LloydsTSB Fixed rate Isa 6.5%

sloughflint

madonss wrote: »

Mostly the lack of automatic backdated interest. The backdating of interest was on their phone message, which was one of the things that drew me to the offer. Other posters seem to have had letters fairly swiftly giving details of dates and amounts. Twelve months is a long time to wait to "see" if they get it correct.

Not this poster. I'm having to do the chasing for answers. Completely agree with you as I said further up.

I'd like to know exactly when the 12 months is up since the T&Cs seem to me to be ambiguous.

Totally agree again. Exel1966 gave me the impression he/she knew what he was talking about ( from the inside?) but date of signature still seems odd to me.
I'll report back what answer I get about both points ( interest backdating and 12 month commencement date)

dkmax_2

derrick wrote: »

The following is from the T&Cs of Lloyds FRISA. No 2 under "Account opening",(and which I have highlighted in red), seems to be what most are talking about; -

B. STANDARD VARIABLE RATE LLOYDS TSB CASH ISA TERMS AND CONDITIONS.
These conditions apply from the end of the 12 months Fixed Rate period. CASH ISA TERMS AND CONDITIONS -YOUR COPY
These terms form the agreement between us and you for a Cash ISA. The agreement is with Lloyds TSB Bank pic or Lloyds TSB Scotland pic as applicable ("us" or "we") (see condition 10.9). Lloyds TSB Scotland pic and Lloyds TSB Bank pic are both ISA managers within the definition set out by HM Revenue & Customs.
1. ACCOUNT OPENING
1.Before opening your account, we may take up references or otherwise satisfy
ourselves of your identity and eligibility as an account holder. We can refuse to open
a Cash ISA or accept a deposit without giving any reason.
2.Your Cash ISA will start from the date of your first deposit which must be
accompanied by a valid application form. Applications cannot be backdated.

Hmm, why does it say Standard Variable rate? Oh, I see this is what it reverts to. Anyway, they use a standard template for all ISA accounts and that highlighted point is simply a reflection of the HMRC rules about when an ISA is deemed to have started and the fact that you can't backdate this. It does not say the account is not open until there's money in it.

I agree there is far too much room for ambiguity caused by not providing information or using templates blindly.

sloughflint

Thanks derrick but the problem is what does the word 'deposit' mean?
LTSB.........= signature according to senior exec at Andover
See here
and
See here

sloughflint

dkmax wrote: »

Hmm, why does it say Standard Variable rate?

They give T&cs for FRISA first then the variable one after.
Did you not get a copy?

madonss

sloughflint wrote: »

Thanks derrick but the problem is what does the word 'deposit' mean?
LTSB.........= signature according to senior exec at Andover

:rotfl:

Don't take this the wrong way but when was the last time you were asked to "deposit on the dotted line" for something?

The sooner we have plain english on forms the better.

sloughflint

madonss wrote: »

:rotfl:

Don't take this the wrong way but when was the last time you were asked to "deposit on the dotted line" for something?

LOL. Precisely!
You have to laugh. I'm looking forward to a proper answer in writing.

dkmax_2

sloughflint wrote: »

They give T&cs for FRISA first then the variable one after.

Yes, I saw that and corrected the post. I would have expected the first part to be cited rather than the second part.

Anyway, it proves the point however about the liberal use of boiler-plate. The opening clause for the 'reverted to' variable rate ISA is identical and yet the account is already open, has already been applied for and most likely already has money in it etc. They have not edited the T&Cs fully to reflect the situation of a reverted account but merely bolted on another set. The same goes for the first part - it is all just templates. It is rather lazy and gives rise to a lack of vital information causing much gnashing of teeth here.

boobbby

echelon wrote: »

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?!

It should be corrected when your previous provider informs LTSB you have used up your full allowance when they make the transfer. Some people will only have paid part of this years allowance with their previous provider so the new provider will get those details so further amounts can be paid to use up the full allowance.

sloughflint

madonss wrote: »

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

That's certainly how Icesave operate. It is reserved but not open until it contains cash.

Sooler

derrick wrote: »

The following is from the T&Cs of Lloyds FRISA.

The fixed rate ISA had a few different requirements.
£3000 required to open it, not £10.
No withdrawls.
No interest below £3000 not £10.