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LTSB FR ISA matures soon
Comments
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It depends on the fixed rate ISA's Ts & Cs
Some permit easy access, e.g. Halifax offered a 3% fixed rate last year, which offered penalty-free easy access and First Direct are offering a similar one at 2.75% currently, while M&S are currently offering a 4-year FRISA at 4% which permits early access at the cost of £100.
Is this one not fixed for only 3 years at 4% ?Mortgage free
Vocational freedom has arrived0 -
sheslookinhot wrote: »Is this one not fixed for only 3 years at 4% ?0
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It depends on the fixed rate ISA's Ts & Cs
Some permit easy access, e.g. Halifax offered a 3% fixed rate last year, which offered penalty-free easy access and First Direct are offering a similar one at 2.75% currently, while M&S are currently offering a 3-year FRISA at 4% which permits early access at the cost of £100.0 -
Probably - my mind was no doubt concentrating on the number '4' (%) as I was weighing up at the time of posting that I would receive over £300 more by using the M&S account for one year and paying the £100 'escape fee' than accepting LTSB's 3.1% variable rate offer.
Does the early closure option also mean a transfer to another provider or actual closure of the account. This one interests me but I think I may check the defintion with M&S.Mortgage free
Vocational freedom has arrived0 -
sheslookinhot wrote: »Does the early closure option also mean a transfer to another provider or actual closure of the account. This one interests me but I think I may check the defintion with M&S.
<Edit> Having had another browse of the Ts & Cs ( http://money.marksandspencer.com/pdf/ISFRTermsAndConditions.pdf ), specifically Clauses 8(ii) & (iii), you can switch the funds into the variable rate option, the £100 fee being deducted in the process, and then transfer the ISA.(ii) You may switch money held in your Account from any of the Fixed Rate Bonds into the Variable Rate Savings Option at any time. Except for where the switch is made on or after the Maturity Date, this will be subject to the withdrawal charges set out in paragraph 9(ii) below.
(iii) Instructions to switch from the Fixed Rate Savings Option to the Variable Rate Savings Option under 8(ii) above, will be completed on the day we receive your instructions. Interest calculated up to the day we receive your instructions will be
added to the amount to be switched from the Fixed Rate Savings Option. Any withdrawal charges set out in paragraph 9(ii) below will be deducted from the amount to be switched. The amount switched will be deposited into the Variable Rate Savings Option on the same day, and the calculation of interest at the variable rate will commence on the next day0 -
Like last year I have not had any letter from Lloyds yet so it doesn't look like I will be offered this 3.1% or 3.5% deal.
Am thinking about moving my current fixed ISA from Lloyds to the Bank of Cyprus 3.3% 1 year fix - http://www.bankofcyprus.co.uk/main/main.aspx?id=18301 instead.0 -
Like last year I have not had any letter from Lloyds yet so it doesn't look like I will be offered this 3.1% or 3.5% deal.
Am thinking about moving my current fixed ISA from Lloyds to the Bank of Cyprus 3.3% 1 year fix - http://www.bankofcyprus.co.uk/main/main.aspx?id=18301 instead.
I have heard nothing also, we have two isa's at £23k and 10K, will see them next week.
Watch the security of the Cyprus bank, not covered by the UK protection schemeMortgage free
Vocational freedom has arrived0 -
just as i decided not to bother with Lloyds since they only invited my partner to continue with fixed term isa and excluded me, i have received a letter inviting me as well.
but now i wonder if 3% fixed for a year is a good deal after all. any ideas?0 -
just as i decided not to bother with Lloyds since they only invited my partner to continue with fixed term isa and excluded me, i have received a letter inviting me as well.
but now i wonder if 3% fixed for a year is a good deal after all. any ideas?0 -
The A&L/Santander variable rate product @ 3.5% currently (with a 12 month guarantee of BoE base rate + 3%) is a much more flexible offering.
That account does not permit transfers in, so is only suitable for 2009/10 allowance (if not already subscribed) and 2010/11 allowance (if the account's still available on 6th April).0
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