LloydsTSB Fixed rate Isa 6.5%

Joe65_2

adrian2000 wrote: »

I took this ISA out yesterday at my local branch. I am no longer a customer of Lloyds TSB, but had been previously. All I needed was my National Insurance number. I opened the account up with £40 and then today deposited a cheque up to the maximum of £3600. I was told that the rate was 6.5% Fixed, but if I paid any money in after the closing date which is Saturday, (if your branch is open) you would get a variable rate instead of the fixed rate. .........................t.

Hope this helps.

Adrian

Wouldn't believe you'll be getting the 6.5% unless you've also arranged some transfers in, to make it up to 9,000. - as it's the Fixed rates that are Tiered (ie. depending on your balance).

exel1966

Adrian will be getting 5.00% until such time the balance is increased.

MiserlyMartin

I suspect this would only apply to people who have not made any deposit yet before Saturday either via a transfer in or a subscription for this year. Still its very cheeky to be pulled just a week after the new tax year. A one week window for those opening new ISAs for this year.

They can't vary the terms, once you have started your 1 year period (date when the first deposit was made) your 12 months runs. Branches once again displaying their cluelessness about their own product range.

adrian2000

Joe65 wrote: »

That does seem to be at odds with what most of us have been getting told, an' I'm counting on it being wrong - none of the Transfers from any opened this week for instance, are going to be in by Saturday ).
However, inconsistency is the small price we have to pay for the pleasure of still being able to deal with people , at a Branch.
Maybe I'll just drop the 3,600 in tomorrow 'though, as you've got me worried now...

I think if you arrange the transfer with the Lloyds TSB you will be fine as my mother also transferred her ISA from the Abbey and this will take upto 30 days, but she has committed the funds by doing the transfer. She is also adding in £3600 which will come out of this years entitlement.

If you open the account before Saturday, but dont make the maximum deposit and then do it after it will be on the variable rate.

Adrian

adrian2000

exel1966 wrote: »

Adrian will be getting 5.00% until such time the balance is increased.

exel1966, yes you are correct I will only get 5%
Fixed Rate Cash ISA

Amount Invested AER/Tax-free (per annum) %
£9,000+ 6.50%
£6,000+ 5.15%
£3,000+ 5.00%
£1+ 0.00%

I forgot my mother was also transfering in from the Abbey.

Adrian

exel1966

MiserlyMartin wrote: »

They can't vary the terms, once you have started your 1 year period (date when the first deposit was made) your 12 months runs. Branches once again displaying their cluelessness about their own product range.

The general T&C's can be changed by giving 30 days notice when it's to your disadvanatge. You then have the option to close the account within 60 days of notification without penalty.
They cannot change the term period of 12 months nor the fixed interest rate.

glossgal

my brain hurts!

Terms says account starts from date of 'first deposit'-but most of us are technically waiting for this to go in via transfers so are deposit-less? I thought date you open it secures the rate, I need a lie down lol.....

Joe65_2

glossgal wrote: »

my brain hurts!

Terms says account starts from date of 'first deposit'-but most of us are technically waiting for this to go in via transfers so are deposit-less? I thought date you open it secures the rate, I need a lie down lol.....

' know how you feel. This Fixed rate , that you can keep adding to -as rates elsewhere plummet (as the BoE has started to today) seems just Too Good to Be True. - so with Ts&C's that seem to be a matter of interpretation - I guess only time will tell if it was.

exel1966

glossgal wrote: »

my brain hurts!

Terms says account starts from date of 'first deposit'-but most of us are technically waiting for this to go in via transfers so are deposit-less? I thought date you open it secures the rate, I need a lie down lol.....

The tiered rate is secured from the date of account opening.

temba

Hello, I'm a bit late on the bandwagon... I tried to open this account today, but got to the bank 2 minutes too late.

I was going to go and open it tomorrow morning... but... now, after reading this post, I'm wondering if it is the right ISA for me at all

Here is my situation:
I have 21K in an Abbey ISA to transfer to a better rate if poss
I don't have my £3600 yet for this year, I only have about £1000 at the moment, and will add to it over the coming few months until I make the £3600
but most importantly:
my (4.79%) fixed rate mortgage is up in December, and i was thinking of chucking my ISA at my mortgage in December before getting a new mortgage.

All things considered, am I right in thinking that this Lloyds TSB ISA isn't going to be the right one for me?

Any suggestions on what I should go for?

Thanks for all your wisdom! Temba.