LloydsTSB Fixed rate Isa 6.5%

johnmoney05

I believe you can transfer the whole to LTSB if that is what you want.

boobbby

This is the way I consider a Cash ISA should be described when moving your ISA from one bank to another.
To "open" a new cash ISA you must NOT have contributed to another in this tax year.
You can transfer into your new bank but your new bank must first move ALL the funds from this years contributions to your new account. You can when this has been completed top up to the £3000 allowance if you have not already made the maximum contribution.
You can also transfer all or part of previous years contributions from the same or any other previous ISA providers but to get the 6.5% fixed rate this will have to total a minimum of £9000
So you can "transfer" but not "open" more than one new ISA each tax year
Hope this helps
Bob

Ian_W

Geoffo_M wrote: »

Maybe I have to wait til 5th April (assuming the offer stays til May) and then be eligible to transfer and add maximum £3,600?
Geoff

No you don't Geoff. Those are exactly my circs [slightly less money though :rolleyes: ] but I've opened the LTSB FR ISA with a nil balance and am in the process of transfering into it from YBS.
The T&Cs you quoted are, IMO, rather badly written. The rule is that you have to transfer all of your current tax year ISA contributions into it if you open a 2nd one - and that is what they're trying to get across I think.
But you can open [but not contribute] now and they'll send/give you a transfer form to move your dosh from YBS.
You'll then be able to put your 2008 allowance in after 6/4 which is better than some fixed rates which only allow you to put in at the start - YBS is one I think that won't take further contribs.

Bob_zodiac

I'm going to get an ISA from Lloyds tsb but i am a bit clueless about it all.

I am going into the bank what do i need with me(documents) and how long will i be there for....is it as simple as signing some forms

I will be putting £3,000 in then £3,600 after april 6th.When do you get the interest?

Is there any possibility to lose money with an ISA?

thanks.

boobbby

Bob_zodiac wrote: »

I'm going to get an ISA from Lloyds tsb but i am a bit clueless about it all.

I am going into the bank what do i need with me(documents) and how long will i be there for....is it as simple as signing some forms

I will be putting £3,000 in then £3,600 after april 6th.When do you get the interest?

Is there any possibility to lose money with an ISA?

thanks.

If you have less than £9000 to invest then you can get a better rate from other providers.

Bob_zodiac

I could put £9,000 in but i thought there was a limit.

boobbby

Bob_zodiac wrote: »

I could put £9,000 in but i thought there was a limit.

There is a limit of £3000 per year (£3600 next tax year) so you would have needed save for 3 years to have over £9000

Geoffo_M

Bob_zodiac wrote: »

I'm going to get an ISA from Lloyds tsb but i am a bit clueless about it all.

I am going into the bank what do i need with me(documents) and how long will i be there for....is it as simple as signing some forms

I will be putting £3,000 in then £3,600 after april 6th.When do you get the interest?

Is there any possibility to lose money with an ISA?

thanks.

You won't get the 6.5% fixed isa rate because you need be able to transfer a balance of at least £9,000. You would only get their variable rate which I think is 5.5%. There are better rates around.

Bob_zodiac

Thanks can anyone answer the other questions.

MiserlyMartin

stevedb11 wrote: »

I have just recieved a letter from Lloyds Cash ISA team, informing me they have Increased the Accuring intrest on my ISA by £xx.xx, here is the exact wording of the Letter:

Quote
"This sum represents the13 days of interest for the period from the transfer date of your previous ISA provider to today. This will be reflected on your account as part of your next interest payment. Yours sincereley , Lloyds TSB Cash ISA Team"

Hope this Info will relieve the concern some ops have been expressing about loss of interest.;) Regards Steve

After nagging my branch, I also recieved this letter. But they only gave me 6 days loss of interest, when I calculate it to be 9 days. (Old ISA closed 18/2 - Lloyds ISA credited 27/2) Is this correct?