LloydsTSB Fixed rate Isa 6.5%

whu

whu wrote: »

I have just spoken to 2 people at Lloyds and been told the following (some of which ties up with information given to others and some which differs:
1 12 months starts from accn opening date not date of any deposits
2 Old provider will pay interest until date of cheque sent to Lloyds
3 Lloyds will pay interest from date of cheque (at 6.5%)
4 If you have put this years allowance in you will get 5% until transfer comes in at which point you will get 6.5% on the whole lot
I was also told previously that you can add to the ISA if a fixed ISA matures during the current tax year.

Hi - just following up on the various emails - this is a post I put in on friday and have double checked today and they said again that this is the situation.

boobbby

madonss wrote: »

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.

I also carried out a transfer from Intelligent Finance. The same as you the account disappears from online banking.
I emailed them and did receive an email reply that gave the date the cheque was sent to my new provider. That was it, no information of the amount or the interest, it just said it was the closing balance.
Luckily I had been getting the interest monthly so it was probably right but it is about time they confirmed in writing, showing the exact closing account details.

johnmoney05

exel1966 wrote: »

Lloyds have obviously taken longer than that and have given you £50 for the delay. They have also backdated all the interest for you. What more exactly do you want ?

The FO WILL NOT entertain any matter unless the correct procedures have been. Have you followed the due process ?

They have NOT backdated any interest to me. If they did, I would not make a fuss. They have more than 2 months to deal with my transfer. They have more than one month to deal with my complaint. What I want to know is the exact interest they are backdating to me. Not more, not less!

If I didn't follow the correct procedures to make the complaint, you think they would credit me £50.

madonss

boobbby wrote: »

I also carried out a transfer from Intelligent Finance. The same as you the account disappears from online banking.
I emailed them and did receive an email reply that gave the date the cheque was sent to my new provider. That was it, no information of the amount or the interest, it just said it was the closing balance.
Luckily I had been getting the interest monthly so it was probably right but it is about time they confirmed in writing, showing the exact closing account details.

I too was getting monthly interest, so I believe my interest calculations are correct. My spreadsheet was always accurate to +/- 1p on a 17K balance.
The quoted closing date was 26th but the figure was short by nearly £10. Stepping back the closure date in the spreadsheet to 21st gave an exact match to their figure.
So, either they've quoted the wrong date or they're calculation is "robbing" me of the £10.

OK, in the grand scheme of things it's not a huge amount, but it's the principle of the thing and the thought that if they do that for everyone they're going to be making a tidy sum!

It might be worth checking your figures too. I put a thread up at the time, but didn't get any replies.

johnmoney05

sloughflint wrote: »

I'll report back what answer I get about both points ( interest backdating and 12 month commencement date)

These are the exact two main points I am asking for clarification.

Everyone seems to think that "well, your account would be opened, money would be there at the end, interest would not be lost", what do you complain about?

johnmoney05

sloughflint wrote: »

LOL
No not at all. I'm having fun and games myself with LTSB on the complaints front on behalf of someone.I despair with that establishment.

You would not have understood the irony in my mind as I wrote my post.
You get offered £50 when they are going to pay you interest anyway. I ( well ANO) gets offered £25 to keep quiet about lack of security.;)

Sorry. After the torture for the last 2 months by LTSB....I am losing my mind....:mad:

boobbby

After reading a number of posts I consider that LTSB is operating their 6.5% FRISA as follows:
1. The 12 months FRISA starts the day you open the account whether you pay any money into the account or none at all.
2. You receive the full 6.5% on the day the bank receives the cheque which takes your account over £9000 (not the later day it is actually paid into the account and shows up on your statement)
3. Allows further transfers or payments up to this years allowance until the final day of the 12 months
4. Converts to a lower % Instant Access Rate ISA on the anniversary of the start date.
This does mean that nobody can actually get the 6.5% interest for a full 12 months!
Anybody disagree!!

exel1966

johnmoney05 wrote: »

They have NOT backdated any interest to me. If they did, I would not make a fuss. They have more than 2 months to deal with my transfer. They have more than one month to deal with my complaint. What I want to know is the exact interest they are backdating to me. Not more, not less!

If I didn't follow the correct procedures to make the complaint, you think they would credit me £50.

You contradict yourself Johnny as you say they have 'NOT backdated any interest' then go on to say 'the exact interest they are backdating'. Which is it ?
They don't have to tell you how much interest at this stage and why should they. You say you have a letter from them confirming no loss of interest will take place so why be so pedantic about it.

I'm sorry but one month is not an acceptable timescale to look into your complaint according to the FO. You have to wait a minimum of 8 weeks before they will look into it. And Yes LLoyds will offer you £50 regardless as it's standard compensation and it's excatly what the FO will see.....that you have been compensated, have a written guarantee of no interest loss and therefore Lloyds has nothing to answer to you.

All the while the more pointless letters Lloyds have to write the less time those same staff have to get on with their job of transferring everyones ISA's. And you wonder what takes them so long ?

sloughflint

exel1966 wrote: »

You contradict yourself Johnny as you say they have 'NOT backdated any interest' then go on to say 'the exact interest they are backdating'. Which is it ?
They don't have to tell you how much interest at this stage and why should they. You say you have a letter from them confirming no loss of interest will take place so why be so pedantic about it.

I'm sorry but one month is not an acceptable timescale to look into your complaint according to the FO. You have to wait a minimum of 8 weeks before they will look into it. And Yes LLoyds will offer you £50 regardless as it's standard compensation and it's excatly what the FO will see.....that you have been compensated, have a written guarantee of no interest loss and therefore Lloyds has nothing to answer to you.

I've reread the last few pages of this thread.
Exel1966, I do wonder if you maybe work for LTSB. If that's the case,then your posts have been most useful for making me better understand how LTSB will operate this account. I don't necessarily agree with the strange interpretation of the word 'deposit' but accept that that's probably what's going to happen.

Talking of contradictions, this thought has now just occurred to me.......

For transfers,if the deposit really counts as the date of application /signature then how come the 6.5% rate ( if >£9k) doesn't start from then then rather than the date of closing cheque
(going by verbal promises only which isn't good enough for me)?

........Right I've thought about it now: if that was the case then customers would get two lots of interest ( old and new provider)for a period of time. So I still think that senior exec at Andover has got a daft and fairly unique idea of the meaning of the word 'deposit'.
This would be more logical

exel1966 wrote:

All the while the more pointless letters Lloyds have to write the less time those same staff have to get on with their job of transferring everyones ISA's. And you wonder what takes them so long ?

I too would rather not have to write letters to LTSB in my spare time.
Perhaps if LTSB employed branch/phone staff that inspired confidence, displayed T&Cs on the website rather making customers wait until the very end of an application meeting ( I requested them at the start), and put a little more thought into the content of the T&Cs then people like me wouldn't seek pointless letters to keep on file for a year for precaution.

But heyho, the rate is a good one so worth some hassle.

madonss

sloughflint wrote: »

I too would rather not have to write letters to LTSB in my spare time.
Perhaps if LTSB employed branch/phone staff that inspired confidence, displayed T&Cs on the website rather making customers wait until the very end of an application meeting ( I requested them at the start), and put a little more thought into the content of the T&Cs then people like me wouldn't seek pointless letters to keep on file for a year.

But heyho, the rate is a good one so worth some hassle.

Ditto.

A verbal contract isn't worth the paper it's written on.

.. and if a signature is really a "deposit" I'll be wanting to know why I wasn't paid interest on my money from the date it was "deposited"