Lloyds fixed rate ISA

cagneyfan

Hi, is anybody out there going to accept the 1 year fixed cash isa with Lloyds or do you think you could get a better deal. Bearing in mind if you already have a Lloyds isa (which I do) then your interest would start straight away, whereas last year I waited over 30 days for my isa to transfer over

whu

I haven't got the letter with the offer but my wife has and she is going to go for it - as you say one of the reasons is all the hassle in transferring ISA's - last year we transferred 2 each to Lloyds and they all took about 2 months each - complained and got compensation and back dated interest added to the ISA but don't want to go through the hassle all over again - what are you thinking of doing?
BTW there is a thread on this on the ISA Board

cagneyfan

Hi, I was thinking of just going for Lloyds coz of the hassle I had last year. I just thought I would ask other people's advice as I really am clueless regarding financial stuff. I suppose I was hoping someone would say 'I found a cash isa with a rate of 6%!' But I reckon there's not going to be that much of a difference - at least I've not been able to find anything. Someone answered a query the other day saying they could get one at 4% (can't remember with who), but I think it may be just as well to go with Lloyds because interest will begin immediately.

whu

Remember that you still get interest from the current provider until they draw the cheque and then you get interest from the new provider from that date if you make a transfer - so in theory you should always be getting some interest - however I think we both seem to feel that the hassle of waiting for the transfer etc is not worth it!
Some people think that there will be better offers coming up in March /April but personally I am not sure that this will be the case and in any event the rates won't be so much better as to offset the hassle in transferring money etc

cagneyfan

Yes but surely that means that if I transfer to another at say 4%, in the meantime my Lloyds isa would've gone down to whatever their variable rate is, but transferring straight over to Lloyds' 1 year fixed rate I'll be getting 3.50% immediately

Somerset

I'm one of those Lloyds isa customers who haven't had the letter yet. Bearing in mind it says you have to commit by 9th Feb?? ( per other thread here) if I don't receive the offer - does that mean I can't get it when decision date comes. I think I opened my isa with them last March, say 2nd for argument's sake - if on 2nd March I then go onto the variable rate (ok I'm fine with that) can I then go into Lloyds and say ''I want the same opportunity/fixed rates that others have been offered'' and will they say ''sorry, that offer's been withdrawn, we've only got the variable rate available'' ??

john.xs

it was for selected customers only!

Somerset

john.xs wrote: »

it was for selected customers only!

I know that, and I wasn't selected ! But will that leave me high and dry as far as fixed rate isa's with Lloyds are concerned ??

Edit : From reading the other thread, these letters have gone out to people with no long-standing or other accounts with Lloyds. If you were already 'with' them, it seems you didn't get the letter. If, when it's time to decide on my isa, I find Lloyds won't offer me what they've offered 'selected' customers, it won't only be my isa that is moved.

sheslookinhot

Somerset wrote: »

I know that, and I wasn't selected ! But will that leave me high and dry as far as fixed rate isa's with Lloyds are concerned ??

Edit : From reading the other thread, these letters have gone out to people with no long-standing or other accounts with Lloyds. If you were already 'with' them, it seems you didn't get the letter. If, when it's time to decide on my isa, I find Lloyds won't offer me what they've offered 'selected' customers, it won't only be my isa that is moved.

Same here.

Gray_colt

I sent the form back and said if they could give me 4% instead of 3.5% i would keep my 25k in there. Worth a try i guess.

Newly_retired

Sorry Somerset to debunk your theory, but I do not have other accounts with Lloyds, just the ISA, and I have not received this offer either.