Lloydes isa - 2 year fixed rate

dazza-mac

Lloydes have a 2 year fixed rate isa for coming tax year 2010/2011 for isa's holding £30,000 or over - the rate is 3.30% . Is it worth tying cash up for 2 years at that rate

opinions4u

dazza-mac wrote: »

Lloydes have a 2 year fixed rate isa for coming tax year 2010/2011 for isa's holding £30,000 or over - the rate is 3.30% . Is it worth tying cash up for 2 years at that rate

Not when you could tie it up at 3.5% for two years with C&G or Halifax.

sheslookinhot

opinions4u wrote: »

Not when you could tie it up at 3.5% for two years with C&G or Halifax.

I am sure Lloyds group includes Halifax and C&G as well.

D1zzy

M&S 3yrs a 4% with a £100 penalty to withdraw or transfer - doesn't look bad if you have a largish amount so the £100 is small in % terms

Ifts

D1zzy wrote: »

M&S 3yrs a 4% with a £100 penalty to withdraw or transfer - doesn't look bad if you have a largish amount so the £100 is small in % terms

Agree this deal is good if you have a largish amount to invest, esp if you have to withdraw early the £100 withdrawal penalty is small.

Only thing is if you transfer into it in this tax year, you cant add to it after 6th April 10.

I phoned up M&S to ask but was told that I could transfer my ISA into it this tax year but I could not add to it next tax year, instead they would ask me to open a new ISA and create an ISA portfolio with both ISA's in it. If I then wanted to transfer out both of the ISA's from M&S before they matured, I would occur the £100 penalty on each of the ISA's held in the portfolio.

Ive decided to wait till after 6/3/10 and add next years allowance to my Lloyd's FRISA and then move the whole lot over to M&S (as long as they still have the M&S 3yrs @ 4% available then) if not back to the drawing board.

G_M

opinions4u wrote: »

Not when you could tie it up at 3.5% for two years with C&G or Halifax.

Or 3% with instant access with Stafford Railway BS. Then if/when rates go up ....

edit - sorry that's £40K+. Over £30K is only 2.75 I think.

missile

Nationwide offer a better fixed rate ISA for 3 years

D1zzy

Ifts wrote: »

Agree this deal is good if you have a largish amount to invest, esp if you have to withdraw early the £100 withdrawal penalty is small.

Only thing is if you transfer into it in this tax year, you cant add to it after 6th April 10.

I phoned up M&S to ask but was told that I could transfer my ISA into it this tax year but I could not add to it next tax year, instead they would ask me to open a new ISA and create an ISA portfolio with both ISA's in it. If I then wanted to transfer out both of the ISA's from M&S before they matured, I would occur the £100 penalty on each of the ISA's held in the portfolio.

Ive decided to wait till after 6/3/10 and add next years allowance to my Lloyd's FRISA and then move the whole lot over to M&S (as long as they still have the M&S 3yrs @ 4% available then) if not back to the drawing board.

I emailed them to confirm that you could transfer out for the £100 penalty (confirmed as ok) -so I'll bounce it back and ask them to clarify the situation re "transferring in" and "adding to". Will post the response.

welshmoneylover

missile wrote: »

Nationwide offer a better fixed rate ISA for 3 years

Yeah, but 3 years is an awfully long time, there is a chance they may improve somewhat, albeit slim(ish)

Ifts

D1zzy wrote: »

I emailed them to confirm that you could transfer out for the £100 penalty (confirmed as ok) -so I'll bounce it back and ask them to clarify the situation re "transferring in" and "adding to". Will post the response.

Can transfer out of the 3 year fixed rate ISA before maturity by paying £100 penalty. See what they tell you when you email them to clarify about "transferring in" and "adding to it".

Dont know if you have seen this thread over in the ISA's & Tax-free Savings Forum: M&S Money 4% ISA but posters on there are also being told more than one ISA will be set up if they want to "transfer in" and "add to it", and the £100 fee will apply to each ISA should you want access to it before maturity.

dazza-mac

opinions4u wrote: »

Not when you could tie it up at 3.5% for two years with C&G or Halifax.

thanks, but would C&G or Halifax allow me to transfer the lumper I have in Lloydes to them? And when you say they offer 3.5% is that now, or is that what they'e offering from the new tax year?