LloydsTSB Fixed rate Isa 6.5%

roddydogs

TomWills wrote: »

If I was looking to transfer savings (around £5000) from a HSBC account to something like this (the original post... if this is still the same offer ) would I be looking to loose any money doing it? I'm pretty much a novice in banking

DONT!! its only 5% now anyway, just read thru all the posts to see the hassle people have had.!

dkmax_2

boobbby wrote: »

If you want to transfer to Alliance and Leicester (6.25%) then all you do is open the account on the Internet and download/print the transfer form from their site...fill it in and send to your previous provider...simple!! Cant see why LTSB cant use the same method!

If you use LTSB online, then you can print out the transfer form that way. They have botched this up as well though by another thoughtless use of templates. The template should really only substitute the name of the account being transferred into i.e. the FRISA or Cash ISA, but instead it also applies to the account being transferred from. The problem isn't apparent when you request to transfer from a Cash ISA to another Cash ISA - but in the case of the FRISA, throughout the form it asks for the authority to transfer cash from your existing Fixed Rate ISA.

These guys are idiots.

sloughflint

roddydogs wrote: »

Yes but its all very well quoting carol Knight/working lunch, but how do you get L/Tsb to agree or act on it?

Far from ideal but probably to quiz and liaise regularly with old and new provider until transfer has taken place.
New Provider:have you sent Transfer request? Date?
Old: have you received transfer request. What date was this received?

and home in and gauge whereabouts the process is.

If New says yes and old says not received then badger new to send new transfer form and again chase for dates.
We talk about loss of interest in these transfers but we forget to factor in cost in phone calls.

The problem is we are expected to let the providers deal with a transfer but there seems to be no communication if problems occur. They send the transfer requests and that is all, it seems. They just wait indefinitely.
Then it's down to the investor to get anxious when they feel too much time has passed and it's the investor that does all the hard work in playing detective.

roddydogs

Example-L/Tsb say they sent request on the 2nd-IF say they didnt get it until the 14th-who do i call a liar? both?. ive certainly learnt my lesson and will be chasing all parties next time.

sloughflint

roddydogs wrote: »

Example-L/Tsb say they sent request on the 2nd-IF say they didnt get it until the 14th-who do i call a liar? both?. ive certainly learnt my lesson and will be chasing all parties next time.

At least you've got proof that both parties are aware of your transfer wishes. Now to badger IF and find out when they should send the cheque.

It is daft that these archaic snail mail techniques are being used.
Even more daft that the providers don't do any chasing themselves.

earlgrey_3

sloughflint wrote: »

So you must be part of the group of people that believe that the 12 months starts from application rather than deposit.

You won't be able to access your money until the end of the 12 month period.

If you believe that period didn't start when you signed the contract and will instead end at some as yet unknown date to be determined by when they receive the transfer from your previous provider then you really would have something to complain about.

As I can't see any way that the term doesn't end 12 months from the day of the signing, I'm quite content until I hear differently.

For me, the difference between the rate being paid on my ISA currently and the rate I'll get at Lloyds is about £1 a week so an extra week or two either way for the transfer isn't exactly a big deal. At the end of the 12 months the rates available elsewhere might be higher or lower.

So for me not something to get my undergarments in a twist about. :rolleyes:

sloughflint

earlgrey wrote:

If you believe that period didn't start when you signed the contract and will instead end at some as yet unknown date to be determined by when they receive the transfer from your previous provider then you really would have something to complain about.

I don't follow this. Now having a letter in my possession stating that the 6.5% will be paid for 12 months ( and a day) from date [STRIKE]funds reached the account[/STRIKE] ( I mean date of cheque), why should I complain? I specifically asked for dates for when the fixed rate would end.

You won't be able to access your money until the end of the 12 month period.

People generally wouldn't have chosen this account if they wanted access to the funds.

So for me not something to get my undergarments in a twist about. :rolleyes:

I do agree that loss of interest is perhaps more important on the undergarment twisting scale but wouldn't you like a definitive answer about when your FRISA becomes a variable one?

I'm looking ahead to the situation next year.
Wouldn't you ( or in particular the people on this thread who have been waiting an age for the transfer to take place) like to know a specific date when they can transfer out next year and plan this nearer the time rather than having to wait for some letter that may arrive several weeks after the event saying "your FRISA has become a variable ISA and this is the interest accrued" before being able to safely start making arrangements to transfer out? ( rather like those daft savings interest info letters that arrive weeks after you already know that interest rates have gone down/up)

I would like to be able to expect a little more competence from a reputable bank and not have to jump through hoops to obtain answers to what should be very basic questions and am more and more staggered by what I read on this thread with other people's experiences. I've got off pretty lightly.
Sadly I don't think anyone is going to get definitive answers. We will just have to wait and see.

earlgrey_3

sloughflint wrote: »

I do agree that loss of interest is perhaps more important on the undergarment twisting scale but wouldn't you like a definitive answer about when your FRISA becomes a variable one?

I would, so what I'll do is wait till they say the transfer is completed and if it isn't clear when the term ends I'll ask them.

If there's any problem I'll call the guy who did the paperwork, he gave me his card with his direct line, and ask him for clarification in writing.

Unless a problem arises in getting the clarification I won't worry about it before then. So far they've kept me fully informed and I'm quite happy. YMMV.

Careful_ly

dkmax wrote: »

If you use LTSB online, then you can print out the transfer form that way. They have botched this up as well though by another thoughtless use of templates. The template should really only substitute the name of the account being transferred into i.e. the FRISA or Cash ISA, but instead it also applies to the account being transferred from. The problem isn't apparent when you request to transfer from a Cash ISA to another Cash ISA - but in the case of the FRISA, throughout the form it asks for the authority to transfer cash from your existing Fixed Rate ISA.

These guys are idiots.

I opened my Isa online completed the transfer forms and sent them off.
You are correct the forms are wrong:mad: :mad:
They posted them back to my branch.
The branch then posted them to me
I have to complete the correct transfer form.
So more than 2 weeks have passed and the forms still have to back to Andover and the process hasn't even started on the transfer yet.
Asked when 1 year is up, told from date of application

Bogof_Babe

The Lloyds TSB ISA has just been mentioned on Working Lunch, to say that unlike some other providers, the rate is guaranteed at what it was when you opened the account. So that's a relief!

Also had a letter from Lloyds today acknowledging my request to move my ISA over to them, and saying it will take around 30 days. The letter is dated 22nd April, and I opened the account in branch on 7th April, so goodness knows when the money will actually arrive in it.