natwest isa 7.32%

The ISA transfer form and the answer to at least question 1 can be found HERE:

Interest paid monthly.
Bonus is for customers transferring in Cash ISA funds from another provider (excludes transfers within the RBS Group) and is calculated on the whole balance in the account for 12 months from receipt of the Cash ISA transfer request. Interest is paid tax free and is paid monthly to the account. The bonus interest will be paid monthly along with the standard interest payment.

I went along to the local branch on Saturday 20th September 2008. No banners in the windows, no leaflets about the offer, etc.

I took along ID and the transfer form I'd downloaded from the NatWest website. The teller went round the back to ask about it, came back - said I had to fill in a form opening a new ISA as well as the transfer form. I said - can you double-check please, as I've already subscribed to a cash ISA this year. So she went round the back again.

Came back with the form to open a new ISA - I start to fill it in, then point out that there's no option for just a transfer in - the form is asking for a minimum deposit of 1.00 UKP. But I've already put 3600 in another ISA this tax year (the one I want to transfer). So she disappeared round the back again.

Came back having phoned "the powers that be" as she put it. Said I have to fill in this extra form to open a new ISA but that I've to put "transfer from (name of old provider)" and the amount that I'd be transferring next to the 'opening balance' box. I pointed out that the amount would depend on how much interest was added by old provider before transfer. She said just to put an approximate amount instead.

I also scored through the lines later on in the form that talked about "subscribing" to the ISA - on the transfer form it tells you to score them out if you're only transferring, so I did the same with the 'open a new ISA' form.

On the "open a new ISA" form, it says you need a NatWest account held at the same branch as the ISA in case you over-subscribe, as they need somewhere to put the excess. The esaver I opened (for the 50 cash back) doesn't count, as it has no branch. The teller said "we won't need to worry about that".

So a summary would be that they were clueless about the offer etc (I pointed out that it was all over the front page of the NatWest website and there was an ad in the paper on Friday). Once she'd checked, the teller confirmed the interest rate. I filled in two forms and didn't open an extra account alongside. I kept photocopies of everything I filled in.

So my application may run into problems... I'd be interested in anyone else's experiences, as I have a feeling I may need to chase them up so that I can jump through more hoops.

(My feeling is that the transfer form should be sufficient, as indicated by the website, but that I should have opened an instant access account alongside, as indicated by the website.)

Looks OK if you move an ISA in, but move it back out immediately after 12 months when the bonus disappears. With the maximum rate you'll get 7.32% for the first year but only 5.32% thereafter - which is poor, when there are top rated ISAs paying 6.25% with no catches at all.

Personally I hate these bonus accounts, I'd rather have a good guaranteed rate for a long period of time - but worth if it you don't mind switching a lot.

Gazza_UK wrote: »

So if I go ahead with this and its all up an running by Oct 08 with the my 2 transfers, then I take it that it would be Oct 09 when I have to look to move my money again for a better rate?

See HERE:

Bonus is for customers transferring in Cash ISA funds from another provider (excludes transfers within the RBS Group) and is calculated on the whole balance in the account for 12 months from receipt of the Cash ISA transfer request.

Milarky wrote: »

Were the transfer to take longer than 30 days then the FOS may be mentioned by the customer - and the usual redress is applicable.

Having instructed Lloyds TSB to transfer two tranches of previous years' and current year's Cash ISA funds in early March AND having formally complained both to LTSB and (after the required waiting period of 8 weeks) to the FOS in August, with no satisfactory resolution to date in the case of one of those transfers, I suspect that your "30 days" is somewhat optimistic in at least some instances.