LloydsTSB Fixed rate Isa 6.5%

obsessed_saver

Here's my timeline, there was a little hiccup in the letters from Lloyds regarding my second transfer:

01 March - Applied in branch (also specifically requested Online Banking)
05 March - Letter dated 03 March from Lloyds Internet banking with User ID
09 March - Letter from Kent Reliance dated 05 March saying transfer completed (amount £3000+)
11 March - Letter from NS&I transfer completed (£6000+)
17 March - Letter from Lloyds with back-dated interest from KR @ 5%
20 March - Letter from Lloyds saying they've received the money from NS&I, but no mention of back-dated interest
03 April - Wrote letter to Lloyds querying back-dated interest on NS&I amount
23 April - Reply from Lloyds to confirm back-dated interest, but only at 5.15%

So the hiccup here is they've credited the interest for the second transfer at 5.15% rather than at 6.5%, but it's only a difference of £1.00+. So I'm not going to bother writing back. :P

echelon_2

earlgrey wrote: »

My old granny used to say don't start worrying till you've got something to worry about.

Every week my money sits in my current ISA and not in the LTSB FR I lose £7. So it's important to me.

I've heard nothing since applying on April 10th - no letters, no nothing. I've just rung the branch, apparently they're going to chase up my paperwork and get back to me. I'll post details once I've recieved this call.

derrick

echelon wrote: »

Every week my money sits in my current ISA and not in the LTSB FR I lose £7. So it's important to me.

I've heard nothing since applying on April 10th - no letters, no nothing. I've just rung the branch, apparently they're going to chase up my paperwork and get back to me. I'll post details once I've recieved this call.

I am in a similar situation, losing £12 per week, this being the difference between 5% and the 6.5% from Lloyds

My application, in branch, was 11th April, and as of today, none of my 2 existing providers have received request from Lloyds!

I have sent a letter to the branch and head office, received acknowledgment and assurance of response within 2 weeks.

boobbby

derrick wrote: »

I am in a similar situation, losing £12 per week, this being the difference between 5% and the 6.5% from Lloyds

My application, in branch, was 11th April, and as of today, none of my 2 existing providers have received request from Lloyds!

I have sent a letter to the branch and head office, received acknowledgment and assurance of response within 2 weeks.

The sooner your cheque is received from your present provider the longer Lloyds will have to pay 6.5%. Why do you think Lloyds wont allow you to send the transfer form. In the end they will get your lump sum but will only have to pay about 11/12 of the 6.5%. Maybe I am being cynical!!
Lloyds 6.5% has been available for a few months now so why did you not apply earlier?

6022tivo

I sent a electronic message to my current provider, they confirmed they had received the form from lloyds and have emailed the department to hurry the transfer for me..

May be worth a message, email to current providers to chase them. Worked for me.

derrick

boobbby wrote: »

Lloyds 6.5% has been available for a few months now so why did you not apply earlier?

Because the bulk of it,(I have existing 2 providers) was in a FR until 15th April, I applied in branch on 11th April, I did not open with the minority one,(£3500), because I was under the impression that by transferring both at the same time I would get the full 12 months fixed at 6.5% as I will be well above the £9000 required, this is the normal route and I have done similar previously, but this time Lloyds are messing up and giving misleading info by means for differing info to different people.

Also it seems that even people who applied earlier are still in the same situation of Lloyds prolonging the transfer, and it has to be them, as the existing providers are not receiving the transfer request in a timely manner from Lloyds.

derrick

6022tivo wrote: »

I sent a electronic message to my current provider, they confirmed they had received the form from lloyds and have emailed the department to hurry the transfer for me..

May be worth a message, email to current providers to chase them. Worked for me.

It won't work unless Lloyds have sent the transfer request, in your case they have.

ric2003

Has anyone complained to Financial Ombudsman about the ridiculous mess that Lloyds have made of these ISAs? The delay in transfer means I will not get the full 12 months 6.5% interest, and I'm not the only one judging by this thread. This means that Lloyds have falsely, or misleadingly advertised this product.

anyone know if the Financial Ombudsman would follow up such a complaint (I have emailed them but the auto reply said it may take up to six weeks for them to reply) Or is there any other organisation you can complain to (and don't say Lloyds!).

Baldur

ric2003 wrote: »

Has anyone complained to Financial Ombudsman about the ridiculous mess that Lloyds have made of these ISAs? The delay in transfer means I will not get the full 12 months 6.5% interest, and I'm not the only one judging by this thread. This means that Lloyds have falsely, or misleadingly advertised this product.

anyone know if the Financial Ombudsman would follow up such a complaint (I have emailed them but the auto reply said it may take up to six weeks for them to reply) Or is there any other organisation you can complain to (and don't say Lloyds!).

The Ombudsman will not look at complaints unless they have gone through LTSB's complaints procedure and a satisfactory resolution has not been achieved through that process, within a period of eight weeks from the date of the initial complaint - see HERE.

ericpode

I have posted previously information I have got from various people at the Lloyds helpline - the 12 months starts from the date of application but as long as the application date was before the 6.5% rate was pulled you will get that rate irrespective of when the money comes over from the old provider - however I have since been told in branch that the 12 months will start from when the money arrives from the old provider

I was told by the LLoydsTSB help line that transfers-in would get the 6.5% rate for the rest of the 12 month period, provided the funds were received by LloydsTSB before the end of May.

I have a Barclays ISA that I am undecided about transferring because I have no idea whether it the funds would get to Lloyds by the end of May.

It's all very confusing.