LloydsTSB Fixed rate Isa 6.5%

bristolleedsfan

Fella wrote: »

Absolute joke scum organization. Can't believe it's not better known that Lloyds are so appallingly bad. Will go out of my way to warn everyone I know off this bunch from now on.

Point is you are in your words " Will go out of my way to warn everyone I know off this bunch from now on" yet u are happy 2 keep the market leading fixed rate yourself. :rolleyes:

Had u included the question "Can i pull out of the transfer in in view of how I feel about them" then u would have commanded some respect.

BTW I was responding initially to another posters remarks ( roddydogs) its supposed to be a discussion forum not just a "pat some posters on the back " forum.

Amongst other things uve accused LloydsTSB of allowing a backlog to be created on purpose so that they end up paying out less interest. ( factually incorrect, trouble is some people might have believed what u was saying)

bristolleedsfan

Fella wrote: »

You can transfer (only) £3,000 but you only get the high rate of interest if you have a minimum of £9,000.

Avoid them at all costs, they're a disgrace.

First line was advice., last line was trying to put others off LloydsTSB.

( Yet u will be keeping the 6.5% Fixed rate yourself)

DavidAC

At the end of the fixed rate period I beleive the fixed rate ISA is transferred to a Lloyds variable rate ISA which of course does not have a very good rate. Does anyone know what Lloyds rules are for transferring out of this ISA? Do they charge or have any penalties to transfer out of the variable rate ISA? I can not see any information about transferring out on their internet site. Any charge could negate the good fixed rate.

snarffie

AAARrrrrgggghhhh!!

Just noticed that my DOB is wrong on my ISA application form! AND they ticked a box for lump sum, as well as transfer (I only wanted to transfer).

I'm normally pretty carefull at checking forms before signing them too. The advisor at the branch DID make a lot of spelling errors on the computer while setting up the forms though, so missing a few is not so surprising.

Ah hell, I'll have to pop into the branch again tomorrow (if they're open).

This is going to be messy....:think:

[Deleted User]

snarffie wrote: »

AAARrrrrgggghhhh!!

Just noticed that my DOB is wrong on my ISA application form! AND they ticked a box for lump sum, as well as transfer (I only wanted to transfer).

Same on mine but to be honest it didnt worry me, as they logged your transfer details.

roddydogs

Could someone explain the "Backdating" bit-do you get the full 6.5% for one year, or what? thanks

obsessed_saver

roddydogs wrote: »

Could someone explain the "Backdating" bit-do you get the full 6.5% for one year, or what? thanks

I guess it depends on the amount you have in the FRISA. When my transfer from KR arrived, I calculated that the interest applied was 5% AER because my KR amount was only £3k and a bit.

My transfer from NS&I has arrived at £6k+, putting my total amount above £9k so I'm expecting that to be backdated at 6.5%. I'm still awaiting the letter on this one though.

DavidAC

Can anyone answer my question in post 305 please. If they do charge to transfer out at the end of the term it could have a big effect on the return.

bristolleedsfan

DavidAC wrote: »

Can anyone answer my question in post 305 please. If they do charge to transfer out at the end of the term it could have a big effect on the return.

If there was a fee to transfer out at the end of the fixed rate period it would be stated.

http://www.lloydstsb.com/savings/fixed_rate_cash_isa.asp

http://www.lloydstsb.com/legal/savings_legal/fixed_rate_cash_isa_savings_page.asp

As another poster has commented the risk is that at the end of the fixed rate period that some or all of the best paying ISAS at that time may not allow transfers in.

There is also a risk that the best paying ISAs at the end of the fixed rate period that do allow transfers in may not backdate interest during the period that the transfer cheque is in transit and being banked. ( that loss of interest would add up on 9000 +)

On the other hand 9000+ lump sums should be appealing to most savings providers.

obsessed_saver

DavidAC wrote: »

Can anyone answer my question in post 305 please. If they do charge to transfer out at the end of the term it could have a big effect on the return.

It's just a normal ISA after the FRISA has matured. So there won't be any charges for transferring out.