LloydsTSB Fixed rate Isa 6.5%

exel1966

skitskut wrote: »

I've 'opened' a FRISA today (11th) by authorising a transfer in of just over 3k. Now when I transfer in another ISA next wk to exceed the 9k do people think I'll get 6.5% on the whole lot when it all eventually gets to LTSB?

Yes, that's how the tiered rate works. You'll be getting 5.00% until the next transfer(s) takes your balance to £9000+ where you'll get 6.5%.

chaotic_j

I went and transferred my ISA from Kent Reliance BS and also my current years allowance into this fixed 1-year ISA. It was a very straightforward procedure.

The rate is indeed going down to 5% on Monday as I was told on Friday, I don't think the product is being cancelled altogether, I was told this when I had to come back because they hadn't been able to check some of my details properly.

There was no pressure to take any other kind of accounts or products. I said that I believed I needed to open a bank account, but they said that I didn't!

They are extremely, extremely nice in there, a far cry from the sour faces and poor service I get when I visit the Halifax where I do my banking.

Awesome :rotfl:

Bogof_Babe

So the fact that my Lloyds ISA account is still showing a nil balance, and my NatWest one still has my entire ISA balance in it, means that I will be getting 5% when the transfer eventually goes through?

If that turns out to be the case I will make a big complaint of mis-selling, as I would have been better off leaving it in the NatWest and getting 5.5%.

The other problem with all this is that as it is an annual fixed term, we will not be able to check what interest we are being given until the very end .

carpy

once you have opened this fixed rate ISA @6.5% will any money you put into it during the 12 months (be it a transfer of previous ISA's or 'new' money) earn 6.5% (providing it's at or above £9k)?

can 'new' money be added via a bank transfer from another bank?

Sooler

Bogof_Babe wrote: »

So the fact that my Lloyds ISA account is still showing a nil balance, and my NatWest one still has my entire ISA balance in it, means that I will be getting 5% when the transfer eventually goes through?

If that turns out to be the case I will make a big complaint of mis-selling, as I would have been better off leaving it in the NatWest and getting 5.5%.

The other problem with all this is that as it is an annual fixed term, we will not be able to check what interest we are being given until the very end .

I believe you'll get 6.5%, the money can take as long as it takes to transfer.

You can check the interest at any time, just ask the bank.

roddydogs

Why do people continually post along the lines of "I went into the branch, and the transfer was smooth", etc, etc, if you read the threads from the start, that is the easy part, in my case i did just that only to find 5 weeks down the line that nothing had been done, and they had "Lost" all my paperwork.
Still i expect the threads will keep coming!!:mad:

dizzie

Looks like we've missed out one this one. I called into one branch near my workplace before the school easter hols. Was told that I needed to see the Financial Advisor to open a fixed rate ISA and this was by appointment only. Couldn't see me before the hols, so I called the Lloyds TSB contact centre number on Tuesday. Having explained that we wanted to open the 6.5% fixed rate ISA, I was told that I couldn't just pop into my branch near home (no financial advisor there), and the next appointment available at the one near my workplace was Thursday 17th April.

Having taken this appointment, and received their confirmation letter, I logged on here last night to see the 6.5% rate was being withdrawn this weekend! Contacted the call centre and yes that is right, but no-one was intending contacting me to let me know this prior to the appointment. They just wanted me to keep the appoinment anyway because they "might have "other products" that I might be interested in"!

Anyone else out there who was intending giving up their time to attend one of these "appointments" might like to be aware of this.

exel1966

Bogof_Babe wrote: »

So the fact that my Lloyds ISA account is still showing a nil balance, and my NatWest one still has my entire ISA balance in it, means that I will be getting 5% when the transfer eventually goes through?

If that turns out to be the case I will make a big complaint of mis-selling, as I would have been better off leaving it in the NatWest and getting 5.5%.

The other problem with all this is that as it is an annual fixed term, we will not be able to check what interest we are being given until the very end .

It will depend how much you are transferring. If its £9k+ you get 6.5%, if not you get the other tiered rates.

boobbby

dizzie wrote: »

Looks like we've missed out one this one. I called into one branch near my workplace before the school easter hols. Was told that I needed to see the Financial Advisor to open a fixed rate ISA and this was by appointment only. Couldn't see me before the hols, so I called the Lloyds TSB contact centre number on Tuesday. Having explained that we wanted to open the 6.5% fixed rate ISA, I was told that I couldn't just pop into my branch near home (no financial advisor there), and the next appointment available at the one near my workplace was Thursday 17th April.

Having taken this appointment, and received their confirmation letter, I logged on here last night to see the 6.5% rate was being withdrawn this weekend! Contacted the call centre and yes that is right, but no-one was intending contacting me to let me know this prior to the appointment. They just wanted me to keep the appoinment anyway because they "might have "other products" that I might be interested in"!

Anyone else out there who was intending giving up their time to attend one of these "appointments" might like to be aware of this.

The worst of it is that the financial advisor has nothing to do with the ISA. They are only interested in selling other products, which when you refuse, return you to a member of staff who deals with ISA's. If you had been lucky enough to go to a branch without a financial advisor you could often complete your application immdiately. When I wrote to the "financial adviser" to ask her to clarify why she had wanted me to take out stocks and shares and put her answer in writing, she didn't even bother to reply!

Bogof_Babe

exel1966 wrote: »

It will depend how much you are transferring. If its £9k+ you get 6.5%, if not you get the other tiered rates.

Thanks Exel1966. It will be almost £30K, hence my worry about missing out! I am a bit more reassured now, on the basis that at the time of arrangement (last Monday) officially the deadline was still 31st May, which would have allowed ample time for the transfer.

Regarding financial advisors, we just queued up at the customer service desk, and when we got to the front we were asked to wait a few minutes until one of the customer service staff was free. She didn't try to sell us anything we didn't want. It must depend on the individual branch's policy.