LloydsTSB Fixed rate Isa 6.5%

KTF

Do you have access to Lloyds online banking? If you do then you will be able to see the date of the first deposit. That is the maturity date.

If you want to invest this years allowance now then you can still add it to your existing 6.5% fixed ISA and move the whole lot to the 3% one (or another provider if you want) when it matures.

Alternatively you can leave the 6.5% one as it is and open up a new ISA to put in this years allowance. If you want to combine the two once the 6.5% matures then make sure that the new one that you open allows transfers in.

To clarify the highlighted bit. I has a 6.5% Lloyds ISA for the last tax year which has now matured. This has been converted to the 3% fixed one but rather than add this years allowance to the 3% account I am going to open the First Direct 7% Fixed Regular Saver ISA instead as this will return a slightly higher rate of interest compared to the Lloyds 3% fixed (and other variable accounts).

Geoffo_M

bloaty wrote: »

Hi
"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".

This isn't as great as it sounds. You need to already have opened a 1st account, and then set up a standing order from this. As with all regular savers, because you drip feed your money, you only earn interest effectively at half the rate of others e.g. interest on £3,600 at 7% will only earn £126 - not £252. Also, when the year is up, it reverts to a standard variable (usually cr*p) rate

KTF

I dont mind opening up a FD account to get this plus I will earn interest on the money thats in the feeder account (currently the egg 6.3% one) in addition to the money going in to the ISA.

The combination of these two will give me more interest than going for the Barclays or Natwest ISAs and its fixed for 1 year (unlike those two).

Transferring out isnt a problem either as almost every ISA I have had in the past has changed to a poor rate once the term is up.

boobbby

KTF wrote: »

I dont mind opening up a FD account to get this plus I will earn interest on the money thats in the feeder account (currently the egg 6.3% one) in addition to the money going in to the ISA.

The combination of these two will give me more interest than going for the Barclays or Natwest ISAs and its fixed for 1 year (unlike those two).

Transferring out isnt a problem either as almost every ISA I have had in the past has changed to a poor rate once the term is up.

If you have a 6.3% account with egg you may like me also have their egg money card. My intention is to switch the money onto this card when the saving accout matures as it pays 4% while in credit which is a better rate than most saving accounts. I will like also filter money from the card into an ISA.

KTF

Yep, thats exactly what I plan to do

maypole

I Opened a Lloyds tsb fixed rate with £3600 last year on 7th April, then I transferred in another amount which reached the account on the 28th April.
I have tried to open a new fixed rate on line and it won't let me, some red writing tells me that I am not elligible. Does that mean I have to wait until the 28th of April before I can do this?

Baldur

maypole wrote: »

I Opened a Lloyds tsb fixed rate with £3600 last year on 7th April, then I transferred in another amount which reached the account on the 28th April.
I have tried to open a new fixed rate on line and it won't let me, some red writing tells me that I am not elligible. Does that mean I have to wait until the 28th of April before I can do this?

You should have received a letter detailing the date on which your 2008/9 LTSB FRISA matures (the date that cleared funds were first received in the account) - you can transfer it to the new FRISA the day after it matures.

I did this on 29th March (my previous one expired on 28th March), it was not done online but by submtting an ISA transfer form to the LTSB ISA Unit.

Baldur

whu wrote: »

Can you transfer it on the day it matures or does it have to be at least a day later?

It was specified to be a day later on my letter, from memory - my transfer instructions were sent in February, as part of their 3.75% 'Early Bird' offer - I specied that the transfer should take place 'on maturity'.

maypole

Baldur wrote: »

You should have received a letter detailing the date on which your 2008/9 LTSB FRISA matures (the date that cleared funds were first received in the account) - you can transfer it to the new FRISA the day after it matures.

I did this on 29th March (my previous one expired on 28th March), it was not done online but by submtting an ISA transfer form to the LTSB ISA Unit.

Thank you for this. I haven't had a letter, but I can see online when the amounts were deposited.
However what I have done after reading another post on here, is, I have transferred my new £3600 into the fixed rate account and it has been accepted. So then I will have to open the new account to have all the money put in there.

Thanks again.

bloaty

Geoffo_M wrote: »

This isn't as great as it sounds. You need to already have opened a 1st account, and then set up a standing order from this. As with all regular savers, because you drip feed your money, you only earn interest effectively at half the rate of others e.g. interest on £3,600 at 7% will only earn £126 - not £252. Also, when the year is up, it reverts to a standard variable (usually cr*p) rate

Thank you and to all who have posted such helpful replies.

It is a real mine field out there isn't it.