LloydsTSB Fixed rate Isa 6.5%

Somerset

What isn't good is that there is total confusion from Lloyds about their own product.

I had a good experience. I transferred three isa's from old providers into this Lloyds account. In my case, I visited my local branch and asked them to set up an account. The advisor set up the account there and then and I was given the account number. I WAS GIVEN the three transfer forms ( they filled in sort code and account number ) and I sent the filled in form ( I completed details re old provider ) and passbook to old providers. Things were straigh-forward and the max time on one isa from date old closed was 13 days.

I recommended it to my mother and explained what to do.

Had a phone call today from Lloyds ( mum sitting in room with advisor ). Advisor has said they have to have the passbooks - they send them off to head office - head office allocates an account number - head office then sends off transfer form with passbook to old providers. This is how it HAS to be done. So mum will have to do this - she wants this fixed 6.5% isa.

So there's complete confusion with Lloyds about the mechanics with this product !! Either my advisor was wrong or mum's advisor was wrong. Btw we are both existing customers. She will do what she's been told by her advisor. But it's not good - same bank, same product - different procedures.

caveat_emptor

Somerset wrote: »

What isn't good is that there is total confusion from Lloyds about their own product.
So there's complete confusion with Lloyds about the mechanics with this product !! Either my advisor was wrong or mum's advisor was wrong. Btw we are both existing customers. She will do what she's been told by her advisor. But it's not good - same bank, same product - different procedures.

Totally agree. I went into my LloydsTSB branch to transfer from another provider and filled in the forms. Following day I got a call to say I'd been given the wrong forms. It was as though I was the only one who'd ever opened an ISA. Hope it gets better.

Innys

Somerset wrote: »

What isn't good is that there is total confusion from Lloyds about their own product.

I had a good experience. I transferred three isa's from old providers into this Lloyds account. In my case, I visited my local branch and asked them to set up an account. The advisor set up the account there and then and I was given the account number. I WAS GIVEN the three transfer forms ( they filled in sort code and account number ) and I sent the filled in form ( I completed details re old provider ) and passbook to old providers. Things were straigh-forward and the max time on one isa from date old closed was 13 days.

I recommended it to my mother and explained what to do.

Had a phone call today from Lloyds ( mum sitting in room with advisor ). Advisor has said they have to have the passbooks - they send them off to head office - head office allocates an account number - head office then sends off transfer form with passbook to old providers. This is how it HAS to be done. So mum will have to do this - she wants this fixed 6.5% isa.

So there's complete confusion with Lloyds about the mechanics with this product !! Either my advisor was wrong or mum's advisor was wrong. Btw we are both existing customers. She will do what she's been told by her advisor. But it's not good - same bank, same product - different procedures.

This is exactly the point. If the customer takes over sending the transfer forms to the current provider things go right. If Lloyds TSB offer to do it.....forget it, it will never happen.

I have had enough and lined up the A&L Direct ISA as an alternative. Yes, it pays slightly less and is a variable rate account but at least they require the customer to send the transfer form themselves. That way I'm guaranteed that the existing provider will receive the instructions in four days, not four weeks, and counting.

My complaint to the LTSB CEO seems to have got nowhere, though my local branch manager has left a voicemail message for me to call him back. I'll give them one last chance. If they cannot convince me to keep waiting (i.e. with compensation), I will be cancelling the app tomorrow in the branch and posting my A&L transfer form to the existing provider.

Customers ending up doing LTSB's admin for them - what a farce.

roddydogs

Just to follow up here is a quote from LL/Tsb this is a senior area manager
when a transfer of an existing ISA(s) takes place it can take up to 30 days for the transfer to complete and this is made clear in the leaflets and documentation you have received on your initial visit and Sharon has again given to you on Wednesday. Lloyds TSB can only pay interest on your money from the day it receives it from your other providers and your other providers will stop paying interest on your money as soon as they withdraw it from your existing accounts. Consequently, there will always be a loss of some interest on transfer, which is why we make this clear in our literature.

