LloydsTSB Fixed rate Isa 6.5%

boobbby wrote: »

You also have the buy/sell spread (5%) to make up with the investment ISA and income from it is taxed at the base rate.

Last time I looked Barclays had withdrawn their 6.6% ISA

You're right - Barclays have pulled their ISA. That could have only been around for a few days. Leaves this Lloyds FRISA far ahead of the field.

Christal wrote: »

Really happy to find this post as I had a rather different experience with Lloyds when me and my other half tried to open one 6.5% ISA last weekend.

We went into the branch, explained to one staff what we wanted, were sat down with one lady who "can" help us to open the account. First she couldn't find the product on the PC, then after we pointed it out to her on their website, she checked with someone and came back saying to be able to enjoy the 6.5% interest, we have to invest in the investment ISA as well as the cash isa!!!

We were a bit shocked but she said we need to see one "FInancial Advisor" to open the account, so we went. The "Financial Advisor" said the exactly same thing to us that we have to invest the amount in the investment ISA to be able to enjoy the high interest rate. Then spent more than an hour(!!) to ask every little details about our financial situation and showed us some brouchers and told us he would put up together a plan for us to consider on the investment side of the ISA.

We just couldn't believe the guy said about the investment stuff so I asked him before we left that if we put in 3000 now, transfer last years allowance then open a new cash ISA after April can we then qualify the high rate? He said yes but just didn't want to talk much about it.

So basically the information they were giving us at the beginning are totally wrong! We will be seeing him again tomorrow and I'm not too sure what I'm going to say to him yet.....

This is almost exactly what happend to me - word for word - you're not on about the Yeovil branch are you? However, I stuck to my guns, made the (dis-)adviser go onto the LLoyds website, print out the Fixed Rate 6.5% offer page, and then told him to go find someone that knew what the 'kin hell they were talking about.

The excuse I was given was that the investment isa thing was launched a few days before the 6.5% fixed one, and that they hadn't yet been 'trained' on the newer one.

Cheers,
Judwin

But my problems haven't ended there.

My 'current' ISA is/was with Abbey, and contained approx £30K.

I opened my new Lloyds fixed 6.5% one by requesting LLoyds to do a PARTIAL transfer in of £20K from the Abbey on 12th Feb. The reason for this is that I want to split my cash into two parts so that I can then transefer the balance to H&L for a Cash->SS ISA transfer when that becomes allowable in the new tax year.

So I should have ended up with £20K in the LLoyds 6.5%, and £10K in Abbey.

Got a letter from the Abbey on Saturday Morning dated 23 Feb saying they had closed my ISA and transferred the TOTAL amount to LLoyds. :mad:

So either Abbey or Lloydes have cocked up in the transfer. I don't want the whole lot to end up in the LLoyds 6.5% ISA because there are punitive withdrawl charges withing the 1 year fixed period, and I want to transfer 10K in April to H&L.

Rang up Abbey, and they confirmed the account was now closed and a cheque was on it's way to LLoyds for the full amount. I told them that that wasn't what I requested LLoyds to do - I only wanted a partial transfer. However, to progress the query any further requires their ISA department to look into it, and they don't work Saturdays.

Next stop - the local Lloyds branch. After being told loads of rubbish and by the meeter and greeter, I finaly got to see someone who knew the mere basics about ISAs. Unfortunately the bloke who originaly did my transfer paperwork is on holiday this week, and they don't know if he kept a copy of the interbank transfer paperwork. So they don't know if LLoyds filled in the paperwork incorrectly, or if Abbey interpreted the transfer request wrongly.

Anyway, I said that when the cheque landed I deffo didn't want it all payed into the fixed rate offer., The compromise reached was that £20k would go into the fixed rate, and £10K into a new standard mini ISA.

Both banks are supposed to ring me back today with an explanation of what has happened. So far - nothing.

What REALLY pi55es me off is the amount of errors Lloyds have made with me so far. Hopefully I've spotted and corrected them all, but I shouldn't be responsible for training LLoyds staff. Errors include -

1) It's OK, when the 30K arrives we'll put £20 in the 6.5% ISA, and the balance into your current account:eek:

2) Oh no we can't put the balance into another ISA because you're only allowed to open one ISA per tax year

3) Oh no we can't put the balance into another ISA because you're only allowed to pay £3000 into a cash ISA per year

Sometimes you just feel like standing in the middle of the branch and doing a Victor Meldrew

Cheers,
Judwin

Christal wrote: »

I mean they have to have a record can be accessed by other people somewhere.

What's the american phase - couldn't find their !!! with either hand.

Christal wrote: »

Sometime it does drive me mad when I hear perfectly wrong information from someone who is supposed to be trained to give the correct information in the bank. But not too sure who Victor is?

http://en.wikipedia.org/wiki/Victor_Meldrew

Specifically - this about sums it up:

Christal wrote: »

Victor Meldrew (Richard Wilson) - Victor was the main protagonist of the sitcom and finds himself constantly battling against all that life throws at him, as he becomes entangled, like the pawn he is, in the machiavellian plots. Renwick once pointed out in an interview that the name "Victor" was ironic, since he almost always ends up as a loser. From being buried alive, to being legally prosecuted for attacking a feisty pit bull terrier with a collection of coconut meringues, Victor tries to adjust to life after his infamous replacement by a "box" at his place of employment, alas to no avail.
Victor is a tragic comedy character however, and sympathy is directed towards him as he becomes embroiled in complex misunderstandings, bureaucratic vanity and, at times, sheer bad luck. The audience sees a philosophical ebb to his character, however, along with a degree of optimism on his behalf, yet after a while his polite façade collapses when events get the better of him, and a full verbal onslaught is delivered.

boobbby wrote: »

Lloyds have given me a copy of the application form showing my recent application for the transfer. States very clearly the amount I wanted to be transfered. So ask for a copy! Should prove who is to blame for the error!
BB

I have a copy of My application form, and it clearly shows my request for £20K. What I don't have is a copy of the interbank communications to see if LLoyds actually requested a full or partial transfer.

However, I personally don't think the figure on the form alone is enough information for Abbey to process the application. If I'd wanted the full amount to be transferred, what would you put on the form? You can't know the Exact amount because interest is calculated daily, and you can't know on what day Abbey are going to process the transfer request. If I'd requested £30K, but the amount with the Abbey was £30,007 (say) are they supposed to transfer the £30K requested, leaving £7 in the existing account, or are they supposed to 'know' that you want the full amount transferred, and close the account.

As I say, I haven't seen the interbank transfer form, but unless it makes clear wheter the requested transfer is full or partial, I can see how Abbey can make a 'mistake'.

Ho Hum. Still no phone calls.