Lloyds TSB 6.50% Fixed Cash ISA

Bigguy201_2

Hi everyone, I am currently with B&B for my isa at 5.55% and was considering moving my isa, I currently got roughly £21,000 in it. I saw that Lloyds are doing a Fixed for 12 months Cash ISA at 6.50% and allows transfers, do you think this be my best bet the way interest rates are going. Ideally I dont wanna be locked in for more than 1 year. Be very grateful of anyones thoughts

bristolleedsfan

Bigguy201 wrote: »

Hi everyone, I am currently with B&B for my isa at 5.55% and was considering moving my isa, I currently got roughly £21,000 in it. I saw that Lloyds are doing a Fixed for 12 months Cash ISA at 6.50% and allows transfers, do you think this be my best bet the way interest rates are going. Ideally I dont wanna be locked in for more than 1 year. Be very grateful of anyones thoughts

Yes if u are happy to be locked in for 12 Months as is best fixed ISA rate on the market and predictions are that interest rates will fall further.

http://forums.moneysavingexpert.com/showthread.html?t=725969

spalding

Agree with above think would be right decision and if rates do go up, which i doubt, you can move again at the end of the 12 months

sheslookinhot

spalding wrote: »

Agree with above think would be right decision and if rates do go up, which i doubt, you can move again at the end of the 12 months

I was thinking of this ISA as well.

How easy do you think it will be to move to another provider ?

Bigguy201_2

sheslookinhot wrote: »

I was thinking of this ISA as well.

How easy do you think it will be to move to another provider ?

I transfered from barclays to bradford and bingley back in 2005, was fairly simple, B&B did all the work, did take 30 days but there was no loss of interest as the money did not move untill the date of transfer.

bristolleedsfan

Bigguy201 wrote: »

I but there was no loss of interest as the money did not move untill the date of transfer.

So u are certain that u didnt lose any interest while the transfer cheque was being posted, in the post and being banked are u ?

For benefit of earlier poster some ISA transfer in providers backdate interest to date of transfer cheque to ensure that no interest is lost, sadly some dont.

sheslookinhot

Sorry, What I meant to ask was after moving to Lloyds TSB for a year, if I then wanted to move to another provider, asuming Lloyds cut their rate, How easy would it be to find another provider who would accept a transfer in of 16K ?

wombat42_2

Bigguy201 wrote: »

Hi everyone, I am currently with B&B for my isa at 5.55% and was considering moving my isa, I currently got roughly £21,000 in it. I saw that Lloyds are doing a Fixed for 12 months Cash ISA at 6.50% and allows transfers, do you think this be my best bet the way interest rates are going. Ideally I dont wanna be locked in for more than 1 year. Be very grateful of anyones thoughts

I am with B&B, like you, you must have an eISA issue 1. You can convert it to an eISA 3 by clicking on a button on the bottom right hand corner when viewing your B&B account. eISA 3 pays 5.90%.

I probably wont switch to Lloyds because of the hassle. What happens after the 12 months is up? I think Lloyds's normal ISA rate is rubbish.

bristolleedsfan

sheslookinhot wrote: »

Sorry, What I meant to ask was after moving to Lloyds TSB for a year, if I then wanted to move to another provider, asuming Lloyds cut their rate, How easy would it be to find another provider who would accept a transfer in of 16K ?

Ud have to look for another high paying ISA where the ISA provider backdates interest while transfer cheque is in transit and being banked to avoid substantial loss of interest.

shazkhan111

does lloyds backdate the interest from day it is debited from other isa?

SpinnerB

I probably wont switch to Lloyds because of the hassle. What happens after the 12 months is up? I think Lloyds's normal ISA rate is rubbish.

You switch again?