LloydsTSB Fixed rate Isa 6.5%

debbie42

4leafclover wrote: »

I was told:
"with this type of ISA you can only make one lump sum deposit, providing it's between £3,000 and £3,600. It's not possible for the branch staff to transfer this into the account for you either.

I paid in a lump sum last friday, over the counter, with my sort code + a/c no. The money is definitely showing in my ISA account. The transfer hasn't started yet, looking at my current provider.

sloughflint

4leafclover wrote: »

I was told:
"with this type of ISA you can only make one lump sum deposit, providing it's between £3,000 and £3,600. It's not possible for the branch staff to transfer this into the account for you either.

I'm very sorry if you were not made aware of this when you opened the account."

I am going to follow it up, but I read "Multiple tax year lump sum contributions allowed." as being able to make multiple deposits in a tax year so I've asked them to explain their wording

And here is another perfect example of staff not knowing what they are talking about and customers being told different versions/interpretations of their ridiculously poor T&Cs:mad: ( I fall into the category of being told that I could pay in more in the new tax year-08/09 but haven't tried)
T&Cs A1.3
.....and/or by making a new deposit through your branch, or in the future you may be able to make a deposit by transferring money from certain other LTSB accounts through our telphone or IB services.

I hope all these people who have contributed to this thread are writing to LTSB as well. I'm certainly not going to let my issues drop.

Edit:
Actually, the above quote could be interpreted as just explaining how payments could be made (and not number of payments) in which case there is no mention of whether you can or can't make additional contributions.
These T&Cs are useless.

sloughflint

glossgal wrote: »

umm getting cold feet about this ISA, opened two weeks ago and my current provider still hasn't been contacted re; transfer.

As my money is going nowhere fast would I be able to open another one with a different provider? (surely there is cooling off period) Or would the calamity be repeated again?!

You can certainly contact your current provider and tell them to ignore any LTSB transfer request that may arrive if you wish.

(A1.6) 14 day cooling period from receipt of welcome pack.

But I would be tempted to ignore above anyway as they haven't contacted the provider yet so don't worry if 14 days have passed.

sloughflint

4leafclover wrote: »

I opened one quickly on the Sunday at 6.5% with the £3000 minimum, but I have now been told I cannot add the remaining £600, so I lose out on some of this year's ISA allowance. I didn't spot that in the T&C If they also refuse to transfer my current cash ISA as requested, I could be stuck with £3000 at 5% for this year so if this happens I guess I will need see if I can transfer it elsewhere if i can.

If you transfer, they will sting you will the 90 days loss of interest (A5.1).

We all need to vote with our ink pens on all the problems dotted in this thread.

sloughflint

carpy wrote: »

that can't be right can it?!?!:mad:

i'm certain i was told i could add money (be it new or transferred) at any time during the 12 months?

I can't remember what was on the website before they changed the rates but:
http://www.lloydstsb.com/savings/fixed_rate_cash_isa.asp

How the account works:

• Minimum opening deposit is £3,000.
• Guaranteed rate, fixed for a year when you make no withdrawals.
• Allows transfers in from other Cash ISA products/providers.
• Multiple tax year lump sum contributions allowed.
• Interest calculated on a daily basis and paid at account maturity.

View Fixed Rate Cash ISA interest rates.( with a reference to previous rates) so one could argue that it's just the rate that has changed.

sloughflint

• Interest calculated on a daily basis and paid at account maturity.

which isn't quite the same as what is described in the T&Cs (A3.3) and consequences of this as Madonss quite rightly said in post 842

4leafclover_2

Thanks for your posts - I will take a copy of the response I got from customer services into my branch when I get a chance and if they say I cannot make the extra £600 payment into it I will ask them about a transfer out of both the £3000 and the previous TOISA money I have in their branch - it may not be much to them but it is to me!

I have had accounts with them since I was about a year old, and luckily have never experienced any problems before, so will give them a chance to sort it out ...
And there are plenty of banks wanting money at the moment

sloughflint

I have now received a letter in response to my queries ( see this post linked to here- note the interesting twist):

Re interest backdate:
I can confirm that as part of the process, interest has been adjusted and now reflects that interest has been earnt at 6.5% since 05/04/08. This interest will not show on the ISA balance until the interest is passed at the end of this tax year.

Re fixed period commencement( please note that the application was made/signed on 28/03/08!!!!)
The fixed rate is set for the whole of the current tax year and as long as the full balance remains in the ISA it will earn interest at the rate of 6.5%. If you make a witthdrawal from the account at any time within thisperiod you will lose 90 days interest on the amount withdrawn.

So we seem to have a new interpretation again here which I will obviously hold LTSB to.;)

My advice to all that contributed to this thread/ are utterly fed up with contradicting verbal info from staff, get something in writing that you are happy with that can be used this time next year.

madonss

sloughflint wrote: »

I have now received a letter in response to my queries ( see this post linked to here- note the interesting twist):

Re interest backdate:
I can confirm that as part of the process, interest has been adjusted and now reflects that interest has been earnt at 6.5% since 05/04/08. This interest will not show on the ISA balance until the interest is passed at the end of this tax year.

Re fixed period commencement( please note that the application was made/signed on 28/03/08!!!!)
The fixed rate is set for the whole of the current tax year and as long as the full balance remains in the ISA it will earn interest at the rate of 6.5%. If you make a witthdrawal from the account at any time within thisperiod you will lose 90 days interest on the amount withdrawn.

So we seem to have a new interpretation again here which I will obviously hold LTSB to.;)

My advice to all that contributed to this thread/ are utterly fed up with contradicting verbal info from staff, get something in writing that you are happy with that can be used this time next year.

Oh good grief!! Everyone is making this up as they go along.
Congratulations in getting a stick to beat them with next year.

madonss

sloughflint wrote: »

Re fixed period commencement( please note that the application was made/signed on 28/03/08!!!!)
The fixed rate is set for the whole of the current tax year

It's a shame your date for the money leaving the previous ISA was 4/4/08, making the interest back date the same as the last day of the tax year.

Your scenario supports my contention that the 12 months start from deposit date (or the day after it left your previous ISA if they backdate interest)

but applying the latest twist to my dates is fantastic -
8/3/08 - Signed application form.
26/3/08 - money left previous ISA
2/4/08 - Money actually credited to FRISA

8/3/09 - End of fixed rate according to "a signature is a deposit" brigade :mad:

27/3/09 - End of fixed rate according to me if they ever get round to notifying me of backdated interest.:D

2/4/09 - End of fixed rate according to me if they honour the T&C (from date of first deposit) but don't back date interest :rolleyes:


5/4/09 - End of fixed rate according to new twist in interpretation. An extra 3 days at 6.5%:rotfl: