New ISA due to issues with current one

Hi, I would value anyones view on my options

For the last month I have been going through the process of opening an ISA with NS&I. My first attempt was for the full 15240, however they did not get an identity letter to me for 2.5 weeks by which point they close the application and refund the money, so 3 weeks in I tried again, this time for 100, I managed to get the letter after a week and responded, and they opened the account with about a day to spare on their ridiculous 14 day turnaround process. I have then waited a further 1.5 weeks for my account details and having received on Saturday I logged in to transfer the remaining 15140 into the ISA, when there Website helpfully crashed and has set some flag meaning that I cannot now transfer in for up to 24 working hours, (Whatever that means). I have completely lost all confidence in them and wish to move elsewhere The do not seem to be competent at all. I have tried another provider, however it appears that I cannot now open another ISA until April.. so I am stuck without being able to invest my money, any thoughts.?

Comments

  • HappyHarry
    HappyHarry Posts: 1,552
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    edited 5 October 2015 at 2:21PM
    You could open an ISA with a new provider with a zero balance, and transfer the full amount of the NS&I ISA over. Once that £100 has been transferred over, and the NS&I ISA closed, you could top up the new ISA with £15,140.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • Ok, So I may have had bad advice, I can transfer the full balance of an ISA to a new one within the same year that the first ISA was set up ?
  • HappyHarry
    HappyHarry Posts: 1,552
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    Yes you can.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • colsten
    colsten Posts: 17,597
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    May be they have done you a favour as you can get a lot better interest/return than in a cash ISA. How long do you want to save your money for?
  • badger09
    badger09 Posts: 11,105
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    But you must use the new ISA provider's transfer process, rather than simply transfer the money yourself.

    Alternatively, you could earn up to 5% on your £15k in current accounts;)
  • H Badger / colsten, I am unable to move my current account (mortgage offset), are there options of having a second current account ? and who would be offering such a thing ?
  • badger09
    badger09 Posts: 11,105
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    ianw228 wrote: »
    H Badger / colsten, I am unable to move my current account (mortgage offset), are there options of having a second current account ? and who would be offering such a thing ?

    A second current account :eek:

    Many of us on here are running multiple current accounts. I'm on 20+ and I'm not alone in that.

    Start here then have a read around the Savings & Investments and Budgeting & Bank Accounts boards.

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

    I'd advise at least one other current account, if not for savings, then to cover you for when you might not be able to access your 'main' current account.
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