LloydsTSB Fixed rate Isa 6.5%

Richchad

KTF wrote: »

I thought it was backdated to the date on the cheque that was sent and not to the date that the account was opened?

There is a bit of confusion here, the interest on your money will be backdated to the date on the cheque, but the fixed interest rate starts when your account is opened, the question is when will it finish, I guess a year from account opening?

exel1966

p1an0player wrote: »

As there is a sort code & a/c number, people can do BACS transfers into the account throughout 2008 and Lloyds couldn't really reject them (unless the £3,600 had been reached)?

Yes you can drip feed into the the account via BACS/SO's but you only have until 31/05/2008 to do it. The account then closes to new deposits so get your £3600 in for this year by that date.
I wasn't too sure about this info so I queried it (3 times) and each time was given the same information.

derrick

I have just rang this number;- 0800 015 0060, provide by Richchad @ #573 above, and been told this ISA is still open until 31st May, and that interest will be backdated to the date of the cheque, and that the account is opened from date of opening even if no money is deposited in the acc, i.e. awaiting transfer of previous years ISA's, therefore if this is true and some transfers are taking 30 days, then the acc might end up only being 11 months, but don't forget interest will be continuing in the old accs until they post the cheque.

Niksan

Must say I'v not been impressed with lloyds ISA thus far.

I've had all kinds of problems depositing, even the people who I rang up couldn't deposit any money from my lloyds classic account, transpired when I looked online my ISA had in effect been suspended (could still draw money out although none was in) due to the fact no payments had been made in in the last tax year so I sorted that and now I have issues finding where my old egg ISA money has gone, egg say they did the transfer on 1st april, lloyds are like, nowt to do with us..

KTF

Out of interest, when did you open the Lloyds account and when did the transfer forms get sent to Egg? I opened mine in the middle of March and sent back the transfer forms but the money is still in my Egg account.

snarffie

My experience of opening the FRISA.

I visited the branch on 2nd/3rd March (not sure which it was). Went into a room with advisor. She typed in all my details while I watched. Gave my drivers licence and details of the two ISAs I wanted transferred in (Braclays and Abbey). She filled in a transfer form for each, and I signed them.

She wanted to set up my online account, so I could keep an eye out for the transfers, but the internet was down, so I had to go in another day to do that.

I set up the online account about a week later, and received my password etc in the post.

About three weeks after applying, I was checking the forms and found that my DOB was wrong! I went into the branch to ask if this was causing a delay, and the advisor changed my DOB on the computer, and reassured me that if there was a problem, the application would have been returned. She told me that they allow 35 days from application before they will query the progress of my application, so not to worry.

On 28th March, I received a letter from Abbey to confirm closure of ISA.
On 2nd April, money appeared in Lloyds FRISA.
On 2nd April, I received a final statement from Barclays.
On 9th April, money appeared in Lloyds FRISA.

All done and dusted. Simple, pleasant and efficient. Everything went just as I was told, although it did take 37 days instead of 35.:D

I must check if there's any interest I can get paid for the dates whilst the money was in transfer....

joyful_2

Opened Isa with Lloyds early in March, had the usual deal seen by financial advisor with hard sell of financial products. He had no idea about this Isa bought in another advisor who equally had no idea. She filled in application form and I signed and waited. There have been various cockups on the way because Icesave and Nationwide didn't receive transfer out forms, this was only resolved after being passed from pillar to post around the call centre then I got to speak to a manager. Thought everything was resolved and went into branch today to pay in this years £3600 only to find the transfers from other isas had been returned back to the original banks!
Didn't notice at the time but the advisor completing the forms had filled in birth date wrongly and because of this their Isa centre has returned the money. This is despite the fact that attached to my application is a copy of my passport with correct birthdate and my telephone contact number. At the moment am waiting for a call to tell me where my money is, the girl in Lloyds cant phone their Isa centre she can only contact them by email. So beware double check any forms that are filled in for you. If anyone has email or address of Chief exe of lloyds I would be grateful as I need to fire off a stinking complaint to him.

Richchad

[EMAIL="eric.daniels@lloydstsb.co.uk"]eric.daniels@lloydstsb.co.uk[/EMAIL]

mr_fishbulb

exel1966 wrote: »

Yes you can drip feed into the the account via BACS/SO's but you only have until 31/05/2008 to do it. The account then closes to new deposits so get your £3600 in for this year by that date.
I wasn't too sure about this info so I queried it (3 times) and each time was given the same information.

Hmmmmmm. Where did you get the info from?

LankyMoneySaver

MrSafeGaz wrote: »

I opened one of these with no problems last week. My only issue with it is that it is not actually a 12 month fixed rate 6.5%, it's more like 11 months. Since you have to transfer money in from elsewhere to get this rate and that takes 30 days+, you don't get the interest backdated to account opening.

I asked a question on here a few days ago about what counts as the openeing date of the account (so I know when the 12 months of 6.5% ends for me) as when I phoned them they couldn't tell me! Someone posted a snipet of the T&Cs which stated that it was the day of the first money going into your account. So if you opened with 0 and are just doing a transfer you should get 12 months from that day the money makes it acoss.