LloydsTSB Fixed rate Isa 6.5%

gelato_cat

First bit of timeline
Second bit of timeline
Third bit of timeline
Fourth bit of timeline
Fifth bit of timeline
Sixth bit of timeline

22nd May: YBS money has been credited to the account, bringing it over the magical £9k mark but also taking me over the £35k compensation limit - it's a risk I have to take!

To recap:

NS&I closed 7/5, credited 16/5
YBS closed 9/5, credited 22/5
Egg closed 13/5, not yet credited

Suze

Suzey wrote: »

First bit of timeline
Second bit of timeline
Third bit of timeline
Fourth bit of timeline
Fifth bit of timeline

17th May: Logged onto Lloyds just now and see that my NS&I money has been credited. Silly system states that it's a transfer but still thinks it's this year's contribution!

To recap:

NS&I closed 7/5, credited 16/5
YBS closed 9/5, not yet credited
Egg closed 13/5, not yet credited

Hopefully the YBS will be credited shortly (wishful thinking on my part though I think) to take the balance above £9k.

I'll let you know when Lloyds write to me to confirm the NS&I transfer and what the letter says. What I need from them is a confirmation of the interest rates that will be applied and for what periods so I can see if it tallies up with my understanding (once I've done some maths to work out what my understanding actually is)!

Suze

boobbby

Suzey wrote: »

First bit of timeline
Second bit of timeline
Third bit of timeline
Fourth bit of timeline
Fifth bit of timeline
Sixth bit of timeline

22nd May: YBS money has been credited to the account, bringing it over the magical £9k mark but also taking me over the £35k compensation limit - it's a risk I have to take!

To recap:

NS&I closed 7/5, credited 16/5
YBS closed 9/5, credited 22/5
Egg closed 13/5, not yet credited

Suze

We all live dangerously at times :rotfl: I too have just over £35000 in my 6.5% fixed Lloyds ISA after making a partial transfer but have left an amount with my previous ISA so I can get instant access if required. I am paying this years allowance into that previous ISA.

fraser

my first transfer has just made it in

from IF to Lloyds

IF closed and cheques sent (2 accounts) on 9th May

First cheque credited on 21st May (approx 7 working days after)
Other cheque has still to be credited

boobbby

I have just received this email from Lloyds regarding my FRISA

Dear Mr Bxxxxx,

Thanks for your further e-mail.

I have spoken to Mel from our Procedures team and she has confirmed that the start date of your ISA will be the date that the account was opened for you, i.e. the date your application was successfully processed.

Additionally, any interest will be back-dated to the date your previous provider has written on the cheque that is sent to us. This means that you will not loose out on interest during the transfer process, as this can sometimes take more than a month to complete.

If there's anything else we can help you with, please don't hesitate to let us know.

Many Thanks

(removed name)
E-mail Support
Lloyds TSB

I replied to this email quoting from their T & C (below)for this FRISA and pointing out my that my start date would be when they received or entered my transfered deposit from my previous provider and asking why there now seems to be a different interpretation of the start date.


A. YOUR FIXED RATE CASH ISA
1 ACCOUNT OPENING

1. Before opening your account, we may take up references or otherwise satisfy ourselves of your identity and eligibility as an account holder. We can refuse to open a FRISA or accept a deposit without giving any reason.
2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form. Applications cannot be backdated.

phill79

whu wrote: »

welcome to the site - sorry to hear your troubles - i have had similar issues with Lloyds but wont bore you with the details - would just say that it can take about 2 weeks or so for the money to show up in your Lloyds account after it has left your previous provider

Do you think it might be time to get concerned if my NS&I ISA was closed on the 17/4/08 but it is still not showing up in my ISA, even though my wife opened the exact same ISA and transferred hers from NS&I and hers IS showing and been there for a few weeks?

Iconic

boobbby wrote: »

.
A. YOUR FIXED RATE CASH ISA
1 ACCOUNT OPENING

1. Before opening your account, we may take up references or otherwise satisfy ourselves of your identity and eligibility as an account holder. We can refuse to open a FRISA or accept a deposit without giving any reason.
2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form. Applications cannot be backdated.

Nothing seems to be straightforward because the above assumes the first deposit was accompanied by a valid application form which for most people it wasn't!

The only solution I can see is to get everything confirmed in writing by someone senior within Lloyds because in a years time there are bound to be queries.

I bet Lloyds will not be offering as good a deal next year so the only alternative most people will have is to transfer their money again.

debbie42

Had their t&c been clearer we wouldn't all be trying to second guess them. You;d really think that whoever writes these things would consider that!

A8-RICK

kind of related to this subject so please can anyone confirm the following is allowed?

after so much messing around and to be frank incompetence from Lloyds this is my current situation.

I tried to open the account, filled in the forms etc. i was then contacted a few days later to say the account could not be opened at the time because one of the forms was not enclosed therefore will i come and fill in some more.

despite this i have recieved a paying in book etc. having spoken to them i have zero confidence in anything they are telling me (various reasons) and would like to know the following.

A cash isa account has been opened with Lloys but no money deposited. Am i able to close this and open a different isa account with a different provider.

i.e. i will have opened two accounts with seperate providers but only deposited with one of them (Lloys will be closed down) is this allowed? they tell me yes but i need to be 100% for obvious reasons.

any help appreciated,
Thanks,
Rick.

boobbby

A8-RICK wrote: »

kind of related to this subject so please can anyone confirm the following is allowed?

after so much messing around and to be frank incompetence from Lloyds this is my current situation.

I tried to open the account, filled in the forms etc. i was then contacted a few days later to say the account could not be opened at the time because one of the forms was not enclosed therefore will i come and fill in some more.

despite this i have recieved a paying in book etc. having spoken to them i have zero confidence in anything they are telling me (various reasons) and would like to know the following.

A cash isa account has been opened with Lloys but no money deposited. Am i able to close this and open a different isa account with a different provider.

i.e. i will have opened two accounts with seperate providers but only deposited with one of them (Lloys will be closed down) is this allowed? they tell me yes but i need to be 100% for obvious reasons.

any help appreciated,
Thanks,
Rick.

It has been pointed out before....you can open as many ISA accounts as you want but can only pay into one of them. The one you pay into can be transfered to a new provider.

dkmax_2

boobbby wrote: »

I replied to this email quoting from their T & C (below)for this FRISA and pointing out my that my start date would be when they received or entered my transfered deposit from my previous provider and asking why there now seems to be a different interpretation of the start date

At the risk of repeating myself ad nauseum, starting is not the same as opening. An account can be opened but an ISA (the legal wrapper) does not start until money has been deposited - that is all that section is saying, a mere reflection of the ISA rules. It does not refer at all to the 12-month term clock which starts when the account is opened. This is perfectly normal banking practice.

I don't like Lloyds handling of this fiasco and their T&Cs are a badly copied template but I would wholly accept a robust interpretation of these terms. What they should be doing is compensating for unreasonable delays that they have introduced.