LloydsTSB Fixed rate Isa 6.5%

p1an0player

boobbby wrote: »

I have an current account with Lloyds so I presumed that when I asked if could transfer my cash ISA from Halifax it would be straight forward. Wrong!! First the branch insisted I had an appointment with the Lloyds financial adviser. The financial advisor informed me that when I did the transfer it would be a good time to transfer 50% of my cash ISA into a Scottish Widows share ISA. I am 64 and already have a personal pension managed fund with an insurance company (about the same amount of money in thefund as in the cash ISA). Do you think I was given sensible advise?

it depends on your attitude to risk

but possibly if you want to invest in stock and shares you can find a way of doing so with lower charges than through Scottish Widows, see other threads here

Geoffo_M

boobbby wrote: »

I have an current account with Lloyds so I presumed that when I asked if could transfer my cash ISA from Halifax it would be straight forward. Wrong!! First the branch insisted I had an appointment with the Lloyds financial adviser. The financial advisor informed me that when I did the transfer it would be a good time to transfer 50% of my cash ISA into a Scottish Widows share ISA. I am 64 and already have a personal pension managed fund with an insurance company (about the same amount of money in thefund as in the cash ISA). Do you think I was given sensible advise?

They aren't "financial advisors", they are salesmen and saleswomen. I personally wouldn't trust any advice from a tied organisation. They are driven only to make maximum profits for their organisation, and commission for themselves. Maybe I'm being too harsh, but I would value advice given by MSE contributors above that of so called financial advisors.

Geoff

roddydogs

Also if you put, say £5000 into a share based ISA with them, that same amount. ie £5000 in the cash ISA will attract 8.5% interest, thoug they havent made this very clear on the website. i can assure you that the nice lady i saw is a financial adviser-it says so on the card she gave me.

KTF

She might be a financial adviser but she isnt an independent financial advisor. Scottish Widows are owned by Lloyds so she will only sell the products that are owned by the parent company (or their divisions).

Geoffo_M

roddydogs wrote: »

i can assure you that the nice lady i saw is a financial adviser-it says so on the card she gave me.

Roddydogs - I'm assuming that's said with tongue well and truly in cheek

boobbby

With reference to my earlier posting (111)
I thought the replies were very kind to the financial advisor!
1. I already have a risk in shares with my pension plan.
2. Income from ISA investment shares is liable to basic rate tax whilst the interest in the Cash ISA is tax free
3. It is true that my reduced cash ISA would mean an increase of 1½% but only for one year and I would have to pay 4% commision for the shares.
4.With a 5% buy/split also to make up I would have thought at age 64 I was a bit old to increase my risk on the stock exchange
5. The financial advisor did say I could transfer just part of my ISA but I dont think this is true as I have already made payments into the ISA this year.
Thank for the replies but I think as you can guess I am going to retain my ISA as a Cash ISA:j

roddydogs

Geoffo_M wrote: »

Roddydogs - I'm assuming that's said with tongue well and truly in cheek

Yup-at least someone clicked!

MiserlyMartin

Ok, heres my update on my transfer into the new Lloyds ISA. I have a letter dated 18/2/08 from Abbey saying they completed the transfer to LLoyds TSB. I have logged into my Lloyds ISA online today and it is showing zero balance!!! I would like to know where my money is. I phoned their 24 hr online banking people and they were no help, told me they could only access the variable rate ISA on their system, not the fixed one. Sounds like a load of rubbish to me. They said I would have to phone my branch. My branch is only open 10am - 5pm and I can't phone from work! So not a good experience so far. Its a lot of money thats missing in limbo land somewhere, they had better backdate the interest to 18/2!!!

johnmoney05

Yes. I have the same problem. Applied back to 1 Feb. Still no sign of any money there yet. Keep checking every day. It is £24,000!

boobbby

I have now just transfered 75% of my ISA to the fixed rate at Lloyds and left 25% with the Halifax at 5.5%. Means I can get the 6.5% over the next year and still have instant access to the remainder. I will let you know in due course how long it took for the ISA to transfer! Anybody wanna take a guess?