LloydsTSB Fixed rate Isa 6.5%

tfboy

zzzLazyDaisy wrote: »

To get this deal you need to have at least £9,000 of existing ISA money, with other ISA providers, to transfer to Lloyds.

Does it have to be a transfer form other ISAs? The wording on their website says "Minimum opening deposit is £3,000." and "Allows transfers in from other Cash ISA products/providers" so I didn't think the transfer from an other ISA was compulsory and you could put cash in from a source other than an ISA. Question is how much cash can I put in? £3000 or more now and then how much in next FY ?

jem16

tfboy wrote: »

Does it have to be a transfer form other ISAs? The wording on their website says "Minimum opening deposit is £3,000." and "Allows transfers in from other Cash ISA products/providers" so I didn't think the transfer from an other ISA was compulsory and you could put cash in from a source other than an ISA. Question is how much cash can I put in? £3000 or more now and then how much in next FY ?

You can put £3,000 in now and £3600 in new tax year so you won't have enough to make £9k.

tfboy

Of course, makes sense, Thanks jem

zzzLazyDaisy

Yes, sorry, you can open the ISA with £3000 of new money, and make the £9k up with a transfer of £6k from another ISA provider.

The point is that in order to get the higher rate of 6.5% you have to have at least £9k in the Lloyds ISA, and as you can only put in £3000 a year (£3,600 from April 6th 2008) the balance can only come from existing ISAs either that you already hold with Lloyds, or alternatively that you hold with other providers.

The point about accepting transfers in, is that some ISAs, such as the Barclays Tax Haven ISA, also paying 6.5%, do not accept transfers in, so you can only have £3,000 in that account.

Either way, since you have no existing ISA money, you cannot meet the minimum £9000 requirement for the Lloyds 6.5% ISA, but you could go to Barclays for their Tax Haven Isa, also paying 6.5%

tfboy

Yes, that's what the plan is. I'll put in the £3k now, then put in the additional £3.6k cash from my natwest. Enjoy 6.5% then look next year at moving it depending on which offers are available then - and I take note that next year, it will be a transfer from another ISA

roddydogs

So how come some people are getting interest backdated, and some arnt?

bristolleedsfan

roddydogs wrote: »

So how come some people are getting interest backdated, and some arnt?

The people who are posting saying that interest doesnt get backdated appear to be the people whos transfers havent been completed and are ringing up making enquiries, whereas those posting saying interest was backdated are those whos ISA transfers have been processed by LloydsTSB ISA Section and these people appear to have found based on their experiences of what actually happened that interest was backdated.

Personally i wouldnt waste my time and phone charges phoning such organisations, I always deal with such matters in writing. .. ( A paper trail is always better than no proof of what was said during verbal telephone conversations. )

pavlovs_dog

seems like the same mess we had last year with everybody trying to open their barclays ISA. good to be forewarned though. wont take any messing when i go into branch to open mine next week. hopefully i'll get someone who has at least a vague idea of what they're supposed to be doing

zaccy

Choices choices. I have just gone through the initial phone call stage and am not yet committed to this 1 year fixed rate at 6.5% until I sign and return the paperwork. I have just noticed though, that Northern crock are doing a 3 year fixed rate at 6.1% and they too allow previous year ISA transfers and have a 120 day penalty compared to Lloyds 90day. Any thoughts anyone?

pavlovs_dog

depends on whether you can afford to tie your money up. im hoping to buy a house towards the end of 2009, and my ISA saving are a significant chunk of my deposit, so im not in a position to fix for longer than a year

what are the penalties for withdrawal if you went for it and then had to pull out?