Lloydes isa - 2 year fixed rate

Baldur

dazza-mac wrote: »

....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?

On offer now, see http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

The new tax year has no relevance to ISA transfers.

dazza-mac

Baldur wrote: »

On offer now, see http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

The new tax year has no relevance to ISA transfers.

Sorry to sound dense, but if I transferred my lloydes isa now and get 3.5% - does that mean after april 6th the rate will change, or would I continue getting 3.5%?

Also:-

Just thought, I think I have to keep my lloydes isa until that date as I think there's a penalty if I transfer

Lokolo

dazza-mac wrote: »

Sorry to sound dense, but if I transferred my lloydes isa now and get 3.5% - does that mean after april 6th the rate will change, or would I continue getting 3.5%?

Also:-

Just thought, I think I have to keep my lloydes isa until that date as I think there's a penalty if I transfer

You get the rate for as long as it says.

If its a 1 year ISA, you get it for 1 year. If its 2, for 2.

dazza-mac

I don't believe it! I've been hanging on till April coz I thought it was pointless transferring anything anywhere as I thought once the new year started the interest rate would just drop!

Lokolo

dazza-mac wrote: »

I don't believe it! I've been hanging on till April coz I thought it was pointless transferring anything anywhere as I thought once the new year started the interest rate would just drop!

It might drop, but it wouldn't effect you, as you signed up when it was 3.5%.

Example, this happened last year.

Halifax had a 2 year fix at 3.75%. My friend fixed his ISA at that rate. A week later I wanted to do the same. Unfortunately Halifax dropped the rate to 3.5%. Mine is 3.5%, his is 3.75%.

D1zzy

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.

Response:-
I can confirm that the Fixed Rate Cash ISA is intended for a one-off lump
sum payment and an additional investment into an existing holding is not
permitted.

Unfortunately, as we cannot guarantee that the new funds and the
transferred funds will arrive on the same day, we do not offer the option
for a new investment and a transfer of funds to go into the same Fixed Rate
Cash ISA. These would create two separate holdings.

---

So you can't make 2 payments (transfer + new) into the same ISA - 'cos they would effectively have different start dates for the fixed rate period, so I suppose it makes sense.