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LloydsTSB Fixed rate Isa 6.5%
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Money was sent by cheque from old provider on 3rd April. It is now the 9th May. You must have the patience of a saint !!
Why did you need to pay £25 for the transfer?
I think the word "cockup" comes to mind!!
I don't know about having the patience of a saint! I am already discussing compensation with LLoyds TSB so at the end of the day I will be quids in. The longer it takes the more compensation. I paid £25 to make a chaps transfer. That way I thought I would see the money in my account and could sleep easier!
I've had Problems with ISA Transfers before but LLoyds is the worst by far.0 -
First bit of timeline
Second bit of timeline
Third bit of timeline
9th May: Came home to find a closing statement from NS&I (as per my findings on the 2nd).
10th May: Received a cr-ppy letter from YBS simply saying my transfer has been completed - no closing statement or even balance. Anyone else transferred from them and, if so, did you actually receive anything useful?
Checked Lloyds and nothing at all has gone in yet so will have to wait... Also checked Egg and the balance there hasn't changed. Might ring them later and see if anything's been added to the account notes.
SuzeFirst bit of timeline
Second bit of timeline
2nd May: Logged onto NS&I out of boredom. To my surprise I see a zero balance on my ISA. Looking at the transactions, it looks like they're closing the account on 7th May. I'll be expecting a letter from Lloyds shortly then!
Just checked the other two (Egg and YBS) and no activity there. Anyone remember what the initial tiered rates were (ie before the withdrawal of 6.5%)? I only have £3k with NS&I and since their own rate is cr-p I don't think I'll be losing much by having it sit on its own in the Lloyds account for a while. Luckily whichever of the others goes through next will push the balance over the magical £9k figure.
SuzeI’m a Forum Ambassador and I support the Forum Team on the Savings & Investments, Small Biz MoneySaving and House Buying, Renting & Selling boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0 -
Since writing to branch and head office I have, today, received this letter from head office,(nothing from branch), however it has not answered my questions except the one about interest rate, I asked; -
When does account become "open"?
When does 12 month term end?
How much will the account balance be at the term end,( they have an amount on the application form)?
They make no mention about my 2nd transfer from NS&I
Thank you for your letter of 21 April 2008 addressed to Mr Daniels our Group Chief Executive. I have been asked to reply on behalf of the bank and I regret that I have been unable to do so sooner.
Naturally, I was sorry to learn of the concern caused because we have not yet received the balance of your ISA from your existing provider, Northern Rock. Please accept my apologies for any worry caused.
Perhaps it will help if I explain here that under Her Majesty's Revenue and Customs (HMRC) regulations the existing provider has up to 30 days to complete the transfer of your account to us. Your account will continue to earn interest from that provider up until the date of its closure with them. Once we have received the balance, we will credit your Fixed Rate ISA (FRISA) and backdate interest to the day following its closure with Northern Rock.
Turning to the rate of interest your FRISA will receive, I hope you will be reassured that because your account was opened prior to the fixed rate of 6.5% gross being withdrawn on 11 April, that this rate will apply to the account. I regret it if we have been unable to confirm this to you when you telephoned.
It is clear from your letter that you have followed the media comment about ISA accounts. As a result, I trust you will be aware of the positive comments we have received because, unlike some other providers, we are backdating interest on transferred accounts to ensure that the interest your money earns is continuous.
Whilst I am sorry you had occasion to write in the first instance, I trust you will find my comments helpful in understanding what is happening. However, if you remain unhappy please get in touch. If we cannot matters amicably at that point, I will help you refer your complaint to the Financial Ombudsman Service for independent arbitration.
I should mention, too, that if I do not hear back from you within eight weeks from the date of this letter, I will take it that matters are resolved between us and close my file.
Yours sincerely
They make the comment, " your account was opened prior to the fixed rate of 6.5% gross being withdrawn on 11 April, "
However that goes against their own T&CS on the back of the application form that states; - 1. account opening
2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form.
As there is no deposited money in the account, how can it be open?
Also their statement; -
under Her Majesty's Revenue and Customs (HMRC) regulations the existing provider has up to 30 days to complete the transfer of your account to us.
contradicts Carol Knight; -
On the Working Lunch programme, BBC 2, on Friday 18th April 2008, Carol Knight from Tax Incentivised Saving Assoc, said, "the 30 days start from when the new manager accepts the application forms".
[FONT="]http://news.bbc.co.uk/1/hi/programmes/working_lunch/7355256.stm
I have been informed by Northern Rock that my ISA was closed on 1st May and a cheque sent by overnight recorded delivery on that date, Lloyds say they have not got it, or at least it is not on the system although they are "very busy".
NS&I tell me they have not received a transfer request from Lloyds!
[/FONT]Don`t steal - the Government doesn`t like the competition0 -
Anyways she said they are revising their interest policy re; transfer delays and commititng to backdate interest to date of account opening? Mind you that doesn't sound very practical does it?
Completely impractical. It would either mean interest being earnt at the same time with two providers until they close the account or they will be contacting every provider and telling them what date to stop paying interest from which of course they are not geared up to do.
What a silly thing to say to you.0 -
haha, yes I wasn't hanging on her every word after she has clearly ballsed up my application!"I always pass on good advice. It is the only thing to do with it. It is never of any use to oneself" -Oscar Wilde0
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However that goes against their own T&CS on the back of the application form that states; - [/COLOR][/COLOR][/SIZE] 1. account opening
2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form.
As there is no deposited money in the account, how can it be open?
This is exactly the point I am making. When I speak to them on the phone they always say the 12 months started from the date of application - not when the funds first arrive. As this goes against their own T's & C's I think we are all going to have a headache when our 12 months are up. I think it would be a good idea if we all started lobbying Lloyds now collectively (consumer power!) so that they won't try to pull this fast one next Feb onwards. It was a month after the account was applied for before the account was open with my first ISA transfer deposit, so they are trying to cheat us out of a full 12 months interest. Has anyone got any idea on how we can all approach this?0 -
I’m a Forum Ambassador and I support the Forum Team on the Savings & Investments, Small Biz MoneySaving and House Buying, Renting & Selling boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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MiserlyMartin wrote: »This is exactly the point I am making. When I speak to them on the phone they always say the 12 months started from the date of application - not when the funds first arrive. As this goes against their own T's & C's
No, it does not. You are misinterpreting the T&Cs although they are very badly written so that is understandable. The 'starting' phrase is ISA boiler-plate and it refers to when an ISA starts not the 12-month clock. This has been discussed to death in this thread.0 -
Boiler-Plate? what that?0
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Boilerplate..;)Boiler-Plate? what that?0
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