LloydsTSB Fixed rate Isa 6.5%

echelon_2

mr_fishbulb wrote: »

Have you received a letter from Lloyds saying they have contacted your existing ISA provider to transfer the funds?

Nope. I've heard nothing from them.

The annoying thing is, they gave me a copy of the completed transfer form on the day i applied. Maybe i should have just sent it to my bank? What is taking them so long to post it exactly?

echelon_2

UPDATE!

Spoke to LloydsTSB central switchboard - they said the notes on their system say transfer requests were sent on April 10th, and then again on April 28th to my current ISA provider (Smile).

Contacted Smile and got this:

"We received a request on 17 April to transfer your ISA. Normally we'd be able to do this for you within 7 to 10 working days. Unfortunately at this time of year there's a large increase in customers wanting to transfer to and from smile before the end of the tax year.

We're doing everything we can to speed up this process and I can assure you that the transfer will be made within the HM Revenue & Customs guidelines of 30 days. You'll still receive a competitive rate of interest right up to the day of the transfer. Your patience is very much appreciated at this busy time."

Great, so it's Smile that is the bottleneck. The smile ISA is currently at 4.75% - hardly a "competitive rate". Cant see anyone wanting to transfer "to" smile, must be 1000s of transfer out requests.

mr_fishbulb

whu wrote: »

update - received letter which says that the 12 months at 6.5% will start when all of the money has been received from old provider

Does it say 6.5% on the letter?

Did you have to ask for the letter?

sloughflint

whu wrote: »

update - received letter which says that the 12 months at 6.5% will start when all of the money has been received from old provider

Wehey.... same as my letter. So that's at least two people.
Fingers crossed!!!!!!!!!!

asharon

echelon wrote: »

UPDATE!

Spoke to LloydsTSB central switchboard - they said the notes on their system say transfer requests were sent on April 10th, and then again on April 28th to my current ISA provider (Smile).

Contacted Smile and got this:

"We received a request on 17 April to transfer your ISA. Normally we'd be able to do this for you within 7 to 10 working days. Unfortunately at this time of year there's a large increase in customers wanting to transfer to and from smile before the end of the tax year.

We're doing everything we can to speed up this process and I can assure you that the transfer will be made within the HM Revenue & Customs guidelines of 30 days. You'll still receive a competitive rate of interest right up to the day of the transfer. Your patience is very much appreciated at this busy time."

Great, so it's Smile that is the bottleneck. The smile ISA is currently at 4.75% - hardly a "competitive rate". Cant see anyone wanting to transfer "to" smile, must be 1000s of transfer out requests.

Have you got the number because I was told it is a seprate number to the main one.

MiserlyMartin

I have had some good customer service from Lloyds at last. Spoke to an ISA team (not in Andover). Lady was very helpful. She didnt know everything about transfers but at least went as far as she could. She seemed a change from the usual not very bright advisor.

Then I phoned the 0800 number and they seem to have improved too. They now mention that interest will be backdated. Only thing that they did stuff up on was the date of account opening being the date the 6.5% runs out. Its not as the T's&C's state. Its the day funds were credited to your account.

carpy

whu wrote: »

update - received letter which says that the 12 months at 6.5% will start when all of the money has been received from old provider

what about if it's coming from 2 different providers?

KTF

As soon as its over 9k it will get 6.5%. If one transfer is above this then you get the rate. If its under it then you get a lower rate till its above 9k.

carpy

sorry what i really meant was will the 12 month period start when all transfers have been completed?

the first has credited today (from barclays) and unfortunately is the smaller one at 3k+ which means it's at 5% for now until the 9k+ from abbey gets credited. i was hoping they would be at the same time (they were requested at the same time) so it would be at 6.5% from day one....

AuxArmes

I requested a transfer from the Nationwide to Lloyds TSB back in mid-March. The transfer request was sent by Lloyds TSB on 3 April and Nationwide sent the cheque out on..... 3 May.

Looks Nationwide are making the most of the 30 day leeway.