LloydsTSB Fixed rate Isa 6.5%

exel1966

p1an0player wrote: »

Would anyone care to post these full T&Cs on here? Might be helpful in a year's time.
I hope it's not different T&Cs for different customers a la e2save.

If you have the ISA, then you should have the full set of T&C's in pamphlet form and on the ISA agreement form which you signed. Banks do not compare to mobile phone companies !!

exel1966

redcar wrote: »

When I opened mine I was only going to put in £10 for the new allowance as I didn't want all the new money sitting at the low rate until the transfer came over. The person I dealt with went off to check with someone else and said the £3.6k would get 6.5% from the day of opening if a transfer form to bring it over £9k was completed on the same day. I'll be a bit !!!!!! off if thats not the case although it wouldn't surprise me as Lloyds are the worst I've ever come across.

If that's what you've been told you been advised incorrectly and you'll have to decide what you want to do about it !
Sit back and think about this logically. Do you really think that Lloyds will pay you 6.5% for money they don't have ? If they were to pay from then, you'd in reality be getting perhaps 12% on those funds as your previous ISA manager will still be paying you interest as well. That is NOT going to happen which is why you only receive interest at the tiered rate from the moment LLoyds receive the cheque from your old ISA manager.

As side note and from personal experience of having up to 20 different accounts with different banks/building societies running concurrently I find LLoyds to be consistently one of the better ones. Of course they will all make mistakes at times though.

Careful_ly

steveh2001 wrote: »

I received confirmation of the transfer today (request put in 2 weeks ago) - has any one recieved confirmation of the backdated interest without specifically requesting it?

Thanks

OH made a transfer to Lloyds Tsb there was a difference in almost 2 weeks between cheque being sent and being credited (although Easter was included in this period)
We went into branch to query, they could see on screen a £10+ credit for interest, BUT we cannot see this on internet banking. We have been told a letter will be sent to say backdated interest to date of getting the cheque, but we haven't had this yet.
They also could see a note on screen that told them when cheque was received, my only query now is the end date of the 12 months fixed rate?

HTH

Baldur

Careful_ly wrote: »

.....my only query now is the end date of the 12 months fixed rate?

HTH

The Ts&Cs (paragraph A2.1) define the end of the fixed rate period as "the first anniversary of the day on which your FRISA was opened".

Your query should be "What constitutes 'opening' in this context?" - whether it's the date on which your OH signed the application or the date that funds are received in the account.

redcar_2

exel1966 wrote: »

If that's what you've been told you been advised incorrectly and you'll have to decide what you want to do about it !
Sit back and think about this logically. Do you really think that Lloyds will pay you 6.5% for money they don't have ? If they were to pay from then, you'd in reality be getting perhaps 12% on those funds as your previous ISA manager will still be paying you interest as well. That is NOT going to happen which is why you only receive interest at the tiered rate from the moment LLoyds receive the cheque from your old ISA manager.

As side note and from personal experience of having up to 20 different accounts with different banks/building societies running concurrently I find LLoyds to be consistently one of the better ones. Of course they will all make mistakes at times though.

The 6.5% was to be on the 3.6k from opening not the other ISA funds. And yes I did think they might pay from receipt of cheque as thats what Barclays did last year. I didn't think they'd pay it on the ISA funds until they got them for reasons you've said above. The query was what rate would they pay on the 3.6k until the transfer came in given that this might be quite slow. Do you still think i've been misled?

Would it be illegal for me to go in and try and speak to the person who checked this and get her to say it again whilst I record it and then ask her to put it in writing. I'd have the verbal record then if it turns out not to be correct and she won't put it in writing.

boobbby

redcar wrote: »

The 6.5% was to be on the 3.6k from opening not the other ISA funds. And yes I did think they might pay from receipt of cheque as thats what Barclays did last year. I didn't think they'd pay it on the ISA funds until they got them for reasons you've said above. The query was what rate would they pay on the 3.6k until the transfer came in given that this might be quite slow. Do you still think i've been misled?

Would it be illegal for me to go in and try and speak to the person who checked this and get her to say it again whilst I record it and then ask her to put it in writing. I'd have the verbal record then if it turns out not to be correct and she won't put it in writing.

You will get 5% on the £3600 for about 30 days so you will lose about £4.50 over the 12 months. Not worth bothering about!! You will see in many posts that duff info has been given out by some bank staff and at least you got to open your ISA and not see the so called financial advisor.

redcar_2

Hmm thanks that does put it in perspective!

As an aside did have to see the FA and when I said I didn't want a review and just the ISA I had to sign a piece of paper for them to say I was refusing their financial consultation as they said i really should have full advice before buying their product!

boobbby

redcar wrote: »

Hmm thanks that does put it in perspective!

As an aside did have to see the FA and when I said I didn't want a review and just the ISA I had to sign a piece of paper for them to say I was refusing their financial consultation as they said i really should have full advice before buying their product!

I bet many other people wish they had been given the option to refuse to see the FA!! Still for those that read these posts it could still be useful information

debbie42

redcar wrote: »

As an aside did have to see the FA and when I said I didn't want a review and just the ISA I had to sign a piece of paper for them to say I was refusing their financial consultation as they said i really should have full advice before buying their product!

I didn't have to see an FA or sign a disclaimer.

boobbby

debbie42 wrote: »

I didn't have to see an FA or sign a disclaimer.

Not all branches have a FA