Lloyds Fixed Rate 6.5% Cash ISA withdrawal penalties

streetcarr7

I need clarification on withdrawal penalties if I leave my transferred ISA money (more than £9000) in the Lloyds Fixed Rate 6.5% Cash ISA after the fixed rate period ends. The leaflet is ambiguous & the Lloyds staff at my local Bank "think" but don't seem sure of the facts. I was told, but can find nothing concrete in the leaflet or on the website, that if you withdraw money at any time both during & after the fixed rate period you will suffer a penalty. Has anyone else found any written information on this? Vague verbal information is not in my mind satisfactory! Many thanks.

King_Weasel

You certainly suffer a penalty during the fixed rate period, as you'd expect. I can't recall what I was told, though it affects the whole investment and not just the amount you withdraw.

At the end of the year I was told it went into the ordinary Loyds cash ISA, which I took to mean penalty-free instant access (so naturally I plan transferring to the best offer available then). You've got me slightly worried now, though I'd be surprised if I proved to be wrong here.

maypole

I opened this ISA in the bank, face to face with an employee. I will be very annoyed if this is the case and they did not point it out, even though it might be in the terms and conditions. I really can't imagine that there will be a penalty when it becomes an ordinary ISA after the fixed period though.