LloydsTSB Fixed rate Isa 6.5%

sloughflint

h5djr wrote: »

Both my wife and myself set up a new Fixed Rate ISAs over the phone yesterday and arranged for money to be transferred from our existing Lloyds Mini Cash ISA. Perhaps because we are existing customers, but the young lady said it could all be completed over the phone and their would be no forms to sign.

Quite likely. Similar experience with Halifax.

Fella

Sorry, I thought you were referring to transfers from other institutions. I'd be surprised if you need a form for a transfer from a diff Lloyds account.

johnmoney05

Fella wrote: »

Sorry, I thought you were referring to transfers from other institutions. I'd be surprised if you need a form for a transfer from a diff Lloyds account.

Sorry. I am transferred from Kent R Bs.

macca64

Dagobert wrote: »

You have to introduce this year's ISA when opening the account:

I have this year's ISA with A&L @ 8.1% until the end of April and previous years' @ 5.8%.

I have this years with Egg @ 6.05% and previous years with Kent Reliance @ 6.05%, am I right in assuming that I have to transfer both to Lloyds TSB to open this fixed rate ISA? I was hoping to keep both accounts separate, so was only looking to transfer the previous years with KR. Plus I am still contributing to this years ISA!

Cheers
Macca

Fella

johnmoney05 wrote: »

Sorry. I am transferred from Kent R Bs.

For that I definitely think you need to do a transfer form.

Dagobert

macca64 wrote: »

I have this years with Egg @ 6.05% and previous years with Kent Reliance @ 6.05%, am I right in assuming that I have to transfer both to Lloyds TSB to open this fixed rate ISA?

See my [post=8505305]quote[/post] from TSB T&Cs.

shaz77_2

Two important question I have not been able to find the answer to.

1. Does this offer last for a full year, e.g. if I opened it he account today the rate would remain at 6.5% until this time next year.

2. If the rate drops next year and I want to transfer my ISA is there a penalty.

Reestit_Mutton

1. Does this offer last for a full year, e.g. if I opened it he account today the rate would remain at 6.5% until this time next year.

If I understand your question correctly, I don't know exactly when the fixed rate ends.

2. If the rate drops next year and I want to transfer my ISA is there a penalty.

This question I can answer...At the end of the "year" your ISA simply reverts to their standard variable rate one (currently paying 5.5%) and this ISA attracts no interest penalties or transfer fees upon transferring out.

HtH
RM

MiserlyMartin

shaz77 wrote: »

Two important question I have not been able to find the answer to.

1. Does this offer last for a full year, e.g. if I opened it he account today the rate would remain at 6.5% until this time next year.

2. If the rate drops next year and I want to transfer my ISA is there a penalty.

I opened one of these in branch today and I have the T's and C's in front of me.

1. The account will run for one year from the date the account was opened. As far as I can see, this opening date will not be until the date of the opening deposit. So if you were going to open it with purely transferred in money, the account will not open until then.

2. There is no penalty for transferring your ISA out after a year. You will most likely want to do this because after a year the account becomes a Standard Variable Rate ISA so is likely to be a poor rate - their mini cash ISA is only paying 5.5%.

If you were to close or transfer out during the year you will lose 90 days interest. If Lloyds make any change to your disadvantage they will tell you about it and if you close or change your account within 60 days of this change they will waive the 90 days penalty. (section 7.2)

I was told that the transfer in from my old ISA will be done electronically and that the money will leave the old ISA and arrive at Lloyds on the same day. I shall let everyone know how the transfer goes and if this does happen.

KTF

macca64 wrote: »

I have this years with Egg @ 6.05% and previous years with Kent Reliance @ 6.05%, am I right in assuming that I have to transfer both to Lloyds TSB to open this fixed rate ISA? I was hoping to keep both accounts separate, so was only looking to transfer the previous years with KR. Plus I am still contributing to this years ISA!

Cheers
Macca

If you have already used up this years ISA allowance then I believe you would have to transfer over an existing one to it.

You could wait till April then open the ISA and put in next years allowance instead but if the Lloyds TSB one is paying a higher rate than your existing ISAs then why not take the opportunity to combine them?