LloydsTSB Fixed rate Isa 6.5%

dkmax_2

exel1966 wrote: »

Did you sign the completed paperwork and open the account prior to today ? If so you get the tiered rate up to 6.5%. It doesn't matter what date thereafter the transfers take place.

The account was opened, as far as I am concerned, over a month ago and I was issued with account details etc. shortly afterwards. The transfer-in has not happened yet however. What raised my suspicions was that they rejected any payments, in for this tax-year until today but, as another poster mentioned, this can be due to their "systems" and so it is likely it was just an unfortunate coincidence rather than some shady behaviour.

Sooler

steveandel wrote: »

I'm fairly certain I read that the fixed rate period starts from the date of the account being opened, not the date of the first deposit, so you should be ok. Can anyone confirm this?

That's what I was told.

"fixed rate period starts from the date of the account being opened" - this just required the application and transfer forms to be completed, so they can assign you an account number. Providing any cash deposit and transfers total £9000 or more you'll get 6.5%. The transfers can take as long as they need to to actually transfer the money.

So "date of the first deposit" - when HMRC considers the account to have been opened is totally seperate and nothing to do with what interest rate you qualify for.

steve2359_2

For 6.5% read 5% wef today.:mad:

cundall

I hope i am going to be ok, two transfers in started on Friday... 1 transfer is on a 90 day account (notice given 3 weeks ago) plus a cheque posted dated for the 21st...

99.99999999% sure i am ok though i always have that 0.0000001% in the back of my mind...

6022tivo

Put 3.6k in when I opened last week, transfer of old isa going in as soon as the transfer completes. I hope I get the 6.5% or I will be well upset..

Have logged into internet banking, and I can not find any rates quoted on the account.

puddled_2

I've been told 3 different things concerning transfers into this ISA by different Lloyds staff none of which ties up with their paperwork.I've come to the conclusion that they simply haven't got a clue about the products their selling.This is the reason I came onto this forum today - hoping someone out there could give me a definate answer as I've given up with Lloyds staff completely! If anyone does know the policy on this issue please please enlighten us!!!!

sloughflint

exel1966 wrote: »

By signing a declaration to transfer dated prior to the rate drop, you have in effect made a 'deposit' and therefore are entitled to the tiered rate up to 6.5%. This is why your application must include a transfer authority form.

This is an interesting post. Now I can understand why bank staff are stating that the 12 months starts from application and would tally with the T&C if the signature/date counts as a deposit.

How confident are you with this statement? Where did you get the info from?

By signing a declaration to transfer dated prior to the rate drop, you have in effect made a 'deposit'

mr_fishbulb

6022tivo wrote: »

Have logged into internet banking, and I can not find any rates quoted on the account.

That's the thing I'm worried about.

I opened the account last Thursday with a transfer in from an existing ISA of over £9000. I was told that this will fix the ISA at 6.5%

Also the I could add £3600 this tax year and get 6.5% on it up until the 12 month fixed period expires.

Although nothing in writing shows that

Cook_County

Interesting - there are 38,000 views to this thread; so if I assume that say 10,000 people transferred in some money and the average transfer was £10,000 then Lloyds TSB raised £100 million from this offer and they'll be paying £6.5 million in interest in a years time.

Given the scale of this problem it would be good if a definitive Lloyds TSB answer was produced as against the bank leaving its customers guessing.

Anyone know any good journalists?

boobbby

When you open this Fixed ISA you would get 6.5% if you could also pay in £9000.
Lloyds know this is impossible and the most they will have to pay is 5% if you are able to pay in the maximum of £3000 and this can only be done providing you have not opened an ISA with another provider.
So for most people they pay 0% interest to start.
Once they have received the transfered funds of £9000 or more then you get the full 6.5%. You can also continue to transfer old cash ISA funds from other providers for 12 months from the date you opened the ISA.
You can additionally pay into this fixed ISA for the 12 month term of the ISA up to a maximum of £3600 which is this years allowance.
This FRISA is no longer available to new customers but for those that opened it even with a zero balance you will have 12 months from to date you opened it to maximise the money you pay into it. After 12 months it will revert back to the Lloyds standard ISA which pay the lower rates.
BB