LloydsTSB Fixed rate Isa 6.5%

Ian_W

Update:
Previously posted [post #84] our [Mrs W and self] not very satisfactory opening of this account by phone. Wrong figures, opening by deposit not transfer, no transfer forms etc sent out to us.
:eek:
As a result wrote a Mr Angry letter :mad: and received £15 compo to our joint account and profuse apologies etc.:D

Returned Transfer forms on 13/2 and received notification from YBS on 28/2 that they had closed on 27/2 and transfered the dosh to LTSB. The Fixed ISA account shown online as credited with the money to-day.
By my reckoning that is 7 days loss of interest [5 working days]:rolleyes:. Further contact with LTSB will follow to-night to ask for lost interest to be credited - you can only try!

MiserlyMartin

Liz_the_Whizz wrote: »

By the end of it, I think he had learned quite a lot;) .
.

This is all too common. Why the hell should we consumers, be showing people who work in banks how the banking system works, in particular, ISAs!!!??? Poor training in the industry or lack of quality education from todays school leavers/grads?

Fella

Liz, your experience is almost identical to mine right down to it being Skipton I'm transferring from.

bristolleedsfan

[quote=Ian W;9148373. The Fixed ISA account shown online as credited with the money to-day.
By my reckoning that is 7 days loss of interest [5 working days]:rolleyes:. Further contact with LTSB will follow to-night to ask for lost interest to be credited - you can only try! [/quote]


Is that based on you earning interest from today or 2 working days following receipt of cheque. ( assuming it was a transfer by cheque)

ISA providers seem to post transfer cheques mid/late week on purpose.

Ian_W

Is that based on you earning interest from today or 2 working days following receipt of cheque. ( assuming it was a transfer by cheque)

Letters to me posted by YBS to me and Mrs W last Wednesday and both arrived last Thursday, so can't see any reason the cheque wouldn't have been posted and arrived with LTSB on same timescale? So interest loss based on Wednesday out of YBS to to-day credited to LTSB FR ISA.
Don't HMRC arcane rules insist transfer is by cheque? Given their record with electronic data perhaps they don't trust electronic transfers?

ISA providers seem to post transfer cheques mid/late week on purpose.

You may say that, I couldn't possibly comment! However, not sure what "losing" ISA provider will gain by this?

bristolleedsfan

Ian_W wrote: »

Letters to me posted by YBS to me and Mrs W last Wednesday and both arrived last Thursday, so can't see any reason the cheque wouldn't have been posted and arrived with LTSB on same timescale? So interest loss based on Wednesday out of YBS to to-day credited to LTSB FR ISA.
Don't HMRC arcane rules insist transfer is by cheque? Given their record with electronic data perhaps they don't trust electronic transfers?

You may say that, I couldn't possibly comment! However, not sure what "losing" ISA provider will gain by this?

I saw someone else post asking if ISA transfers had to be by cheque, think answer that got posted back was nope.

By transacting transfer cheque on wednesday - friday old provider guarantees to keep the interest over the weekend ( at least one weekend :rotfl: )

Whilst few xtra days interest might not add up to much on one account, overall its all xtra money for the transferring out ISA Provider.

I noticed earlier that Cheshire BS doesnt pay interest on cheque deposits for 4 working days.

Just tell lloyds that when u transfer the ISA back out they will keep getting interest on your money for several days after they stop paying u interest so for them not to backdate interest on ISA transfer Ins is effectively stealing.

Somerset

Just for other people's info. I've posted here asking about 'missing' interest.


Three isa's being transferred to Lloyds - only one arrived so far.

Left National Counties BS 21/02/08 - arrived/credited Lloyds 05/03/08

Letter rec'd from Lloyds 06/03/08 dated 05/03/08
''We have increased the accruing interest on your isa by £x.xx. This sum represents 12 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''.

This letter was unprompted. I was going to wait till all three turned up before tackling this 'missing interest' issue. If the next two, when they arrive, result in similar letters, I'll be well impressed with Lloyds. I'll update here whatever happens.

Judwin

Update to http://forums.moneysavingexpert.com/showpost.html?p=9060031&postcount=157

Brief summary :

Feb 12th - Went to LLoyds branch, filled in forms to do a partial transfer of £20K into the 6.5% FRISA - in from Abbey.

Feb 13th - FRISA appears on my online banking page with nill balance.

March 1st - Recieved letter dated 23-Feb from Abbey confirming the Lloyds request for a Full transfer of £30K+ :mad:

March 1st - Went to Lloyds branch to instruct them that under NO circumstances was the FULL amount to be payed into the FRISA. Instead it was agreed that £20K would go into the FRISA, and the balance of £10K+ into a 'normal' mini cash ISA.

March 3rd - 'Normal' Mini Cash ISA appears on my online banking page with nil balance.

March 6th - £30K+ appears in the FRISA on my online banking page.

So not only have Lloyds disregarded my instructions, but it looks like the money could have left Abbey on the 23rd Feb, and doesnt re-appear till 6th March. That could be 12 days loss of interest.:mad:

Now where did I put my baseball bat.

bristolleedsfan

Somerset wrote: »

Letter rec'd from Lloyds 06/03/08 dated 05/03/08
''We have increased the accruing interest on your isa by £x.xx. This sum represents 12 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''.
quote]


:T Ive added it to another thread detailing the Dos and the Donts.

Might encourage the "donts" to change their behaviour.

"Dooooooooossssssssssss that im aware of are :

Nationwide BS
Abbey
Saffron BS
Leek BS
Scottish BS ( when asked why they didnt. )
Lloyds TSB ( another posters experience)

KRBS dont ( even when Issue was brought to attention of the COE) "

( Answer KRBS gave was, "We dont transfer many out, because we are consistently one of the highest ISA Payers" )

Im certain that they will be transferring loads out now and keeping the interest on cheque withdrawals for days after they stop paying interest to the cheque withdrawing customer)

Liz_the_Whizz

Fella wrote: »

Liz, your experience is almost identical to mine right down to it being Skipton I'm transferring from.

Spooky, heh?

Feel a bit mean transferring out as mine was the Skipton NSPCC ISA, but I'll find another route for my charitable giving.

Been with Skipton a long time, it was my first ISA - so I made sure I opened another account with them before initiating the transfer for old times sake;).