LloydsTSB Fixed rate Isa 6.5%

steveandel

dkmax wrote: »

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.

1) Yes they usually get sent to a central procesing centre
2) No, you have to provide them with an address to send it to. There should be a contact address given by your old provider as part of the terms for 'where to write if you want to close the account'

madonss

Here’s my tale of woe:

Trying to open the account with a transfer from my existing ISA of over 9K and then adding 2008-09 allowance.

1st March: Spent 1.5 hours in branch without actually managing to open an ISA (too long a story for here!)

8th March: Went back to branch an actually got the forms filled in. Only took about 40 minutes.

Weekend of 28th March: Intelligent Finance ISA disappears from online banking. Can no longer access plan to confirm date or amount since that was the only account I had with them.

5th April: Went into Lloyds to check balance. Balance showing as credited 2nd April, but interest calculation from Intelligent Finance looks wrong to me.
Letter from Lloyds confirming receipt and credit of transferred balance waiting for me when I got home. No mention of backdated interest.

7th April: Rang IF to query interest and ask why I hadn’t received a closing statement. CS rep “spoke to another department” and said they’d correct the interest and send a statement. They didn’t discuss the figures, just said it would be corrected.

8th April: Paid in this years allowance over counter at different branch.

15th April: Checked balance in branch and confirmed deposit was showing.
Still no sign of a correcting deposit for the interest from IF.
Still no letter from Lloyds about backdated interest.
Still no statement or letter from IF about the incorrect interest calculation.


Letters of complaint to both organisations to be written next week I feel.

madonss

And my 2p worth on the "opening" and how long the year at 6.5% should be..

As per T&C "opening" is first deposit i.e. the date the transfer lands in the account NOT the date the form was filled in.

Sooler

madonss wrote: »

And my 2p worth on the "opening" and how long the year at 6.5% should be..

As per T&C "opening" is first deposit i.e. the date the transfer lands in the account NOT the date the form was filled in.

That "opening" is as per HMRC requirements, which I assume means until there's an actual deposit you could cancel the whole thing and open an ISA elsewhere.

Qaulifying for the 6.5% is a totally seperate issue. Once you're assigned an account number on completion of the forms the account exists on Lloyds system, that's the date the 6.5% rate begins, as I understood it but who knows , whatever way it's better than where it was. :T

dkmax_2

madonss wrote: »

And my 2p worth on the "opening" and how long the year at 6.5% should be..

As per T&C "opening" is first deposit i.e. the date the transfer lands in the account NOT the date the form was filled in.

Put it this way, the T&Cs do not apply if you do not have an open account. How could they? If the account is open the contract applies, if the account is closed it doesn't. There is no Schrodinger account status - it is either open or closed.

As for the starting date for the 12 month fixed period - I would be inclined to agree with you as the T&Cs do cite when it starts and that's when hard cash (via a transfer or deposit) hits the back of the account. That is fair and what most people would expect.

dkmax_2

Sooler wrote: »

That "opening" is as per HMRC requirements, which I assume means until there's an actual deposit you could cancel the whole thing and open an ISA elsewhere

Indeed. HMRC doesn't talk about opening ISAs but about subscribing or making contributions. A notional ISA account (as far as a provider is concerned) without any contributions is not an ISA in HMRC terms. This permits you to open as many cash ISA accounts as you like in a tax year but only to contribute to one.

madonss

Sooler wrote: »

Qaulifying for the 6.5% is a totally seperate issue.

True, but that's not going to stop me arguing with them that it should be from the first deposit!

Having the 12 months and the rate run from the date of application is what a lot of people need to rely on if their transfers land in the account AFTER the Lloyds pulled the offer so that they get the 6.5% not the lower rate.

"My account was OPENED and the fixed rate secured when I filled the form in, not when the money arrives!"

I can see both sides of the argument. IIRC the T&C were even more ambiguous about the 12 months than the "opening" of the account as they used a slightly different phrase.

Seconds out, round 1!

echelon_2

Hi, I opened this ISA last Thursday (April 10th). Transferred in £17,000, went very smoothly, took about 10 minutes to open with no hard sell. Then got home and used the sort code and account number to apply for internet banking. Couple of questions:

1) Has anyone recieved paperwork confirming their level of interest? How can we definitely tell we're getting 6.5%?? I haven't recieved anything from Lloyds yet.

2) On opening the account I told them I had already used up my full ISA allowance this year (its part of the £17k). However in the lloydsTSB online banking it still says I have £3,600 of allowance to use this year. Is this a mistake, or will it disappear once the transfer takes place? Should i be naughty and put another £3,600 into my 2008 ISA?!

johnmoney05

sloughflint wrote: »

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.

So you think it is right for a big organisation like LTSB had to take 2 months to transfer a cash ISA. Oh well, don't bother to answer. I am saving my breath.

madonss

dkmax wrote: »

There is no Schrodinger account status - it is either open or closed.

:rotfl: That's brilliant!

I agree that the T&C's apply once the accout is opened, BUT it's the arrival of the funds that opens it! We need a set of T&Cs for the interim period.

You could argue that the fact that Lloyds have reserved an account number doesn't mean it's an open account.

How many angels can dance on the head of a pin anyway?;)