LTSB FR ISA matures soon

Somerset

humfer wrote: »

Same with both myself and my wife. We both have FRISA's that mature on or around the 5th March and absolutely no letters, not even one warning the account is about to mature.......I am sure that last year we had a letter a couple of weeks before the fixed rate ended

Also do you know how you get the 1 year fixed at 2.5%? I can only see the variable 2.5% and the 2 year fixed 3.3% on the website

Last year we def did have the letter and options ...... in fact it was because they sent out different options to different 'selected' customers, that the whole ruckus about the 'early bird' offer (3.75% vs 3.2%) blew up. Maybe that's the situation they don't want repeated hence no communication at all.

Same - I can't see a 2.5% fix 1 Yr on their website, but that's what their CS said, but then the CS rep was struggling to understand what I was asking. Maybe your branch can confirm it's available ?

humfer

If I do nothing my FRISA will turn into the standard ISA from LTSB. Anyone know which rate this would be - the 2.5% including the 1.5% bonus or 1% without the bonus? I would guess it would be the rate without the bonus but would be grateful if someone could confirm

Somerset

humfer wrote: »

If I do nothing my FRISA will turn into the standard ISA from LTSB. Anyone know which rate this would be - the 2.5% including the 1.5% bonus or 1% without the bonus? I would guess it would be the rate without the bonus but would be grateful if someone could confirm

humfer
I've just been to my local branch. The FRISA on maturity will turn into an isa paying 0.9% (point nine of a percent). What you need to do is, immediately it matures, apply to make the isa an isa saver which pays 2.5%. I've pre-filled my form in (the branch were very apologetic) and this will be activated when mine matures - the young lady said she's keep it in her 'in-tray' and do it once the interest is applied. Obviously don't do it while the fix is still active or you'll screw up your fix/current interest rate.

I mentioned the 1 Yr fix at 2.5% - apparently it's not available at branch level (and not on the website) but it is available over the phone.

On a side-note I feel sorry for the LTSB ground staff. They'd already had a couple of people in who'd been offered the fixed rates - the branch staff do not know that these fixes/different variable/nothing have been offered- they are totally in the dark. And they understand customers being frustrated but can offer no explanation.

KTF

Somerset wrote: »

Same - I can't see a 2.5% fix 1 Yr on their website, but that's what their CS said, but then the CS rep was struggling to understand what I was asking. Maybe your branch can confirm it's available ?

The 1 Yr one has been pulled as of today: https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=193543

savetilibleed

Somerset wrote: »

humfer
Obviously don't do it while the fix is still active or you'll screw up your fix/current interest rate.

I was offered 3.1% variable by post with a form for it, or a do nothing for 0.9% variable. My FRISA ends 31/03/2010 and they need to receive the said form by 25/03/2010. Are you saying that when this form goes in it will end the current FRISA possibly before due date? Or do I misunderstand you?

Somerset

savetilibleed wrote: »

I was offered 3.1% variable by post with a form for it, or a do nothing for 0.9% variable. My FRISA ends 31/03/2010 and they need to receive the said form by 25/03/2010. Are you saying that when this form goes in it will end the current FRISA possibly before due date? Or do I misunderstand you?

No savetilibleed you've misunderstood. Humfer is in the same boat as me ie no offer of anything. In my case my fixed rate ends on 5th March - if I do nothing after my fix ends my isa becomes a bog standard isa earning 0.9% - so I need to get LTSB to change it to an isa saver earning 2.5% until I get it moved.

You're not in my position - you've got an offer & sending in your form just tells them you want the new offer after your fix ends.

Congrats on being 'selected'

humfer

Somerset wrote: »

humfer
I've just been to my local branch. The FRISA on maturity will turn into an isa paying 0.9% (point nine of a percent). What you need to do is, immediately it matures, apply to make the isa an isa saver which pays 2.5%. I've pre-filled my form in (the branch were very apologetic) and this will be activated when mine matures - the young lady said she's keep it in her 'in-tray' and do it once the interest is applied. Obviously don't do it while the fix is still active or you'll screw up your fix/current interest rate.

