2009 Lloyds TSB ISA

Canny_mal

I also got the same letter today. In my case it says my 6.5% fixed rate ISA will mature on 6/6/09 which is the anniversary of the day they finally credited the funds from the ISA I transferred in. I actually opened my account on 17th Mar 2008 so you can see how long it took them to complete the transfer!

At the time Lloyds remained adament that my 1 year fixed rate commenced from the day I opened my account even though it remained at zero balance until they compleleted the transfer in on 6th June.

I successfully argued that this meant I was effectively getting just over 9 months at the fixed rate instead of the advertised 12. They eventually agreed to pay me interest at 6.5% on the amount I was transferring from 17th Mar until 6th Jun. I received this in the form of a cheque last summer.

So now if they honour what they've said in this letter I've received today I'll actually have had over 2 and a half months extra at 6.5% in addition to the standard 12-month term.

Now for a couple of questions. Does anyone on here know if I can......

a) Transfer another ISA I have elsewhere into this Lloyds fixed rate ISA now and get 6.5% on those additional funds until 6th June aswell?

and

b) Subscribe my 2009/10 ISA allowance of £3,600 into this Lloyds fixed rate ISA once the new tax year starts in early April and again earn 6.5% on it until my maturity date of 6th June?

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?

I got a letter saying the same thing ie that the 12 months will expire at the end of the period from the first deposit not the opening of the ISA
My wife got the early bird offer letter which said that her maturity date would be 12 months from the opening of the original FRISA - now she has got a letter saying that in fact it is 12 months from the date of the first deposit and that the new rate will start from then not the anniversary of the opening of the FRISA - this makes more sense and the confusion could have been avoided if the 12 month period had been clarified at the start

wearside_2

wearside wrote: »

My wife and I went into our local branch this morning and spoke to a helpful lady who admitted that she was not an ISA expert! She looked at our accounts on her screen and confirmed:

We have been credited with interest from the date that the account was opened until the date that our ISAs were transferred in from our previous provider. She could not confirm that the rate was 6.5% but assumed that it was. This was not credited during the Tax Year 07/08 enabling it to receive interest in this Tax Year 08/09. She said that this was due to how Lloyds work. I guess they must make a few pounds by doing it this way.

As we had received interest from the opening date, our 12 month FRISA was dated from that date.

She said that if we transfer to the new FRISA, the rate of interest will at first be 6.5% until the date the original FRISA was opened. After that it will be based on the balance of the account at a rate appropriate to the balance. If in Tax Year 09/10, we deposit further funds that take the balance over the next threashold, the rate of interest will increase to the appropriate amount for that tier.

She said that she could see no reason why husbands and wives etc. are not receiving individual letters, as it is in Lloyds interest to keep as much money in the bank as they can.Throughout the meeting she left the room on several occasions to consult with the branch manager.

I dropped off both my wife's and my own Early Bird FRISA form for 09/10 this morning at the local Lloyds Branch. We both received letters this afternoon, advising that our current FRISA accounts will mature on the anniversary of the date that we made the first deposit into our accounts. This obviously means that Lloyds will finally adhere to the T&C on the accounts. If only they had made this clear from the outset, it would have prevented us bombarding them with phone calls, Faxes, emails, visits etc.

MiserlyMartin

Canny_mal wrote: »

I also got the same letter today. In my case it says my 6.5% fixed rate ISA will mature on 6/6/09 which is the anniversary of the day they finally credited the funds from the ISA I transferred in. I actually opened my account on 17th Mar 2008 so you can see how long it took them to complete the transfer!

At the time Lloyds remained adament that my 1 year fixed rate commenced from the day I opened my account even though it remained at zero balance until they compleleted the transfer in on 6th June.

I successfully argued that this meant I was effectively getting just over 9 months at the fixed rate instead of the advertised 12. They eventually agreed to pay me interest at 6.5% on the amount I was transferring from 17th Mar until 6th Jun. I received this in the form of a cheque last summer.

So now if they honour what they've said in this letter I've received today I'll actually have had over 2 and a half months extra at 6.5% in addition to the standard 12-month term.

