Llyods TSB Fixed 6.5% ISA - Determining If You Have The Old Or New Rate

laura122

Hi All,

I applied for the lloyds tsb isa and funded the account on the 2 nd April definitely in time for the 6.5% offer.

Does anyone know from looking at the account online whether you can tell if it is a 6.5% or 5% iSA?

Thanks

Baldur

There is nothing in online banking to show the rate of your FRISA account. If you funded your FRISA with the required minimum of £9,000 plus on 02/04/08 you will have the 6.5% rate (or the lower tiered rates if you deposited less than £9,000).

From memory, the rate reduced to 5% for new FRISA accounts with balances of £9,000 plus from the close of business on Saturday 12th April 2008, at least as far as branch applications were concerned.

skitskut

What if the account is opened with £3,000 pre-12/04/08 and then topped up to over £9,000 after 12/04/08. Do you still get the 6.5% on the total?

Baldur

skitskut wrote: »

What if the account is opened with £3,000 pre-12/04/08 and then topped up to over £9,000 after 12/04/08. Do you still get the 6.5% on the total?

Judging by the amount of different responses which people appear to be receiving from LTSB (see this thread), I wouldn't even like to hazard a guess - you would almost certainly only receive the appropriate 'tier' rate until the balance reaches £9k plus, in my opinion.

dkmax_2

laura122 wrote: »

Does anyone know from looking at the account online whether you can tell if it is a 6.5% or 5% ISA?

There is much debate about this - mostly as a result of dubious intrepretation of the T&Cs - but I think it is very clear. You get whatever account it was that you successfully applied for, as with any other account or indeed any other transaction.

Let's put it this way, if the FRISA account offer had been withdrawn totally (rather than being replaced by a lower interest one) would there be any doubt? The answer is 'no'. No one would think that their opened account would be jeopardised by the withdrawl of the offer to the general public. So why get in a panic because a similar but worse offer has replaced it?

I fell into this trap because I thought there was something shady going on when a transfer was blocked but this was just an irrational, spur-of-the-moment conclusion.