I mentioned the 1 Yr fix at 2.5% - apparently it's not available at branch level (and not on the website) but it is available over the phone.

On a side-note I feel sorry for the LTSB ground staff. They'd already had a couple of people in who'd been offered the fixed rates - the branch staff do not know that these fixes/different variable/nothing have been offered- they are totally in the dark. And they understand customers being frustrated but can offer no explanation.

Just called LTSB as still no letter so guess I aint getting one! Spoke to one of the savings account advisors (ISA department closed at time of calling). She confirmed my ISA will mature on the 3rd March and that there were 2 options - a 1 year variable at 2.5% (including a fixed 1.5% bonus for a year) or a 2 year fixed at 3.3% (over £30k). Interesting she said that my current FRISA would automatically change to the 1 year variable rate paying 2.5% on the 4th March. Asked her to double check and she confirmed that was the case. Surprised as she is telling me something different to what you have been told in the branch. The only thing that sounds odd with what the branch said is the 0.9% rate - I cannot see that anywhere - surely its more likely to be the 1.0% (without the 1.5% bonus)?? My mind boggles. Not sure what to do. Kind of tempted to remain on the 2.5% variable one for the time being but who do I trust - branch or telephone staff!!>>????

Somerset

humfer wrote: »

Interesting she said that my current FRISA would automatically change to the 1 year variable rate paying 2.5% on the 4th March.

Well all I can say is the isa advisor at the branch today went and double checked and then returned with the relevant form which was completed and signed.

Can't tell you the answer humfer - the whole company and isa administration is an absolute shambles.

I had already decided to move because of being treated like a second class citizen by LTSB, but tbh I'm not confident that the correct rates of interest will be applied. I didn't get the 'early bird' 3.75% offer last year but complained at my branch and was reluctantly given it (have the letter) but will check the interest carefully on Friday. My mother did get the offer, returned the letter, but has asked her branch staff twice what rate she's getting and been told 3.2% & 3% respectively ??? I don't think they know what the hell they're doing.

humfer

Somerset wrote: »

Well all I can say is the isa advisor at the branch today went and double checked and then returned with the relevant form which was completed and signed.

Can't tell you the answer humfer - the whole company and isa administration is an absolute shambles.

I had already decided to move because of being treated like a second class citizen by LTSB, but tbh I'm not confident that the correct rates of interest will be applied. I didn't get the 'early bird' 3.75% offer last year but complained at my branch and was reluctantly given it (have the letter) but will check the interest carefully on Friday. My mother did get the offer, returned the letter, but has asked her branch staff twice what rate she's getting and been told 3.2% & 3% respectively ??? I don't think they know what the hell they're doing.

Hmm not sure what to do. Well my FRISA should mature today (although not showing an updated balance in Internet banking yet). Kind of want to stay with LTSB just because its easy. Not sure which option though...
Say for example you have £30k. With 2.5% thats £750 but with the 3.3% thats £990 so an extra £240 in the year. If I move it somewhere else then I would lose 120 days interest which would be £325 so £85 worse off. Don't think interest rates are going anywhere this year but its the year after where I think they will rise quite quickly making the 3.3% rate a bit poor.......Hmmmm what to do.......

Somerset

humfer wrote: »

Kind of want to stay with LTSB just because its easy. ..........Hmmmm what to do.......

Same here, I hate moving isa's ....loss of interest, lost forms , lost cheques, backlogs etc. But this different customers/different rates/different offers has really p****d me off. The fact that it's the second year running they've done this means it's a deliberate policy (not just a badly thought out strategy last year) so it'll probably be an on-going situation. It's really not on.

Whether I'm cutting off my nose to spite my face or not, I've posted off my transfer forms to Marks & Spencer. The only thing banks understand is money flowing out ...... and my isa won't ever be going back to LTSB.