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LloydsTSB Fixed rate Isa 6.5%
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After my ISA was transferred to LloydsTSB on 20 March 2008 I have just received a letter from LloydsTSB confirming the funds were credited to my account on 6 June, a potential loss of 11 weeks interest. Was going to ask if this was a record but reading this thread, obviously not. Do LloydsTSB expect to get away with this?Named after my cat, picture coming shortly0
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Lloyds will backdate the interest to the date on the cheque from your old provider.
Suzecaveat_emptor wrote: »After my ISA was transferred to LloydsTSB on 20 March 2008 I have just received a letter from LloydsTSB confirming the funds were credited to my account on 6 June, a potential loss of 11 weeks interest. Was going to ask if this was a record but reading this thread, obviously not. Do LloydsTSB expect to get away with this?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 -
sloughflint wrote: »Backdate of interest.....
LTSB answer machine message on 0800 015 0060 states backdate of interest to date of cheque,
but......
branch staff state otherwise
closing and opening letters give different dates, same values and no mention of interest bla bla bla
If they are backdating interest to date of cheque why don't they show it on the account? My two transfers in are showing 2-3 weeks later than date of cheque!0 -
They don't backdate the deposit date, only the date from which they'll pay interest.
SuzeIf they are backdating interest to date of cheque why don't they show it on the account? My two transfers in are showing 2-3 weeks later than date of cheque!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 -
If they are backdating interest to date of cheque why don't they show it on the account? My two transfers in are showing 2-3 weeks later than date of cheque!
Read the letter I received from them HERE.
"Until your accounts with the existing providers were closed they continued to earn interest at the applicable rates. Once the money was credited to your FRISA we adjusted the accrued interest to ensure that the fixed rate was paid from the day following the date on which they were closed."
The interest from date on cheque should show at maturity of FRISA, if they put it in as a deposit they would be paying interest on interest, and they will not do that.Don`t steal - the Government doesn`t like the competition0 -
my Lloyds isa transfer nightmare appears finally to be over -- at least until i need to transfer it again next year. won't bore you with the details except to say i opened the account on march 5 and the transfer took place 75 days later, but only after i spent a week doggedly hassling them on the phone. they've sent me 50 quid for my trouble and admitted their complete incompetence.
needless to say, i'd recommend steering well clear of Lloyds. the long and short of it is they completely underestimated demand and failed to put in appropriate corrective procedures. equally they misled all of us by advertising the product as a 12-month fixed rate when in practice it is nowhere near as long as that. i will be lucky to receive the full 6.5% for 10.5 months. :mad:0 -
Its already uncompetitive as 6.5% is no longer available. this ISA is a total shambles and not worth the effort with all the "Getouts" they give themselves. more than 2 months waiting and all parties blaming each other for the delays. etc .:mad::mad:Do you think you will be keeping the money with Lloyds at the end of the fixed rate period? I am almost certain the rate they will offer at the end of the fixed rate term will be uncompetitive. If this is the case you don't want delays like this next year so you should ask how much notification they require to transfer the funds on the day the fixed rate ends.0 -
I am amazed by the different experiences here! Mine was opened with no problems and transfer was quite fast! Then again, I was allowed to take the form away and send it directly to my previous ISA provider. Is the time between Lloyds getting forms and sending them the bottleneck?Do Something Amazing - Give Blood0
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It took my old provider just under 30 days to advise me they'd received it. Quite why you can't normally initiate that transfer yourself as you have done, I don't know. It just adds further delays into the system.
Having said that, for me, once my old provider recieved the transfer request, it got transferred back to Lloyds and visible in my account in less than two weeks.Debbie0 -
The interest from date on cheque should show at maturity of FRISA, if they put it in as a deposit they would be paying interest on interest, and they will not do that.
You are saying 'should show at maturity' which only makes me think they could forget!
Sorry, I still don't understand why they can't show the date of cheque as the date of deposit!!0
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