LloydsTSB Fixed rate Isa 6.5%

6022tivo

ben.bayliss wrote: »

They really don't have much of a clue do they?

Just spoke with a call centre rep who said that the anniversary date on my account was the date of first deposit(!) - so mid June as it took them that long to cash the cheque. She also said she couldn't tell me when the interest would be backdated to as it wasn't calculated until then. You'd think that information would be in their computer somewhere?! Oh and finally, she confidently told me I was getting interest at 5%, but then when questioned about the 6.5% just shrugged and said 'whatever you were told when you set it up' - but if that's the case why would the system be telling her something totally different?! AAARRGH.

Preparing myself for the inevitable battle. Might even take a wander into the branch later on.

I thought they withdrew the offer before June last year, so you will be on 5% if that was your first deposit??

Mr._H_2

whu wrote: »

But if the ISA account was opened whilst the offer was still on then they will pay 6.5% even if the first deposit came in after June

Indeed. That's what they said at the time.

However, they also said that the one year period would start at the time the account was opened, not when the first deposit arrived. When they recently informed me my maturity date was 12 months after first deposit, I became concerned that they're trying to wriggle out of paying me 6.5%.

I sense a fight brewing, the only problem is that I have no written evidence as to the date on which I opened the account. The only date the statement gives is the date of first deposit

bloaty

Mr._H wrote: »

Indeed. That's what they said at the time.

However, they also said that the one year period would start at the time the account was opened, not when the first deposit arrived. When they recently informed me my maturity date was 12 months after first deposit, I became concerned that they're trying to wriggle out of paying me 6.5%.

I sense a fight brewing, the only problem is that I have no written evidence as to the date on which I opened the account. The only date the statement gives is the date of first deposit

Hi

I had 2 letters with different maturity dates on. The first received in Jan said my account matures on 11 April 09, the second stated my account would mature on 2 May 09.

So I popped into the branch on Sat. for confirmation and was told that it will mature on 11 April which is the date the account was opened. I said I had been advised that the account would run for 12 months from the date of the first deposit (transfer in), which was May. However, the CS said that a credit had been made to my account to compensate this but she wasn't sure how this was made up as she doesn't have any knowledge of that side of the business!

I plan to wait until I receive my statement before taking any action and in the meantime, hopefully, others on MSE will have received further information which might help to clarify the process.

In the meantime, I will update this post once I receive my statement.

PS, they said the rate has changed and they are now paying 3% on balances between £9000 - £29999 but brochures not printed yet.

New rates: 1.5% £3000 - £8999
3.0% £9000 - £29999
3.2% £30000 +

Baldur

bloaty wrote: »

I had 2 letters with different maturity dates on. The first received in Jan said my account matures on 11 April 09, the second stated my account would mature on 2 May 09.

It will mature on the date given in the letter. The date on which your transferred funds were received - mine matured on 28th March, although it was opened on 5th March.

I plan to wait until I receive my statement before taking any action...

If you are registered for internet banking, you will see your interest added to the account on the next working day following the date of maturity.

PS, they said the rate has changed and they are now paying 3% on balances between £9000 - £29999 but brochures not printed yet.

The rates are shown HERE.

wearside_2

My FRISA matures on 7 April, one year after Lloyds TSB received my transfer cheque from the Kent Reliance. After looking at my account online this morning, I see that they have not added any interest for the Tax Year 2008/09. I assume therefore that they will add all of the interest from the date of opening to the maturity date plus £19.66 for delayed interest last year, in one lump sum tomorrow. This of course means that I will be unable to see exactly what interest was paid in the Tax Year 2008/09.

We will be popping in this morning with deposits for this new Tax Year and I shall ask them if they intend to send statements out showing exactly what interest is paid in what Tax Year. I bet Lloyds love customers who are MSE'rs:D

Niksan

Hi, I nearly added another 3600 into my ISA this morning and thought, wait a minute... I was on 6.5 due to expire on the 9th, but to get the 3.0% fixed (I don't have enough to qualify for 3.2%) would I have to open another FRISA with lloyds then transfer my 6.5% into the new ISA once it has matured ?

or what is the variable rate when the 6.5% expires ?

as you can see, I'm confuzled.

KTF

When the 6.5% matures it is moved in to the regular Cash ISA account with a low rate of interest.

To move it to the 3% fixed account you will need to phone up the number on their website on the date of maturity and ask them to transfer it over to the new one.

The transfer is done instantly so dont phone up before the maturity date otherwise you will lose a few days interest at the higher rate.

Niksan

But would I beable to credit extra funds in the meantime, or would tranfering to one from fixed from another be the same as opening a new ISA from a different bank ?

KTF

As it is now a new tax year you can add up to 3600 in new money to the existing fixed rate ISA or to a new one from another provider if you wish.

Moving from the 6.5% to 3% fixed ISA would not effect this years allowance as you are not adding any 'new' money, just shuffling around existing ISAs (which you can do as many times as you want.

I had the Lloyds 6.5% ISA that matured last week so I called them up to get it moved to the 3% fixed and am now in the process of opening up the FD 7% fixed rate regular saver ISA to pay this years allowance in.

boobbby

I have also changed mine from the 6.5% FR ISA to the 3.2% and retained the same ISA number. I received a full years interest plus an additional £50 for the days Lloyds had my cheque from my previous provider but had not paid it into my ISA account. The only problem was that while it was easy to work out the interest on the £30000 they had included the extra £50 without putting it in as a seperate entry. Anyway according to my calculations it was correct.