LloydsTSB Fixed rate Isa 6.5%

boobbby

insywinsyspider wrote: »

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that this has been discussed before, but does the 90 days interest penalty definitely only apply if the money if moved/withdrawn before the 6.5% fixed period is up?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Once the ISA converts to the standard variable Cash ISA rate, can the money definitely be transferred/withdrawn without penalty?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!

Yes!

Multiply the total money in your ISA by 6.5% and divide by 4 (don't matter how much you withdraw as they take the penalty interest off the total sum)

Yes

So be sensible and dont keep all your eggs in one basket...use another instant access provider for next years ISA so at least you will have some money you can withdraw without penalty (you can still get up to 6.5%)

tazz233

Just to say I opened an ISA today in my local branch (Hove) for 2008/2009. I don't currently bank with Lloyds so thought I would get the hard sell etc. I went at lunchtime and the whole thing only took 15 minutes. Lady was very nice and friendly. Didn't push anything onto me and explained everything fully. She took a cheque for 08/09 which will be cashed on monday.:cool:
We will see how long the transfer takes!

boobbby

cjsc wrote: »

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.)

Exactly my plans...I have left some in a previous ISA and will add to that one or maybe a new one like Barclays. The Lloyds one I will leave alone. Just realised that you may not have time to actually move the money in from 2007/08 but you still might be able to transfer the money from previous years (including 2007/08) after April 6th and still be able to pay into your nationwide account using next years allowance. As I understand it you can only pay into one new ISA each tax year but can transfer older ISA's as much as you want!!

roddydogs

tazz233 wrote: »

Just to say I opened an ISA today in my local branch (Hove) for 2008/2009. I don't currently bank with Lloyds so thought I would get the hard sell etc. I went at lunchtime and the whole thing only took 15 minutes. Lady was very nice and friendly. Didn't push anything onto me and explained everything fully. She took a cheque for 08/09 which will be cashed on monday.:cool:
We will see how long the transfer takes!

As posted before, youve done the easy bit, its whats happened after that people are concerned about. in my case they "Lost" all the documents and i had to start again.

Dagobert

roddydogs wrote:

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

Geoffo_M wrote:

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.

According to the tape TSB play on their ISA line interest is paid from the date on the cheque from your current ISA provider.

This begs the question which interest rate will be applied when there is more than one transfer-in totalling £9K+ but the first transfer-in being below £9K.

KTF

Can a branch trace a transfer request? I requested 2 transfers - one from Abbey and one from Egg. The Abbey one is now transferred but no sign of movement from Egg.

If I go into a Lloyds branch tomorrow will they be able to tell me whats going on or should I be calling egg?

As an aside, if I transferred the money from Egg using the online interface directly into the Lloyds ISA would that lose the tax free status?

ffacoffipawb

Dagobert wrote: »

According to the tape TSB play on their ISA line interest is paid from the date on the cheque from your current ISA provider.

This begs the question which interest rate will be applied when there is more than one transfer-in totalling £9K+ but the first transfer-in being below £9K.

Just got letter dated 1 April from Lloyds TSB saying that the funds were added to my ISA on 1 April. No mention of bakdating interest to 19 March which is the date the YBS ISA was closed and transferred by cheque to Lloyds.

Do I just take it as read that no interest has been lost in respect of those 12/13 days?

glossgal

Seems like the whole bloomin thing is a lottery! Just got home from opening mine, everything seemed to go ok no hard sell etc but have just noticed she has ticked 'lump sum' instead of 'transfer from another provider' on the application? She knows I am asking to do this so can't help thinking this is going to mess things up big time? She also said interest only accrues when the money hits your account? Methinks a follow up visit may be needed :rolleyes:

To add insult to injury she assumed I was single when filling in my personal details! just off to put head in oven...lol

Richchad

Well I waited for a month after opening our accounts at our local branch and nothing seemed to be happening, we are transferring from YBS, Barclays and Chesham BS, none of them had received transfer forms we filled in. :mad:

Sent email to Eric Daniels as suggested by someone here, 2 days later had a call from a nice lady saying she was investigating it and told me YBS & Barclays forms had been sent but could find no record of Chesham BS even though they were sent in same envelope as Barclays to local branch..!

So had to fax Chesham again to a number she gave me, not heard back yet, but today had letter from YBS saying accounts had been closed yesterday 3/4/08 and cheques sent (why cheques?), so will see how long they take to arrive at Lloyds and be credited to our accounts, so now when will Barclays & Chesham BS get the forms?

Nice lady said she will ring me again in a week to give me an update.

johnmoney05

The whole experience of this LTSB fixed ISA made me sick.
Opened the account on the phone on 4 Feb. Today, my account balance is still nil.
Sent email to Eric Daniels on 26 Mar. Got phone call from a gent, promised would sort it out. Left me his direct telephone no. Called him to check any progress on 2 Apr, twice, only with his answering message. Left message there. No reply.
I have enough really. Next Monday, I will call again and write another nasty email to Eric Daniels, at the same time, I will make a complaint to Financial Ombudsman. (Just checked with the website of FO, I have to wait for 8 weeks since my complaint to LTSB)
I think they have enough time to transfer my ISA from Kent RBS in 2 months time.
Although I have called, written to them, I NEVER got written response. Only a phone call. Well, really not good enough.