LloydsTSB Fixed rate Isa 6.5%

MiserlyMartin

No my question was to do with wanting to transfer out of there quickly after the accounts 12 months is up and the rate drops. For me, that is happening before the end tax year 08/09, therefore I was wondering about the rules that say we are not being able to do partial transfers of ISAs that have a current tax year subscription (even though it is only £3,600 of the total)

boobbby

MiserlyMartin wrote: »

No my question was to do with wanting to transfer out of there quickly after the accounts 12 months is up and the rate drops. For me, that is happening before the end tax year 08/09, therefore I was wondering about the rules that say we are not being able to do partial transfers of ISAs that have a current tax year subscription (even though it is only £3,600 of the total)

Normally you would transfer the total of the money you have paid into an ISA in that tax year plus all or a partial amount from previous years. If you start a new ISA in 08/09 with new provider you can then move that money to another provider later if you want (providing it allows transfers without penalty) and then move the money in your Lloyds ISA when your 12 month are up also to the same new ISA. Bit complicated but as Lloyds has the 90 day loss of interest using their ISA it is probably the safest route. I wonder if one day providers may not allow the transfers of previous years ISA's to their highest rates (like Barclays)

Have just noticed that if you withdraw even £10 from this fixed ISA you lose 90 days on the FULL amount

[Deleted User]

Does anyone know if Lloyds are going to announce a date when we will not be able to contribute into this fixed rate ISA anymore(I don't mean opening it, I mean paying in once it's open) or is it going to be pay whenever you want all year round but don't withdraw (or loss of course) ?

roddydogs

Look at it this way-your "Year @6.5%" starts when you open the a/c, not when your money is transferred to the a/c.
therefore its just not in their interest (parden the Pun) to transfer your money quickly, every day delayed saves them squillions.
another thing-think how many people will be waiting to transfer out in a years time!

john.xs

chris that lloyds 6.6% ia a fixed isa and as far as i am aware once you have transferred in your money you cannot pay any more money into it.thats what we were told in wigan branch anyway!

Comfortably_Numb

surfcat wrote: »

How do I use the account on-line?

If I click on the website to register for online access, it says I need to have a current account or credit card.

I didn't realise you couldn't just set up an online account for the ISA. I have a current account with them, and the ISA was automatically added to my accounts online.

You could ask in branch, because they can set up online accounts for you if it is possible.

KTF

I have an Abbey and Egg ISA that are in the process of being transferred over to Lloyds.

On the Egg website there is the option of moving money from the ISA to another account using the sort code and account number - as you would from any savings account. If I used this to move the money over to Lloyds would it lose its tax free status as it looks like Egg havent started the transfer process yet.

Eager_Saver

boobbby wrote: »

I am a little confused

At present you say you have no money in your new ISA but will receive interest back dated to today!... then when you top up the account so that it will be over £9000 on the 6th April, whether or not your transfer had taken place by that date, you will get 6.5%. I have always understood you only get the 6.5% from the day you actually have over £9000 in your ISA.

Yes but until then you get the 5.15% on the 6,000+ balance (http://www.lloydstsb.com/rates_and_charges/savings_rates_a_to_o.asp#frisa)

surfcat

roddydogs wrote: »

Look at it this way-your "Year @6.5%" starts when you open the a/c, not when your money is transferred to the a/c.
therefore its just not in their interest (parden the Pun) to transfer your money quickly, every day delayed saves them squillions.
another thing-think how many people will be waiting to transfer out in a years time!

But term A1.2 says, "your FRISA will start from the date of your first deposit....."

boobbby

Eager_Saver wrote: »

Yes but until then you get the 5.15% on the 6,000+ balance (http://www.lloydstsb.com/rates_and_charges/savings_rates_a_to_o.asp#frisa)

So you opened the account with £3000 as you had not put any money into any other ISA this year . Then after April 6th you will add another £3000+. After that you have arranged for further funds to be transfered into your account so that it will be over £9000. Once transfered money has been entered into your account you will then get the 6.5% but only from the day it is in yout account and not from the 6th April. Is that how you understood it will happen?