LloydsTSB Fixed rate Isa 6.5%

gelato_cat

Wasn't the rate of 6.5% only for balances of £9k and up? So the first £3600 will only have been earning 5% until the balance was increased to £9k?

Suze

boobbby wrote: »

Interest of 6.5% is calculated on a daily basis therefore I would suspect they will pay you 6.5% on the £3600 from April and then 6.5% on the total in your account on the day they received the cheque from your previous provider. Dont forget you was getting interest with your previous provider up until the day they sent the cheque to LLoyds.

boobbby

Suzey wrote: »

Wasn't the rate of 6.5% only for balances of £9k and up? So the first £3600 will only have been earning 5% until the balance was increased to £9k?

Suze

Your probably right !! I was really just explaining how they might calculate the interest over the 12 months FR ISA

derrick

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.

The letter I received stated that you can transfer at any time without them invoking the penalty clause, from the letter I received 4-2-09, (my highlighting); -

Dear Mr *******
Your Lloyds TSB Fixed Rate Cash ISA - when it will mature
Your Fixed Rate Cash ISA will mature on 19/05/2009, which is the anniversary of the date that your first deposit was made into your account.

You don't need to do anything as you'll continue to earn interest at the rate of your Fixed Rate Cosh ISA until it matures in to the variable rate Cash ISA, according to your terms and conditions

If you would like to take your money out of your Fixed Rate Cash ISA before your new maturity date, you can. We won't apply the 90 day interest penalty Thank you for saving with us.

Yours sincerely

debbie42

Baldur wrote: »

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'.

Me too, though I haven't heard whether they've received my request. How can I find out what they've done with my account?

KTF

Look at the online banking (if you are registered for it) or call the 0800 ISA helpline number on their website.

maypole

derrick wrote: »

The letter I received stated that you can transfer at any time without them invoking the penalty clause, from the letter I received 4-2-09, (my highlighting); -

Dear Mr *******
Your Lloyds TSB Fixed Rate Cash ISA - when it will mature
Your Fixed Rate Cash ISA will mature on 19/05/2009, which is the anniversary of the date that your first deposit was made into your account.

You don't need to do anything as you'll continue to earn interest at the rate of your Fixed Rate Cosh ISA until it matures in to the variable rate Cash ISA, according to your terms and conditions

If you would like to take your money out of your Fixed Rate Cash ISA before your new maturity date, you can. We won't apply the 90 day interest penalty Thank you for saving with us.

Yours sincerely

They must have hoped that people would take advantage of this so they didn't have to keep paying the high interest:rolleyes:

derrick

Yep, I already said so on THIS THREAD post #118 when I originally received and posted the extract.

dreamypuma

My Lloyds FRISA of 2008/2009, matures on 29th April. I am currently waiting for my First Direct eISA to open (fixed 3.1% accepting transfers in)

In the mean time, can I put an additional £3600 into the existing Lloyds ISA. Then transfer the whole lot into the First Direct ISA, when Lloyds matures?

carpy

dreamypuma wrote: »

My Lloyds FRISA of 2008/2009, matures on 29th April. I am currently waiting for my First Direct eISA to open (fixed 3.1% accepting transfers in)

In the mean time, can I put an additional £3600 into the existing Lloyds ISA. Then transfer the whole lot into the First Direct ISA, when Lloyds matures?

yes you can as i asked them about that myself:beer:

KTF

Have you taken into account the transfer time when going after the additional 0.1% compared to instantly converting it to the Lloyds 3% one?