LloydsTSB Fixed rate Isa 6.5%

redcar_2

sloughflint wrote: »

How much do you want this account redcar

Less and less as time goes on! But I'm annoyed that I've been messed around and if I leave them (I assume) I'll lose the interest till now on this years subs - I was told the same as MONEYPENNY and also the 6.5% rate which I won't match elsewhere now. I'll wait and see if they can find a record of it or if I can pressure them to honour the original deal now.

sloughflint wrote: »

You could get your old provider to stop the cheque and rebuild the account to take into consideation lost interest and find another deal. Trouble is, I don't know if current deals elsewhere are close.

As they have lost the application (it seems) there is nothing to stop at the moment. My plan before the FRISA came along was the Barclays ISA but I'll look around in readiness.

The bit I was quoted which stopped me doing a partial transfer in last tax year is from their website. My planned transfer didn't include the contribution of the current years subs. By delaying to this tax year I was advised it would be OK (or so I thought!) :rolleyes: .

You cannot open a Fixed Rate Cash ISA where you have already opened or contributed to a Cash ISA (held either with us or another provider) in the same tax year (unless you transfer the whole account into this one), or if you have opened or contributed to a Maxi ISA (held either with us or another provider) in the same tax year.

sloughflint

redcar wrote: »

The bit I was quoted which stopped me doing a partial transfer in last tax year is from their website. My planned transfer didn't include the contribution of the current years subs. By delaying to this tax year I was advised it would be OK (or so I thought!) :rolleyes: .

You cannot open a Fixed Rate Cash ISA where you have already opened or contributed to a Cash ISA (held either with us or another provider) in the same tax year (unless you transfer the whole account into this one), or if you have opened or contributed to a Maxi ISA (held either with us or another provider) in the same tax year.

This is my humble interpretation:
I think (some- because some partial transfers have been successful) staff have misunderstood the general ISA rules on this and that paragraph on the website that you've copied is poorly written and easily open to misinterpretation.
Usually you have to transfer the whole of current year's contribution but can partially transfer any permutation of previous years'.

If they meant that only full transfers IN were permitted, then this should have been stipulated in A1.3 which of course it isn't.

sloughflint

MONEYPENNY [STRIKE]and redcar[/STRIKE], it will be interesting to see what stands more weight:
what you are told by staff ( and confirmed in a letter) or recorded message stating backdating of interest to date of cheque......

Maybe that can be a starting point for the long thread that will appear roughly 12 months from now.

redcar_2

sloughflint wrote: »

MONEYPENNY and redcar, it will be interesting to see what stands more weight:
what you are told by staff ( and confirmed in a letter) or recorded message stating backdating of interest to date of cheque......

Maybe that can be a starting point for the long thread that will appear roughly 12 months from now.

What I've been told doesn't conflict with that message as that is about interest on transfers not new subscriptions.

sloughflint

redcar wrote: »

What I've been told doesn't conflict with that message as that is about interest on transfers not new subscriptions.

Oh, I got the wrong end of the stick. I thought you were transferring and the cheque was from the old provider; not your own cheque.

redcar_2

sloughflint wrote: »

Oh, I got the wrong end of the stick. I thought you were transferring and the cheque was from the old provider; not your own cheque.

I am, if they find the application, transferring too. I'm happy with the message promise of interest on transfers from date of cheque from other providers - sounds reasonable to me. The partial transfer is coming from ICESAVE so as its a relatively good rate I'm not too fussed whether that takes a little time although the sooner its getting 6.5% the better.

No call back so far...

sloughflint

Judwin,
I've come back to say that I think that it could be argued that it is entirely LTSB's fault even if Abbey incorrectly sent the full funds.
It is up to LTSB to check the value on the cheque and as it wasn't the same as what was on the application/transfer form ( which we don't get to keep a copy of), they should have sent it back to abbey and liaised with them.
I'm fuming on your behalf here.:mad:

Their mistake, their duty to rectify regardless of their no transfer except full OUT policy

Judwin

sloughflint wrote: »

Judwin,
I've come back to say that I think that it could be argued that it is entirely LTSB's fault even if Abbey incorrectly sent the full funds.
It is up to LTSB to check the value on the cheque and as it wasn't the same as what was on the application/transfer form ( which we don't get to keep a copy of), they should have sent it back to abbey and liaised with them.
I'm fuming on your behalf here.:mad:

Their mistake, their duty to rectify regardless of their no transfer except full OUT policy

You are pushing at an open door here with your interpretation. That's what I'm going to argue in my complaint letter that will be posted tomorrow.

However, I don't particularly want to get Abbey involved myself, and I certainly don't want the excess funds transferred back to them. I want it all in one bank (LTSB) so they (LTSB) can't point the finger at someone else (the Abbey) and blame them.

The last (mis-)adviser I saw at the LTSB said words to the effect of - "I'm surprised you've been so patient. If it were my money, I'd have had the branch manager up against the wall by the throat, and threatened to rip his head off if it isn't sorted pronto" :eek:

sloughflint

Judwin wrote: »

However, I don't particularly want to get Abbey involved myself

You don't have to

and I certainly don't want the excess funds transferred back to them. I want it all in one bank (LTSB)

It already is, isn't it?

so they (LTSB) can't point the finger at someone else (the Abbey) and blame them.

I'm sure LTSB would rather have the 10k than send back to Abbey.
They should be doing what they originally said they would do and 'ignore' their 'no transfer OUT except in full' rule.

The last (mis-)adviser I saw at the LTSB said words to the effect of - "I'm surprised you've been so patient. If it were my money, I'd have had the branch manager up against the wall by the throat, and threatened to rip his head off if it isn't sorted pronto" :eek:

Easy to say, empty words.....I'd have preferred some constructive words of wisdom offering a solution / way forward instead!
I really need to stop watching this thread/soap now.

boobbby

Each year you can open as many ISA's as you want although you can only pay into one ISA each year. Even when you pay into a previous ISA with the same provider it counts as a new ISA or account each tax year. So when Lloyds say you must transfer the whole account IN they can only be referring to the current years allowance. Any other money transfered must therefore be from a previous ISA (even from the same provider) and of course you can make partial transfers from those ISA's. That is how I interpreted it when I made my partial transfer into Lloyds in Febuary and had no problems with the transfer. (all of the 2007/08 allowance and 75% of the remaining ISA) Leaving a bit in the previous ISA means I have instant access without penalty to some of my ISA funds. I have in fact continued to pay into the previous ISA part of my allowance from this tax year. I therefore wont have any trouble calculating if I am paid the correct 6.5% on the intial one payment transfer.