LloydsTSB Fixed rate Isa 6.5%

dreamypuma

KTF wrote: »

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?

To be honest I hadn't. I applied for the First Direct product on Tuesday, and assumed that the forms to sign would be here in a weeks time (as most have reported)

I am hoping that the transfer would be quite quick (about 30days) to First Direct meaning that I would only be stuck with about one or two weeks of 1% from Lloyds.

To be honest it's not the additional 0.1% that appeals to me, it's more getting my savings away from Lloyds / Halifax (as I already bank with Halifax) This coupled with the fact that FD allow (penalty free) withdrawals from a fix rate product and that they are backed by HSBC.

I know that Lloyds now have government backing and that FSCS protection applies. But underlying feelings about Lloyds / Halifax merger, bad feeling about share prices and the way they handled last years FRISA, with inconsistancies in dates and clarity of product, make me want to shift.

I hear FD are known for the quality of service and I like the fact that they pick the phone up within two rings. (strangely a key feature what Lloyds sold themselves on in the 90's).

I also wasn't valued enough for Lloyds' 3.75% early bird, despite have quite a tidy sum with them. So I guess they don't really want me anyway.

Call me paranoid, but it just feels right.

dreamypuma

carpy wrote: »

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

That sounds great, can you pay in, by BACS from another bank ie Faster Transfer from Natwest, or does it have to be by personal cheque in branch?

If by personal cheque, is it tendered in the usual way (in branch cleared over 3/4 days) or is it sent away and credited weeks later (like Barclay Tax Haven last year)

wiimad

I paid in £3600 bank transfer from my natwest account straight into the Lloyds ISA all went in same day so YES.:j

dreamypuma wrote: »

That sounds great, can you pay in, by BACS from another bank ie Faster Transfer from Natwest, or does it have to be by personal cheque in branch?

If by personal cheque, is it tendered in the usual way (in branch cleared over 3/4 days) or is it sent away and credited weeks later (like Barclay Tax Haven last year)

dreamypuma

wiimad wrote: »

I paid in £3600 bank transfer from my natwest account straight into the Lloyds ISA all went in same day so YES.:j

I did have a starnge message on my online Lloyds FRISA, something about reactivating the account, because I hadn't paid into it during a full tax year. I haven't done this as I was woried it may convert the account into a standard rate or may even do something silly like lose it's tax free status.

Anyone come across this? Should I do it? Can I assume that I have to do this before I send any money to it for 09/10?

sheslookinhot

dreamypuma wrote: »

I did have a starnge message on my online Lloyds FRISA, something about reactivating the account, because I hadn't paid into it during a full tax year. I haven't done this as I was woried it may convert the account into a standard rate or may even do something silly like lose it's tax free status.

Anyone come across this? Should I do it? Can I assume that I have to do this before I send any money to it for 09/10?

Check with your branch, but seems OK if you haven't used the account for a while.

wiimad

When you log into your lloyds ISA online mine showed as having £3600 tax status left on 6th April 2009, When the transfer from natwest to lloyds happened i checked the account the following day to find i had £0 left of my tax ISA for the year 2009-2010, which for me was a good enough indication all was well!.;).

p.s I only have 2 days left of my 6.5% so i made sure the £3600 went in on 6th April for the extra few days of high interest before i only get 3.2% at best

dreamypuma wrote: »

I did have a starnge message on my online Lloyds FRISA, something about reactivating the account, because I hadn't paid into it during a full tax year. I haven't done this as I was woried it may convert the account into a standard rate or may even do something silly like lose it's tax free status.

Anyone come across this? Should I do it? Can I assume that I have to do this before I send any money to it for 09/10?

Baldur

dreamypuma wrote: »

I did have a starnge message on my online Lloyds FRISA, something about reactivating the account, because I hadn't paid into it during a full tax year. I haven't done this as I was woried it may convert the account into a standard rate or may even do something silly like lose it's tax free status.

Anyone come across this? Should I do it? Can I assume that I have to do this before I send any money to it for 09/10?

Reactivation is a requirement for all Cash ISA accounts if you haven't subscribed for a full tax year - See an example explanation HERE:

ISA Reactivation

If you did not deposit any monies in your Cash ISA with the Society during the last tax year, or your account was previously a TESSA Only ISA, you can now deposit savings up to the £3,600 limit but you will be required to complete an ISA Reactivation Application Form.

boobbby

dreamypuma wrote: »

I did have a starnge message on my online Lloyds FRISA, something about reactivating the account, because I hadn't paid into it during a full tax year. I haven't done this as I was woried it may convert the account into a standard rate or may even do something silly like lose it's tax free status.

Anyone come across this? Should I do it? Can I assume that I have to do this before I send any money to it for 09/10?

All that will happen if you tick the boxes is to make the ISA Active and allow you to pay in this years cash ISA allowance. You would still be allowed to open and subscribe to another ISA providing you do not pay new money into your Lloyds FRISA.

dancingclean

I opened the 6.5% fixed rate ISA and it has just matured. I transfered my other cash ISA in to make sure I had sufficient balance to qualify for the top rate. Lloyds were swamped with applications and took 3 months to process my ISA transfer. They assured me (in a telephone call) that I would get the interest back-dated. However when I received the maturity statement I appear to have received interest only from the date they received the funds from my old ISA provider. Does anyone else have the same issue? I'm going to the branch tomorrow but don't have any written proof of their 'promise'.

Baldur

You should have received a letter from LTSB earlier this year indicating that the date of maturity of your FRISA would be one year from the date that the first deposit was received into your account, not from the date of account opening.