Now for a couple of questions. Does anyone on here know if I can......

a) Transfer another ISA I have elsewhere into this Lloyds fixed rate ISA now and get 6.5% on those additional funds until 6th June aswell?

and

b) Subscribe my 2009/10 ISA allowance of £3,600 into this Lloyds fixed rate ISA once the new tax year starts in early April and again earn 6.5% on it until my maturity date of 6th June?

When you get your statement I would check it and try and work out if the interest applied is 6.5% for 12 months on your balance plus the extra compensation you got. I would be surprised if they will credit you extra interest in this way but good luck to you if they do. Seeing as this ISA has proved to be such a shambles in the way Lloyds have run and administered it I think it is wise to check the interest is correct as I would not trust them to get it right.

a) You should be able to transfer another ISA in and get 6.5%
b) Yes you should be able to pay another £3,600 in and get 6.5%. The terms of the ISA have not changed, the only thing that has changed is their interpretation of the start date of the Fixed Rate which was incorrect.

surfcat

Got my letter of this ilk this morning. Looks like Lloyds have finally relented and our persistence in referring them to their own t&cs has finally paid off - playing them at their own game.

I had been hesitant in taking up the new fixed rate offer and was prepared to complain once interest had been credited. But then I decided to be more pragmatic, and accept the new offer, intending to complain afterwards once the new fixed rate had been secured.

Now I'm really glad to have this letter and that no complaining will be necessary!

The other benefit this letter appears to suggest is, "If you decided to take up our recent offer...your new account will start the day after the maturity date above." Thus there'll be no losses on the crappy variable rate in the meanwhile.

Wsb5tails

Got my letter giving me the chance to take up the new fixed rate isa today. I wasnt one of the origianls but my OH was. Calling them paid off, I've got till 16th Feb to send it back and they confirmed it'll start when my old one finishes i.e anniversary of 1st payment in.

whu

so02see wrote: »

Got my letter giving me the chance to take up the new fixed rate isa today. I wasnt one of the origianls but my OH was. Calling them paid off, I've got till 16th Feb to send it back and they confirmed it'll start when my old one finishes i.e anniversary of 1st payment in.

Got the same letter in same circumstaces today and sent it off - was told yesterday that the deadline for return had been pushed back because of the delay in sending the letters out (I requested the letter last Tuesday) - but hopefully will arrive by the 16th to avoid any problems!!

Geoffo_M

whu wrote: »

Got the same letter in same circumstaces today and sent it off - was told yesterday that the deadline for return had been pushed back because of the delay in sending the letters out (I requested the letter last Tuesday) - but hopefully will arrive by the 16th to avoid any problems!!

I'm really glad that you have all recieved your letters, but it does sound a complete lottery on who should receive them. I have called the Scottish 0800 number and got nowhere; I have been into my branch who couldn't help and finally, I tried again by phoning the 0845 helpline - yes, you've guessed it "They were all sent at random. Could I have one please. No!"

A number of people have persisted and succeeded. I'm doing something wrong!

Bogof_Babe

Geoffo_M wrote: »

I'm really glad that you have all recieved your letters, but it does sound a complete lottery on who should receive them. I have called the Scottish 0800 number and got nowhere; I have been into my branch who couldn't help and finally, I tried again by phoning the 0845 helpline - yes, you've guessed it "They were all sent at random. Could I have one please. No!"

A number of people have persisted and succeeded. I'm doing something wrong!

Same here. No letter for OH yet despite going into the branch a fortnight ago and kicking off :rolleyes: . Oh well, maybe you and he will have the last laugh when something better is launched.

Comfortably_Numb

Geoffo_M wrote: »

I'm really glad that you have all recieved your letters, but it does sound a complete lottery on who should receive them. I have called the Scottish 0800 number and got nowhere; I have been into my branch who couldn't help and finally, I tried again by phoning the 0845 helpline - yes, you've guessed it "They were all sent at random. Could I have one please. No!"

A number of people have persisted and succeeded. I'm doing something wrong!

Must be down to who you get. I was told straight away I could take up the offer, and was sent the letter a couple of days later. It wasn't questioned at all.