking and see that there's nothing on there saying what date I opened the account, which makes me wonder about this date of first deposit thing... They can obviously see in-branch when I opened the account, though, so I'm not too worried...

Edit:

19th April (today): Just rang the freephone number to check they have the forms. They received them the day after I took them to the branch, which is good, but there are no notes to say that they've written to YBS et al. Apparently this isn't unusual as the quality of the notes depends purely on the individual entering them...

When does the 30 days start? Is it 30 days from when YBS et al receive the requests, or 30 days from when Lloyds receive the forms?

Suze

derrick · 19 April 2008 at 1:55PM

Richchad wrote: »

That's what a HMRC spokeswoman confirmed on BBC working lunch today after they have had lots of calls about ISA transfer delays, and yes Lloyds TSB was mentioned. :rolleyes:

The spokeswoman was not form HMRC, but was Carol Knight from Tax Incentivised Saving Assoc, and she said "the 30 days start from when the new manager accepts the application forms" therefore, if we accept what she says, for all of us applying at branches the 30 days starts from then!

However she also said "that we are looking at eliminating the use of cheques and making ISA transfer electronic" !!!
That is possible now under HMRC rules as they do not care how the transfer is made as long as it confirms to the rules!

And that interest should not be lost as the new provider should pay from the stopping by the old provider and interest payments should be seamless!

The programme can be watched at Working Lunch, by clicking on Fridays prog, the ISA article is 45 minutes into the programme.

LloydsTSB Fixed rate Isa 6.5%

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