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Have your say on ISA transfers
Former_MSE_Wendy
Posts: 929 Forumite
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif]
What's this all about?[/title]
Consumer Focus, the campaigning and lobby group, is running an investigation into the Cash ISA market and would like to hear your views.
The investigation is particularly looking at consumers' experiences of transferring ISAs and the ease of whether consumers know the interest rate of their account but is looking for any experiences, good and bad.
Please help by completing this short survey to let it know your experiences.
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] Where did the investigation come from?[/title]
After meeting about our 50 words consumer manifesto earlier this year, Consumer Focus picked up on a couple of our suggestions to turn into its investigation ...
"Savings statements must list current interest rates. Every online & printed statement should state your current interest rate, or how can you monitor it. Often, the only way to find your rate is going to a confusing online page with scores of similarly named accounts." (This has also been a No 10 Petition and Parliamentary motion).
"Speed up tax-free cash ISA transfers. Why can some bank transfers take a matter of seconds, yet moving money from one cash Isa to another can take months?"
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] Extra survey on switching bank accounts [/title]
If you've also had experience, again good or bad, of switching banks accounts, please help with this extra 4 question survey from Consumer Focus to help it check what problems there are in the market.
[signupbox]test[/signupbox]
What's this all about?[/title]Consumer Focus, the campaigning and lobby group, is running an investigation into the Cash ISA market and would like to hear your views.
The investigation is particularly looking at consumers' experiences of transferring ISAs and the ease of whether consumers know the interest rate of their account but is looking for any experiences, good and bad.
Please help by completing this short survey to let it know your experiences.
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif]
Where did the investigation come from?[/title]After meeting about our 50 words consumer manifesto earlier this year, Consumer Focus picked up on a couple of our suggestions to turn into its investigation ...
"Savings statements must list current interest rates. Every online & printed statement should state your current interest rate, or how can you monitor it. Often, the only way to find your rate is going to a confusing online page with scores of similarly named accounts." (This has also been a No 10 Petition and Parliamentary motion).
"Speed up tax-free cash ISA transfers. Why can some bank transfers take a matter of seconds, yet moving money from one cash Isa to another can take months?"
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif]
Extra survey on switching bank accounts [/title]If you've also had experience, again good or bad, of switching banks accounts, please help with this extra 4 question survey from Consumer Focus to help it check what problems there are in the market.
[signupbox]test[/signupbox]
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Comments
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Have to comment that the whole banking system regarding savings is a nightmare at the moment. Special offers to encourage you to move, but no advice to tell you that the rate after one year has dropped . In my case I asked First Direct what the rate on my Cash ISA was. Currently over 3 percent . but at the end of this April this drops to 0.20 percent . and furthermore they have no appropriate savings plan for me to transfer my funds into. So i have no choice but to open yet another cash ISA account. Such a waste of my time and energy. must say so far Newcastle B/Soc have been very helpful . Will also be moving all my parents monies as well. ...0
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Having looked at Question 1 of the survey, I fell at the first hurdle, as none of the options given covered my most recent ISA, a fixed rate Regular savings ISA.; neither did it cover my previous ISA, a 1-year fixed rate ISA.
The option of 'Don't know' is not applicable, as I clearly do - but no alternative, e.g. 'Other' with an explanatory data entry box is provided.
This would appear to be a significant flaw in the survey within just the first page of questions.0 -
davidinbmth wrote: »Have to comment that the whole banking system regarding savings is a nightmare at the moment. Special offers to encourage you to move, but no advice to tell you that the rate after one year has dropped . In my case I asked First Direct what the rate on my Cash ISA was. Currently over 3 percent . but at the end of this April this drops to 0.20 percent . and furthermore they have no appropriate savings plan for me to transfer my funds into. So i have no choice but to open yet another cash ISA account. Such a waste of my time and energy. must say so far Newcastle B/Soc have been very helpful . Will also be moving all my parents monies as well. ...
But you don't have to. I'm enraged by the fact that was set up to offer tax benefits to the masses, is being plundered by ALL the banking system by offering bonus rates for a year then reducing them to pathetic levels because of the hassle that many face transfering these. :mad::mad::mad:
MSE and other such sites have not hepled with advice to ALWAYS max up cash isa entitlements. The time has now arrived where that actually costs money. :mad::mad::mad:
It is possible to find better rates even allowing for the tax incentive, outside of an isa, and I'm sure the only reason for most staying with them is the distant hope that one day the government may just step in to ensure the system is run the way it was intended. (where's the flying pig emoticon.
Mr AngryI like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
poorly constructed ~ needs "Other" box
My experience Chelsea Postal 30 provides excellent access
rate is good for £15k plus
Transfer process excellent ~ posted their transfer form 30 days before several fixed term ISA maturity dates and all were transferred to Chelsea on the maturity date0 -
poorly constructed ~ needs "Other" box
My experience Chelsea Postal 30 provides excellent access
rate is good for £15k plus
Transfer process excellent ~ posted their transfer form 30 days before several fixed term ISA maturity dates and all were transferred to Chelsea on the maturity date
Can I ask;
Did you inform all the original banks yourself of the proposed transfer?, or just allow the new recipient to do the neccessary?I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
My most recent transfer was trouble-free and fairly timely. For the purpose of the survey I chose to use another previous TF scenario (only a few months ago) which wasn't, thus giving the most opportunity to add further comments
I don't know if my IP address was tracked such that I couldn't submit another survey. I'd be quite happy to go through it again and answer questions about the most recent transfer which went smoothly; but was more keen to draw attention first to the failings of the present transfer process -- there's no specific account/bank/personal detail requested and it's all anonymous (until right at the end, when you can choose (or not) to be emailed with updates on this), and I saw no harm in using a true albeit previous transfer as the example, which 'fitted' the questions better.~cottager0 -
If you clear your cookies, it lets you complete the survey again. I also had a good experience from 2009/2010, but also wanted to comment on my bad experience from 2008/2009.I don't know if my IP address was tracked such that I couldn't submit another survey. I'd be quite happy to go through it again and answer questions about the most recent transfer which went smoothly; but was more keen to draw attention first to the failings of the present transfer process -- there's no specific account/bank/personal detail requested and it's all anonymous (until right at the end, when you can choose (or not) to be emailed with updates on this), and I saw no harm in using a true albeit previous transfer as the example, which 'fitted' the questions better.0 -
Me and my husband both tried to transfer cash ISA's to new rate Cash ISA's this year I tried today with Santander we have both been told we cannot transfer we can only open a new account , why does it say you can transfer when really you are made to open a new account if you want the higher rate of interest. My husbands bank was Barclays and he tried to transfer in January.:mad:0
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Me and my husband both tried to transfer cash ISA's to new rate Cash ISA's this year I tried today with Santander we have both been told we cannot transfer we can only open a new account , why does it say you can transfer when really you are made to open a new account if you want the higher rate of interest. My husbands bank was Barclays and he tried to transfer in January.:mad:
Where does it say you can transfer?
Not all ISAs allow transfers.0 -
You haven't said to which Santander ISA you tried to transfer your old ISAs.Me and my husband both tried to transfer cash ISA's to new rate Cash ISA's this year I tried today with Santander we have both been told we cannot transfer we can only open a new account , why does it say you can transfer when really you are made to open a new account if you want the higher rate of interest. My husbands bank was Barclays and he tried to transfer in January.:mad:
The Direct ISA (Issue 6) offering up to 2.75% for £9,000+ permits transfers, the Flexible ISA @ 3.5% does not. This is clearly shown in the product descriptions.0
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