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Lloyds FRISA 6.5% Start Date disputes thread
Comments
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I phoned Lloyds earlier this evening, apparently there has been some internal communication about this which she read out to me. I managed to (badly!) record part of the what she said and have transcribed what I could below:....fixed rate ISAs would mature account on opening anniversary date, but apparently 75000 customers experienced delays in their initial deposits being received, as result of this we have decided to change the maturity date to the anniversary of the initial deposit into the account rather than the date the account was opened, this will be effective as 4th February - we will place a note on your account centrally and you will receive new letter in a week with the new date
So, apart from Lloyds still not understanding their own T&C's, perhaps some good news here (possibly more info from Lloyds themselves tomorrow ?) but still uncertain about what happens to those responding to the letter about the new fixed rate - i.e. what date will that commence ? Should be when the first ISA matures, but is that for certain ? Waiting for the letter will be too late for the 9/2 deadline....0 -
Just spoken to LLoyds about this as I was having a moan about the mystical disappearance of my 'early bird' fixed rate ISA offer this year...
She stated my ISA would mature on the 7th Feb, which is exactly 1 year after the account was opened. Asked her to check. She checked and said 7th Feb. Then mentioned that I believed Lloyds needed to look at the original terms and conditions, to which she asked me if I would like my account to mature 1 year after the first deposit! Err, yes please. She has raised a complaint and made a note on my account. Have a feeling its not going to be a straight forward to sort out, but as they stated from the 7th I would be on their variable rate of 1.5%, will hold out for the extra couple of weeks at 6.5%0 -
Well if they aren't giving me the "selected customers only" fixed rate renewal at 3.75%, I guess I'll transfer it back from whence it came to get a variable 3.25%, better than their crappy 1.5%.
http://www.ybs.co.uk/savings/interest_rates/eisa.html
Transferring to my equity ISA looks a tempter though.0 -
I have just received the letter mentioned by PoorPaul above. To quote:Your Fixed Rate Cash ISA will mature on xx/xx/xxxx, which is the anniversary of the date that your first deposit was made into your account.
You don't need to do anything as you'll continue to earn interest at the rate of your Fixed Rate Cash ISA until it matures in to the variable rate Cash ISA, according to your terms and conditions.
If you would like to take your money out of your Fixed Rate Cash ISA before your new maturity date, you can. We won't apply the 90 day interest penalty. Thank you for saving with us.
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I have posted the info below on the other Lloyds thread, but as this is specifically about the "opening/maturity date" I will post here as well.
I received the letter today re the maturity date, and it appears that they are now adhering to the original T&Cs, i.e. from the application form; - "2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form. Applications cannot be backdated."
Dear Mr *******
Your Lloyds TSB Fixed Rate Cash ISA - when it will mature
Your Fixed Rate Cash ISA will mature on 19/05/2009, which is the anniversary of the date that your first deposit was made into your account.
You don't need to do anything as you'll continue to earn interest at the rate of your Fixed Rate Cosh ISA until it matures in to the variable rate Cash ISA, according to your terms and conditions
If you would like to take your money out of your Fixed Rate Cash ISA before your new maturity date, you can. We won't apply the 90 day interest penalty Thank you for saving with us.
Yours sincerely
Now if they could have just done that originally, none of us would have had the messing about phoning, e-mailing, writing etc, to get different answers each time.
My timings where; -
11th April 2008; - open acc in branch, without deposit just 2 transfer requests.
19th May 2008; - first transfer arrives at Lloyds.
22nd May 2008; - second transfer arrives at Lloyds.
Therefore as I and lots of others have/had said, the account opening as per their T&Cs was from the 19th May in my case.
Not sure how my arrangement with them will now go on, as it had been calculated to take account of the difference in interest from the old banks to Lloyds.
I have a letter from Lloyds,(dated 3rd June 2008), stating that my FRISA was opened on 11th April 2008, the one received today states, it will mature on 19th May 2009, as that was "the anniversary of the date that your first deposit was made into your account."
The left hand really does not know what the right hand is doing!
Why are they allowing withdrawal without penalty? Is it because of the present low interest rates and these accounts are costing them money?
Don`t steal - the Government doesn`t like the competition0 -
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Your Fixed Rate Cash ISA will mature on xx/xx/xxxx, which is the anniversary of the date that your first deposit was made into your account.
You don't need to do anything as you'll continue to earn interest at the rate of your Fixed Rate Cash ISA until it matures in to the variable rate Cash ISA, according to your terms and conditions.
If you would like to take your money out of your Fixed Rate Cash ISA before your new maturity date, you can. We won't apply the 90 day interest penalty. Thank you for saving with us.
Yep, I have also just got the same letter, as has my wife.
Hopefully everyone will receive their letter0 -
GuineaFowl wrote: »That is my opinion too, Derrick
And mine too;)0 -
I've just received my letter. They've extended my 6.5% rate till the 11th June. Hopefully by then the BoE rate will have gone up a bit and I'll be able to move it to something competitive.
So something good has come from the fact it took 2 months and hassle to get the money into the account in the first place.
S0 -
I've just received my letter. They've extended my 6.5% rate till the 11th June. Hopefully by then the BoE rate will have gone up a bit and I'll be able to move it to something competitive.
So something good has come from the fact it took 2 months and hassle to get the money into the account in the first place.
S
If the 11th June was when you made your first deposit, then they have not extended it, they have just,(eventually), decided to stick to their original T&Cs.Don`t steal - the Government doesn`t like the competition0
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