Innys

Update:

Just spoke to the branch manager and, as we all know, they have lost - sorry I mean "misplaced" - my transfer forms. I said I wasn't surprised. He asked my why that was. I told him I had found out on the Internet that many people's forms were lost - but I didn't mention this site. Perhaps I should have!

As I was due in to see another adviser tomorrow, he suggested I come in and complete another set of forms, they would send it off and backdate the interest to 4 weeks ago.

I said I had a better idea. I complete the forms and I send it off but they still backdate the interest. I told him that I didn't trust their admin not to screw up again and A&L required customers to send off the transfer forms.

He agreed to this suggestion. When I go to see them tomorrow, though, I will want them to confirm, in writing, that the interest will be backdated. I will take the A&L transfer form with me. If they refuse to confirm it in writing, I'll show them the A&L form, leave and send it to my existing provider.

You may regard this as extreme, but I don't trust them to honour a verbal promise, given the shoddy nature of their admin so far.

Will keep you posted.

Cappsy

Cappsy wrote: »

Received YBS letter confirming the transfer out on 17th. Money showing in LTSB online banking this morning 28th. No news yet on backdating interest but looks like I've been relatively fortunate.

Phone call from branch today. Interest will be backdated to 18th March.

Somerset

roddydogs wrote: »

Lloyds TSB can only pay interest on your money from the day it receives it from your other providers and your other providers will stop paying interest on your money as soon as they withdraw it from your existing accounts. Consequently, there will always be a loss of some interest on transfer, which is why we make this clear in our literature.

Again contradictory info.

I was chuffed with my transfers. In each case ( three isa's transferred ) Lloyds sent a letter detailing interest payable from ... to, and in each case they paid interest from the DAY AFTER the previous provider closed - so there was NO loss of interest. So they effectively paid interest while the cheque 'was in the post'. Different stories from different employee's !!

dennisthemenace_2

Hi,

Can someone help please? It is impossible to get hold of Lloyds or Barclays.

I have just opened the Lloyds 6.5% fixed rate ISA for £9000 or above.

Currently I hold 2 others ISA's. One for this year (Barclays) and one for the previous year (NS&I).

I opened the new Lloyds ISA for the new financial year (2008-2009). My question is have I broken any laws in doing this. I have not put any money in the Lloyds one yet. I am worried that I have committed fraud by opening 2 ISA's (the Barclays and the Lloyds one)in the same year, even though I have no intenton of putting any funds in to the Lloyds one until after April 6th.

Secondly, if this is all above board. At what stage do i transfer in from the Barclays and NS&I. I assume I have to wait until after April 6th so that I get the full tax benefits from this year.

I appreciate anyone's help.

Warm regards,

Dennis

snarffie

Innys wrote: »

This is exactly the point. If the customer takes over sending the transfer forms to the current provider things go right. If Lloyds TSB offer to do it.....forget it, it will never happen.

I have had enough and lined up the A&L Direct ISA as an alternative. Yes, it pays slightly less and is a variable rate account but at least they require the customer to send the transfer form themselves. That way I'm guaranteed that the existing provider will receive the instructions in four days, not four weeks, and counting....

I opened an Abbey Direct ISA last year, and...wait for it.......THEY sent the transfer forms to my other provider, not me!! DejaVu or what!? :eek:

itsj2

Went to my local Lloyds this AM with intention of transferring all my ISA savings into the fixed rate account - a significant sum! Never dealt with them before. 3 cashiers, also manager in glass-fronted side office with door firmly closed. No customers. Cashier 1 didn't want to know - "sit down until person who deals with that kind of thing is free". Said person appears en route to side room - "will be with you in a minute". I hear said person chatting and laughing in side room. Quite a few minutes later said person has still not re-appeared so I leave bank and will not be going back.

Moral of story - expect lousy customer service from this shower. (Could it perhaps be that the rate is so attractive that they have already taken in the funds target and are trying to dampen further interest with indifference?).