LloydsTSB Fixed rate Isa 6.5%

[Deleted User]

KTF wrote: »

From: http://www.lloydstsb.com/stand_alone/proof_id.asp

Thank you so much for taking the time to respond to my request. It's great to have my mind put at ease.

Hiphouse

Geoffo_M

roddydogs wrote: »

"Back dated" means the DIFFERENCE bewtween your old rate, and 6.5% it is NOT a full backdating of lost interest!

I'm not sure you are right here. As I understand it, backdating covers the period between when Lloyds receive your transferred funds and the date when it is credited to your account. In my particular case, YBS sent my funds on the 17th March, which were received by LTSB on the 18th. This was finally credited to my account on the 28th March. The backdating concerns the 10 days from 18th to 28th and they pay this backdated interest automatically on all transfers. The fixed interest year then starts running from the 28th.

Geoff

boobbby

Geoffo_M wrote: »

I'm not sure you are right here. As I understand it, backdating covers the period between when Lloyds receive your transferred funds and the date when it is credited to your account. In my particular case, YBS sent my funds on the 17th March, which were received by LTSB on the 18th. This was finally credited to my account on the 28th March. The backdating concerns the 10 days from 18th to 28th and they pay this backdated interest automatically on all transfers. The fixed interest year then starts running from the 28th.

Geoff

I agree as it is the only method that makes sense but I did not get it automatically. It is easy for me to check because I did a partial transfer and no interest was paid by my previous provider (I asume they will add it to the money remaining in my ISA at the end of the tax year)and none have been added by LTSB even though it took 11 days to pay into my account from the date sent.

roddydogs

Read my previous posts ive be assured catigorically that its only the differecence bewtween the two rates, i hope your right!

snarffie

snarffie wrote: »

Hmmm. Not that up to speed!

I opened my FRISA on 3rd March. No sign of any transfer from Barclays yet. My Abbey Direct sent me a letter, dated 28th March to say that they have transferred the money to Lloyds, but that hasn't appeared in the FRISA yet(only 3 working days since letter, so not unexpected).

At least Abbey have done 'something'. How do I find out if Barclays have received the request from Lloyds?

Abbey's money has arrived! 25 days after application + 4 working days after cheque deposited=29 days total.

Barclays ISA has now been taken off my list of accounts as of yesterday, so hopefully, the transfer is now underway from them too.(29 days from application so far...).

I just need to ensure that interest is paid during cheque transfer, if that can be done...:rolleyes:

mr_fishbulb

I'm thinking of getting this for tax year 2008/2009 - however I have one question about it converting into a variable rate cash ISA at the end of the 12 months:

Will this action of it converting from a fixed rate, to a variable rate ISA count as opening a new ISA? I.e. This will happen at the beginning of the tax year 09/10 - will this mean I cannot open another ISA that year to move the money into?

Liz_the_Whizz

Geoffo_M wrote: »

I'm not sure you are right here. As I understand it, backdating covers the period between when Lloyds receive your transferred funds and the date when it is credited to your account. In my particular case, YBS sent my funds on the 17th March, which were received by LTSB on the 18th. This was finally credited to my account on the 28th March. The backdating concerns the 10 days from 18th to 28th and they pay this backdated interest automatically on all transfers. The fixed interest year then starts running from the 28th.

Geoff

Geoff,

From what I understood from Lloyds TSB, the fixed interest year runs from date of account opening, and not from when any transferred funds actually hit the account.

I would prefer your interpretation though.

snarffie

mr_fishbulb wrote: »

I'm thinking of getting this for tax year 2008/2009 - however I have one question about it converting into a variable rate cash ISA at the end of the 12 months:

Will this action of it converting from a fixed rate, to a variable rate ISA count as opening a new ISA? I.e. This will happen at the beginning of the tax year 09/10 - will this mean I cannot open another ISA that year to move the money into?

No, it will just be a continuation of your existing isa. I suppose it is deemed to have been 'transferred', which you are allowed to do as many times as you like in a tax year. You can definately open a new isa in 09/10 as well as having Lloyds transfer to variable rate. You just have to make sure you don't out any money into the Lloyds isa after 5th April '09 or you won't be able to open a new one.

The general advice is that when your 6.5% rate is up, transfer it to another isa provider as Lloyds' standard isa rate is uncompetitive. Of course, this could all change in 12 months time.

insywinsyspider

Hi,

Sorry, I know that this has been discussed before, but does the 90 days interest penalty definitely only apply if the money if moved/withdrawn before the 6.5% fixed period is up?

Does anyone have a simple calculation to check how much this penalty would actually be?

Once the ISA converts to the standard variable Cash ISA rate, can the money definitely be transferred/withdrawn without penalty?

Just want this confirming as can't find anything about this on the Lloyds TSB website.

Thanks!

cjsc

HI,
I'm after some advice please. I have used my full allowance for 2007/2008 in my Nationwide cash ISA and want to transfer some of it, along with previous year's money to Lloyds TSB.(whilst leaving a small amount in Nationwide). TSB can open a FRISA account for me immediately i.e. still in this tax year. Does this mean I will then be able to use my Nationwide ISA to continue adding small monthly amounts for 2008/2009? (I wont be adding any more to the TSB one.)