LTSB FR ISA matures soon

savetilibleed

I have a LTSB Fixed Rated ISA at 3.2% that matures 31 March 2010. They have today offered a variable rate 3.1% (inc 2.1% year 1 bonus) to transfer to on maturity. I'd hoped they would offer something better fixed and I know it is possible to do better by fixing elsewhere. I also have a Halifax Reward ISA that matures 30 April 2010. I can't transfer the LTSB into anything HBOS as it would put me over the safety limit due to other accounts within HBOS grouping. Pity otherwise Saga would be the home for this LTSB ISA.

Any recommendations?

rb10

I would wait until the start of March, as existing rates could be withdrawn and new rates introduced during that time - it's 6.5 weeks away, so plenty of time for things to change.

When do you have to reply to LTSB by?

savetilibleed

rb10 wrote: »

I would wait until the start of March, as existing rates could be withdrawn and new rates introduced during that time - it's 6.5 weeks away, so plenty of time for things to change.

When do you have to reply to LTSB by?

They need to receive reply by 25 March. The form is confusing anyway as it looks as if I'm applying to subscribe to a new ISA, which I won't be, only transferring from one of theirs to another of theirs (if I do of course). Yeh I wasn't going to be hasty, as you rightly say there is quite a time to go yet. If I do nothing (which I won't) it goes into a naff all account.

Baldur

I've had the same offer (but reply by 4th March) - as the 3.1% maturity offer is a variable rate easy access ISA, I'll probably take it up and, if better rates are offered elsewhere on the run up to the new tax year, simply transfer it from the LTSB easy access account to whichever provider offers the best rate that meets my requirements.

Geoffo_M

Baldur wrote: »

I've had the same offer (but reply by 4th March) - as the 3.1% maturity offer is a variable rate easy access ISA, I'll probably take it up and, if better rates are offered elsewhere on the run up to the new tax year, simply transfer it from the LTSB easy access account to whichever provider offers the best rate that meets my requirements.

I had this too. It looks like the end of the fixed rate isa as far as Lloyds is concerned. Their 3.1% rate that they offer isn't bad I suppose, but significantly, it includes a 2.1% bonus, which means this time next year, it will revert to 1% with NO follow on rate. I will probably keep for another year, and then look to move it elsewhere.

Geoffo_M

savetilibleed wrote: »

The form is confusing anyway as it looks as if I'm applying to subscribe to a new ISA, which I won't be, only transferring from one of theirs to another of theirs (if I do of course).

I found this confusing too. Puzzling why they ask for NI number, when they already have that. I suppose they might deem it new because we would be changing from a FR to a variable rate. I also wondered why the form is headed up 2009/10, and whether it should be 2010/11. Maybe if the transfer occurs at the end of March, we would just be in the old tax year?

Baldur

Geoffo_M wrote: »

I found this confusing too. Puzzling why they ask for NI number, when they already have that. I suppose they might deem it new because we would be changing from a FR to a variable rate. I also wondered why the form is headed up 2009/10, and whether it should be 2010/11. Maybe if the transfer occurs at the end of March, we would just be in the old tax year?

It does not matter what it says on the form, the tax year is irrelevant as far as an ISA transfer is concerned.

The only time that the tax year would be relevant is if you wish to continue to subscribe to the account.

savetilibleed

Baldur wrote: »

I've had the same offer (but reply by 4th March) - as the 3.1% maturity offer is a variable rate easy access ISA, I'll probably take it up and, if better rates are offered elsewhere on the run up to the new tax year, simply transfer it from the LTSB easy access account to whichever provider offers the best rate that meets my requirements.

I'm thinking the same too, though with my current end date being 31/03/2010, I'll have little time before the offers dry up elsewhere.

The form: could they not have made the print larger? There is tons of room as the form is blank on the back and attached to another piece that is essentally blank save for a LTSB address in Bristol, January 2010 date and a standard footer. I assume the white block in the Personal Details section is for address, it doesn't indicate. Maybe it isn't necessary as long as the account number (presumably the existing) is quoted.

Geoffo_M

savetilibleed wrote: »

I'm thinking the same too, though with my current end date being 31/03/2010, I'll have little time before the offers dry up elsewhere.

The form: could they not have made the print larger? There is tons of room as the form is blank on the back and attached to another piece that is essentally blank save for a LTSB address in Bristol, January 2010 date and a standard footer. I assume the white block in the Personal Details section is for address, it doesn't indicate. Maybe it isn't necessary as long as the account number (presumably the existing) is quoted.

I hadn't noticed the blank section; like you, I presume it must be for our address. The whole form looks as if it's been very hastily put together - not the professional outfit we are used to ... ah hem

Cappsy

Geoffo_M wrote: »

It looks like the end of the fixed rate isa as far as Lloyds is concerned.

My letter dated 11 Feb offers a one year fix at 3.0% and a two year at 3.5%. Reply date given as 25 March.

savetilibleed

Cappsy wrote: »

My letter dated 11 Feb offers a one year fix at 3.0% and a two year at 3.5%. Reply date given as 25 March.

Wierd how they offer different things to different people. Have you had ISAs with LTSB for longer than current one 3.2% (for £30,000+) that is about to end for me? Maybe they look at indivudual's ISA history. I have transferred severl times, from Abbey in 2008 to YBS then split away from there in 2009 between LTSB and Halifax.