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IceSave to Nat West ISA transfer news
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Reaper
Posts: 7,354 Forumite
I tried to transfer my ISA from Icesave to Nat West but it failed because Icesave went bust in the meantime.
From other people's experience contacting Nat West they didn't seem able to cope with the concept of a certificate allowing re-investment, but today to my surprise I got a letter from them, unasked. It says all I have to do is send them a cheque and the ISA certificate in an enclosed pre-paid envelope to complete the transfer. Surprisingly efficient.
The only question I have is do I get the original bonus amount that was available when I opened the account (currently empty of course) or the current lower bonus rate?
From other people's experience contacting Nat West they didn't seem able to cope with the concept of a certificate allowing re-investment, but today to my surprise I got a letter from them, unasked. It says all I have to do is send them a cheque and the ISA certificate in an enclosed pre-paid envelope to complete the transfer. Surprisingly efficient.
The only question I have is do I get the original bonus amount that was available when I opened the account (currently empty of course) or the current lower bonus rate?
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Comments
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I'd be very surprised if they offered you the original bonus rate. It's a variable ISA, as far as I can see, so the rate would have dropped even if the money had reached the account earlier.0
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True it is variable but the bonus when I opened it was 2% on top of whatever the variable rate is, whereas now it is only 1.76% on top. Not a huge difference but noticeable on a large ISA transfer.0
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I see what you mean. In which case, it depends on whether the account was officially open, and waiting for the transfer, or if the transfer concluded the opening of the account. If it's the later, they're likely to use the rate (and bonus) that applies on the day the account is opened, unfortunately. Don't Natwest ask for a £1 deposit? If you didn't make an original deposit, ahead of the transfer (if you hadn't contributed to your Icesave ISA this tax year), then they might not qualify the account as "open".
Still, this might be something you can haggle, I would give them a ring, bearing in mind that this sounds like the sort of thing that might be at the customer service person's discretion, if you ask to speak to a manager. Butter them up a bit, especially worthwhile if you have a fair bit of cash you want to stick in the ISA.0 -
The rates on their website suggest that if you applied to transfer before the 10th November, then you'd qualify for the 2% bonus. So if this transfer is still linked to the original transfer form that you filled out, it looks as though you'll get the 2% bonus.0
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It says all I have to do is send them a cheque and the ISA certificate in an enclosed pre-paid envelope to complete the transfer. Surprisingly efficient.
Fantastic!! As most of us won't have received a letter, could you tell us the address on the pre-paid envelope please? Is it the ISA centre in Manchester by any chance?
Also does the letter say who the cheque should be made out to?
Thanks!
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I am currently in a similar situation. I opened my Natwest ISA account when the bonus rate was 2% but as the transfer has not taken place i will get the lower rate. On my last visit they contacted their head office about the situation and said that once i receive the ISA certificate i can just take it in to them in branch with a personal cheque for the ISA amount and it'll get processed then.
Devstar0 -
The address is:could you tell us the address on the pre-paid envelope please? Is it the ISA centre in Manchester by any chance?
Also does the letter say who the cheque should be made out to?
Royal Bank of Scotland (I guess they centralise their ISA processing)
Central Tax Unit
1 Hardman Boulevard
Manchester
M3 3AQ
The letter does not say who to make the cheque out to. I guess whoever it says to make new ISA cheques out to - I expect it will say on thir web site.
Skipping the waffle paragraphs the letter says...As you have already opened a Cash ISA with us, and completed the ISA transfer form to complete the transfer process all you need to do to benefit from our great bonus interest rate is send your cheque and ISA certificate to us in the enclosed pre-paid envelope. You'll then receive the bonus for a full twelve months on the total balance in your Cash ISA, including any funds you deposit in the next tax year, so don't forget to take advantage of your 2009/2010 allowance from 6th April.0 -
This is weird.... i was told when i phoned that i would need to go into the branch with the certificate and they will move it immediately from my natwest current account.
Is it essentially the same thing?0 -
The letter does not say who to make the cheque out to. I guess whoever it says to make new ISA cheques out to - I expect it will say on thir web site.
Just noticed right at the bottom of the NatWest ISA transfer form:
(http://www.natwest.com/content/personal/savings/isas/downloads/transfer_service.pdf)
8. Instructions to current Cash ISA provider
Please make cheques payable to ‘NatWest [re customer name/account number]’
and send with ISA certificate to National Westminster Bank Plc, Central Tax Unit, 1 Hardman Boulevard, Manchester M3 3AQ.
So I'm guessing the cheque should be made to:
"To: NatWest [re: Mr John Smith/60-xx-xx 12345678]" (i.e. ur Natwest ISA's sort code/account no?)
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Thanks, that saved me a search.0
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