2009 Lloyds TSB ISA

ffacoffipawb

Comfortably_Numb wrote: »

I called the 0845 number last week, and was told anyone with the fixed rate can have the new one, and they sent me the letters out. The first person I spoke to clearly didn't know the score on it, but he transferred me to someone dealing with ISAs, and there was no problem.

I rang the 0845 number and spoke to someone in the ISA department who stated categorically that the offer was for selected customers only. And, despite asking if I could participate in the offer, was categorically advised that I couldn't have it. Hence my earlier pithy post.



May as well transfer it to a share ISA than get a pointless 1%.

BP, RDSB, VOD yielding north of 5% looks more appealing by the day.

Baldur

ffacoffipawb wrote: »

I rang the 0845 number and spoke to someone in the ISA department who stated categorically that the offer was for selected customers only. And, despite asking if I could participate in the offer, was categorically advised that I couldn't have it. Hence my earlier pithy post.

I rang the alternative geographical number this evening and adopted an assertive tone when I initially received an initial 'selected customers only' response and, after being put on hold for a couple of minutes, was put through to a CS agent who said, "Ah, the 'Early Bird' offer", took a few details and agreed to send the letter to me.

Innys

I'm sorry, but I don't understand the obsession with this offer.

If one were to take the worst case scenario, someone with, say, £50k in their LTSB FRISA could take up this offer and get 3.75% If they weren't one of the "chosen few", they would have to make do with a 3.51% 1yr fix from Birmingham Midshires. The difference is 0.24% which equates to around £125.

On top of this, you are, potentially, exposed for the 30 days during the transfer period. Even if you were to earn 0% (highly unlikley) on a variable LTSB ISA account for the maximum 30 days you are waiting to transfer to BM, this works out at a further "loss" of around £156.

So, most people will lose out on a total maximum of £300. Not peanuts, but hardly a disaster if you have £50k in your ISA in the first place.

Of course this assumes the BM rate will still be around in April when the LTSB FRISAs mature. No guarantee of that, but, equally, there is no guarantee that other, better deals may not be available. Banks have a habit of offering the ISA best deals around April every year, so it's possible the current BM offer will be bettered in the next couple of months.

Personally, I have around £35k in the LTSB FRISA and I am not one of the chosen few. I have no problem with that and, instead, am grateful for having got 6.5% during the last 10 months. "Losing" 0.25% for the next 12 months isn't causing me to lose much sleep.

Comfortably_Numb

ffacoffipawb wrote: »

I rang the 0845 number and spoke to someone in the ISA department who stated categorically that the offer was for selected customers only. And, despite asking if I could participate in the offer, was categorically advised that I couldn't have it. Hence my earlier pithy post.



May as well transfer it to a share ISA than get a pointless 1%.

BP, RDSB, VOD yielding north of 5% looks more appealing by the day.

It does all seem a bit hit and miss then. The bloke I spoke to never even mentioned selected customers, he just sent the letters straight out.

Richchad

Just received a letter this morning from Lloyds TSB stating that my FRISA "will mature on 09/04/2009 which is the anniversary of the date that your first deposit was made into your account".

It went on to say that I could take my money out before the maturity date we won't apply the 90 day interest penalty. (why would I do that?)

Now I didn't get the Early Bird option letter, but my wife did.
However both our ISAs were taken out at identical times, with both our first deposits arriving at Lloyds at the same time, but just noticed in her Early bird letter it says her maturity date is 3 March 2009 !

What a shambles this lot are, and to compound it all I posted of the Early Bird applications yesterday and included a copy application overwritten with my details.
Think a complaint letter is required to clarify maturity dates. :mad::mad::mad:

Geoffo_M

Richchad wrote: »

Just received a letter this morning from Lloyds TSB stating that my FRISA "will mature on 09/04/2009 which is the anniversary of the date that your first deposit was made into your account".

It went on to say that I could take my money out before the maturity date we won't apply the 90 day interest penalty. (why would I do that?)

Now I didn't get the Early Bird option letter, but my wife did.
However both our ISAs were taken out at identical times, with both our first deposits arriving at Lloyds at the same time, but just noticed in her Early bird letter it says her maturity date is 3 March 2009 !

What a shambles this lot are, and to compound it all I posted of the Early Bird applications yesterday and included a copy application overwritten with my details.
Think a complaint letter is required to clarify maturity dates. :mad::mad::mad:

I received the same letter this morning. It also states that from the maturity date (28th March in my case), interest will revert to their ISA variable rate. On one hand, it's commendable that Lloyds are being very communicative, but on the other it doesn't say much for loyalty. Really they are saying we don't mind if you b***er off and take your money elsewhere - which I am tempted to do!

derrick

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?

whu

derrick wrote: »

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?

This is a shambles - I am sure there are people who would have received the early bird offer which stated that the maturity date of the FRISA is the date of opening - so if they say they want to go onto the new rate will they get less time on the 6.5% (assuming the date of the first deposit was after the opening date) or will they start getting the new rate on the anniversary of the first deposit - maybe the reference to withdrawing from the FRISA is to the fact that some people will have said yes to the early bird offer and that will start before the 12 month period from the date of the first deposit ends (ie will start 12 months from the date of opening) so effectively you are withdrawing from the old FRIS to put it into the new one

Richchad

whu wrote: »

This is a shambles - I am sure there are people who would have received the early bird offer which stated that the maturity date of the FRISA is the date of opening - so if they say they want to go onto the new rate will they get less time on the 6.5% (assuming the date of the first deposit was after the opening date) or will they start getting the new rate on the anniversary of the first deposit - maybe the reference to withdrawing from the FRISA is to the fact that some people will have said yes to the early bird offer and that will start before the 12 month period from the date of the first deposit ends (ie will start 12 months from the date of opening) so effectively you are withdrawing from the old FRIS to put it into the new one

I have just faxed them telling them of the 'error' in my wife's 'Early Bird' offer maturity date as it should be the same as mine (I got the first deposit maturity date letter) and that I shall expect the new FRISA to run from the correct maturity date not the anniversary of the opening date.

This amounts to sharp practice as they haven't made it clear that you are unintentionally requesting to close your old account early.

whu

Richchad wrote: »

I have just faxed them telling them of the 'error' in my wife's 'Early Bird' offer maturity date as it should be the same as mine (I got the first deposit maturity date letter) and that I shall expect the new FRISA to run from the correct maturity date not the anniversary of the opening date.

This amounts to sharp practice as they haven't made it clear that you are unintentionally requesting to close your old account early.

Still waiting for the letters for both my wife and myself although my wife did get the earlybird offer and sent the form back - which fax no did you use?