LloydsTSB Fixed rate Isa 6.5%

derrick

pavlovs_dog wrote: »

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?

zaccy wrote: »

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?

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pavlovs_dog

well spotted derrick

assuming thats for all withdrawls, transfers out etc, is is harsh but then i guess it depends on how much of the term you had commited for.

something else to consider is whether you would tie in all of your isa savings. whilst not the worst product currently on the market, it isnt the best either and in the short term there are better gains to be had. trouble is no one knows for certain how interest rates will pan out over the next few years. tying in could be very shrewd, however worse case scenario is that in two years time you could find yourself with a poorly performing product but are put off from moving because of the penalty clause.

ultimately only zaccy can make the decision

HardSpend

I have one existing ISA from 2001 with about £3700 in it, I haven't used this years allowance
can I transfer this to Lloyds and make up the rest of the £9000 from money I have in my current account?

jem16

HardSpend wrote: »

I have one existing ISA from 2001 with about £3700 in it, I haven't used this years allowance
can I transfer this to Lloyds and make up the rest of the £9000 from money I have in my current account?

You would need to put £3k in before 5th April and then £3,600 in from April 6th as well as transferring your exisiting ISA. If you hurry you might just manage it.

HardSpend

thanks so best thing to do is transfer existing 3.7k and put in 3k new money before April 5th and then put in another 3.6k on April 6th?
Then on April 6th 2009 I am guaranteed to make 6.5% on the total? At which point I need to find a place to transfer it to because the Lloyds rate won't be good enough.

jem16

HardSpend wrote: »

thanks so best thing to do is transfer existing 3.7k and put in 3k new money before April 5th and then put in another 3.6k on April 6th?

Don't wait for the transfer to go through as it will be too late for this tax year.

Then on April 6th 2009 I am guaranteed to make 6.5% on the total? At which point I need to find a place to transfer it to because the Lloyds rate won't be good enough.

Yes that's correct.

HardSpend

what do you need to transfer an ISA?

The only info on my Halifax ISA paperwork that makes it unique to me is my roll number, national insurance number and my name.

bristolleedsfan

HardSpend wrote: »

what do you need to transfer an ISA?

The only info on my Halifax ISA paperwork that makes it unique to me is my roll number, national insurance number and my name.

ISA application form and transfer in form that your new chosen ISA provider will supply.

jem16

HardSpend wrote: »

what do you need to transfer an ISA?

The only info on my Halifax ISA paperwork that makes it unique to me is my roll number, national insurance number and my name.

That's all you need. You should also find that Halifax has a sort code and account number for their ISA.

HardSpend

Found the account number it is not on any of the paperwork but is on a little savings book thingy that I was given when I took the ISA out originally.

Sortcode - same for ISA as my Halifax current account
Account number - ISA and current account different?