LloydsTSB Fixed rate Isa 6.5%

boobbby

Sooler wrote: »

All fixed rates require no withdrawals.

"Guaranteed rate, fixed for a year when you make no withdrawals"

So if say you had £11000 and withdrew £1000, what rate does it drop to then? The Cash ISA rate?

On £11000 you would be getting 6.5% ...if you make a withdrawl for any amount you lose 90 days interest of the £11000. You still get he 6.5% less the 90 days for the remainder of the term.
Fixed rate ISA's are rubbish if you make any withdrawls and as I said before if you go below £3000 then you get no interest at all

boobbby

dkmax wrote: »

I view it slightly differently but with the same outcome . The rate is fixed when the account is opened - a process which has as a prerequisite a completed application form and a cash deposit or transfer authority. The contract clearly can only have effect if you have an opened - and therefore fixed tiered - account.

A momentary burst of mistrust arose in my case, because I don't trust banks and they coincidently bounced a bank-transfer until after the rate drop!

Fancy not trusting banks !! :rotfl:

whu

I have been told by various people at Lloyds that you will not lose any interest whilst the transfer is going through - old provider will pay upto the date the cheque is drawn and then Lloyds will back date interest to that date regardless of when cheque clears.
I also had trouble paying in this years allowance on line but spoke to branch who sorted it out and said it was a technical glitch.
What sort of paperwork have people received from Lloyds - I have received a letter saying they have written to the old provider requesting a transfer but the letter does not refer to the fact that I have applied for a fixed rate at 6.5% - perhaps that will follow when they confirm the transfer has gone through?

sloughflint

whu wrote: »

I have been told by various people at Lloyds that you will not lose any interest whilst the transfer is going through - old provider will pay upto the date the cheque is drawn and then Lloyds will back date interest to that date regardless of when cheque clears.

If only this had been put in the T&Cs. I can't be the only person who wants to see this sort of thing in writing and not have to wait a whole year ( well not quite) and check the interest calculation.

crockett_2

Hope someone can help, I have set up the FRISA and one of the transfers has gone in. I can see this from my online account, I want to transfer a small amount ie £10 into the frisa (just to check all is working) from my lloyds classic account to the FRISA. The option is there to do this but it's gets rejected saying there's needs to a minimum amount transferred - but does not state what amount that is!

any ideas, thanks in advance.

beansy

My oh and I opened accounts last Friday and were told the same thing. Interest would continue from existing provider until cheque drawn, then Lloyds would be responsible for interest from that date, resulting in no lost interest!

PS. At the top of our forms it says "Your application to open a Fixed Rate Cash ISA followed by the sort code and account number thereby confirming the account has been opened.

johnmoney05

My old ISA was closed on 28 Feb. LTSB only credited the money on 8 Apr on my account. Although they wrote me a letter saying that I would not lose out any interest, they didn't mention how they backdating my interest. And how the one year term would run. They credited £50 into my current account as goodwill gesture. I wrote them back today. And telling them I am taking the matter up with Financial Ombudsman.

dkmax_2

crockett wrote: »

Hope someone can help, I have set up the FRISA and one of the transfers has gone in. I can see this from my online account, I want to transfer a small amount ie £10 into the frisa (just to check all is working) from my lloyds classic account to the FRISA. The option is there to do this but it's gets rejected saying there's needs to a minimum amount transferred - but does not state what amount that is!

I think you'll find that it turns out to be £3000 due to their faulty "systems", as mentioned by a number of people in this thread. I get the impression they messed up the implementation of the minimum initial deposit requirement - it doesn't treat a transfer-in as a deposit and so still demands the £3k minimum. Either that or it resets every tax-year. It should be just £10 as far as I can recall.

dkmax_2

whu wrote: »

What sort of paperwork have people received from Lloyds - I have received a letter saying they have written to the old provider requesting a transfer but the letter does not refer to the fact that I have applied for a fixed rate at 6.5% - perhaps that will follow when they confirm the transfer has gone through?

I've got nothing thus far in regards to the transfers-in. I get the impression that the persion I saw at Lloyds wasn't entirely au fait with the process, especially when she wanted the address of the local branch of the BS I was transferring from. I thought that 1) they should be communicating directly with the ISA transfers people not the local branch and 2) the Lloyds ISA transfer team would know the relevant address already. Is that not reasonable?

None of this has inspired me with confidence.

sloughflint

johnmoney05 wrote: »

My old ISA was closed on 28 Feb. LTSB only credited the money on 8 Apr on my account. Although they wrote me a letter saying that I would not lose out any interest, they didn't mention how they backdating my interest. And how the one year term would run. They credited £50 into my current account as goodwill gesture. I wrote them back today. And telling them I am taking the matter up with Financial Ombudsman.

I wonder why they are offering you £50 when they technically haven't done anything wrong if they are saying that you won't lose any interest At least you've got that little bit of paper stating that and hopefully I will too when I get a reply to my letter.