2009 Lloyds TSB ISA

Comfortably_Numb

I've been with TSB for over 30 years, and no letter!!

1618

I started this thread,i only have the ISA and it was started last April just goes to show what these companies think of loyalty.I am having the same problems with the HSBC with whom i have been a customer for 30 years and have a six figure investment with they have premier managers who are just not bothered at the moment because they know their products are not competative.LOYALTY COUNTS FOR NOTHING

wearside_2

wearside wrote: »

I have checked my Terms and Conditions and as they clearly state

" Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form. Applications cannot be backdated".

Both myself and my wife have submitted our complaints via the website www.howtocomplain.com which will send the complaint direct to their Customer Service Department.

Neither myself nor my wife have received any acknowledgement from Lloyds regarding our complaints. It seems from reading the various posts that they must be rather busy following the sending of the letter. We both intend to go in to our branch on Friday to ask for printouts from our account and to 'discuss' the date that our ISAs mature.

john.xs

my wife got the letter .i didnt.i have been with them longer(all my life in fact). i am a great believer in that loyalty should be held in high regard despite being aware that modern day business does not work this way. i think they may have shot themselves in the foot on this one!

Comfortably_Numb

I suppose there is still time for a letter, but I may have a word with a local contact and see if there is anyway to get this offer without the letter.

xiox

surfcat wrote: »

Well, I've tried several days of getting Lloyds to ring me back with an answer to my question about the maturity date. They promise to ring back but never do, they give me invalid phone numbers for their ISA department and various call centre staff have difficulty seeing notes written on my account. So today I'm actually going to go to the branch and put all the information in front of them, and ask for a print of any notes on my account.

What I managed to glean from my phonecalls yesterday is that:
my branch manager agrees that the ISA matures on the anniversary of the transfer, not the form filling date, and
apparently there are notes on my account that say interest is backdated to the date of the transfer cheque.

None of this adds up to 12 months however, so I'll see how I get on today.

Have you had any response from them? Before I sign the form I'd like to know whether I can get another month at 6.5!

derrick

There is a long thread running from January last year, http://forums.moneysavingexpert.com/showthread.html?t=725969,
Might I suggest that you have a glimpse though it,( it is a long one), as you will see that you will not get the 12 month from deposit,(unless that deposit was made at time of opening), but from the date you opened the account, it has been done to death on that thread and there is hope of receiving the full 12 month @ 6.5% but it involves the interest paid by the institution it is transferring from and then the difference between the two.

My post on there; - http://forums.moneysavingexpert.com/showthread.html?t=725969&page=43 #1271, gives links to most of my responses, these might help condense the issue.

HTH.



.

mumx3

Both me and hubby received the letter, have only ever banked with Lloyds last year to open up the ISA's. We have no other accounts with them.

We transfered our ISA's from another bank. After reading all the posts about this had a look at my paper work and see that Lloyds did not receive the money until the 10 March, but it is saying that it matures on 14th Feb which is when I went and opened it.

Have just rang the bank saying that I have not had 12months fixed interest, she said I have not lost out as my other provider would have been paying interest, but I explained it was not at the 6.5% rate.

Cut a long story short she agreed with me and said that I am probably not the olny one who has brought this to their attention! and so would look into it and call me back asap.

Phone has just rang and Lloyds will be backdating ALL interest from the date that ISA was opened. Good News:)

wearside_2

wearside wrote: »

Neither myself nor my wife have received any acknowledgement from Lloyds regarding our complaints. It seems from reading the various posts that they must be rather busy following the sending of the letter. We both intend to go in to our branch on Friday to ask for printouts from our account and to 'discuss' the date that our ISAs mature.

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.

magpiesaver

My husband has this Lloyds account and had the same problem, as his previous provider (Abbey) dragged their heels and the transferred funds weren't credited until June. We went to our local branch to query the 12-month period, and had various staff members running round trying to answer us.
Eventually they made it clear they wanted to be fair to us. Interest up to the transfer date had been paid at the rate we'd been getting from Abbey, so Lloyds agreed to work out what the difference in interest would have been between the date of opening the account and the date when funds were received, and compensate accordingly. We thought this was very fair.
The new roll-over account (which is just for existing subscribers) seems like a decent deal, especially as they say you can pay another £3,600 in next April. Most fixed-rate accounts currently on offer say they'll close whenever have enough subscribers, so will likely not be available in April, and any new accounts available then will probably be at lower rates. We're goind to go for it.