Lloyds TSB "Remaining allowance"

laurent2200

Hello,

I have a Cash ISA account that I have open years ago and didn't really keep track with it. I currently have £3700 on it and, on the Lloyds TSB website, I am told that the "Remaining allowance" is £5760.

I am a bit confused by this - does it mean I can put £5760 more on the account (for a total of £9460)? Or is it that, in total, I should not have more than £5760 on it (which means I could put £2060 extra on it). Any idea?

Thanks,

Lloyds_Bank

laurent2200 wrote: »

Hello,

I have a Cash ISA account that I have open years ago and didn't really keep track with it. I currently have £3700 on it and, on the Lloyds TSB website, I am told that the "Remaining allowance" is £5760.

I am a bit confused by this - does it mean I can put £5760 more on the account (for a total of £9460)? Or is it that, in total, I should not have more than £5760 on it (which means I could put £2060 extra on it). Any idea?

Thanks,

Hi laurent2200. If you've not made any contributions to the ISA in the current tax year, you can pay up to £5760 into it up until the 5th April 2014. Hope this helps.

Thanks

James

badger09

Lloyds_Bank wrote: »

Hi laurent2200. If you've not made any contributions to the ISA in the current tax year, you can pay up to £5760 into it up until the 5th April 2014. Hope this helps.

Thanks

James

Providing, of course, that OP hasn't paid anything into a cash ISA with a different provider since 6 April 2013 :cool:

le_loup

You have a new allowance EVERY year, not just the first year.

innovate

OP, what is the interest you get on your ISA now? It is very likely that it is peanuts, and you should find a new provider with better rates and ask them to transfer your old ISA to them. You need to check your ISA, and any other account, regularly for changes in interest rates. You usually also get notified by the provider but that shouldn't stop you from being proactive with your money.

BTW, there is no Lloyds TSB now - it is either Lloyds, or it is TSB since they split into two separate banks now.

laurent2200

Many thanks for the information and feedback. The rate is indeed low at 0.41%. I've just read a Telegraph article where they mention rates from 1.25% to 2.4% for Lloyds cash ISA. Is there any reason for this discrepancy?

innovate

by their nature of being 'variable', it has been quite normal for rates on existing savings accounts to drop over the last few years. And for new offers to appear with better rates. You need to keep an eye on all your accounts on a regular basis.

It is easy to transfer instant access ISAs to better rates - just find an ISA which allows transfers in and fill in the transfer form of the new provider. They all have ISA transfer forms ready to download from their websites. You also can read up about ISA transfers on the main MSE website.

jimjames

Also worth considering options other than ISAs depending how much money you have for savings.

You can get much higher rates outside an ISA, up to 5% on limited balances.

PeacefulWaters

If you're intent on staying with Lloyds take action to ensure a better rate:
http://www.lloydsbank.com/savings/convert-isa.asp

Letting a savings account sit there without being proactive is like sending a cheque for several hundred pounds as a gift to a bank.

p00hsticks

laurent2200 wrote: »

I've just read a Telegraph article where they mention rates from 1.25% to 2.4% for Lloyds cash ISA. Is there any reason for this discrepancy?

It's got tiered interest rates and pays a bonus of you keep the money in there for a year.

They pay 1.25% if you have under £20K in it, and 1.5% for balances of £20K and over. Plus a one-off bonus of 0.75% (for balance under £20k) or 1% (£20k +) if you keep your money in there for a year.

so you can earn anything between 1.25% and 2.5% depending on how much you put in and how long you keep it in there.