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  • FIRST POST
    • Hal17
    • By Hal17 9th Jan 17, 5:12 PM
    • 89Posts
    • 38Thanks
    Hal17
    Clydesdale 40 day cash ISA
    • #1
    • 9th Jan 17, 5:12 PM
    Clydesdale 40 day cash ISA 9th Jan 17 at 5:12 PM
    Arrived home to an interesting letter from Clydesdale Bank regarding their 40 day cash ISA account. This is being closed and they are transferring all accounts to there instant access cash ISA. They were currently paying 1.25% and from the 6th March this drops to 0.50%.

    Time to find a new home for my money.
Page 2
    • AndyPK
    • By AndyPK 3rd Mar 17, 5:18 PM
    • 2,311 Posts
    • 615 Thanks
    AndyPK
    Maybe they are surprised about the amount of money leaving them and are having to take steps.
    • Hal17
    • By Hal17 3rd Mar 17, 5:58 PM
    • 89 Posts
    • 38 Thanks
    Hal17
    Yes!

    Apparently they aren't releasing the money until 27 March (maybe that's the date for mine)
    Interest rate drops on Monday
    Originally posted by AndyPK
    I am sure you would have ticked the immediate transfer especially as they waived the 40 day notice. I would ring them.

    Virgin Money were telling me that all the correct boxes were ticked and they requested immediate transfer but Clydesdale were giving them a March date, which was my 40 day notice period. After 3 phone calls my transfer has now been completed.
    • AndyPK
    • By AndyPK 3rd Mar 17, 6:35 PM
    • 2,311 Posts
    • 615 Thanks
    AndyPK
    3 calls to Clydesdale?
    • Hal17
    • By Hal17 4th Mar 17, 10:17 AM
    • 89 Posts
    • 38 Thanks
    Hal17
    3 calls to Clydesdale?
    Originally posted by AndyPK
    Yes, it seemed there were issues on their system and the transfer kept defaulting to the 40 day transfer period. Needed a manual intervention, I had to keep chasing - you know someone saying I will send a email to the relevant department, nothing happens, ring again!

    Got done in the end.
    • xylophone
    • By xylophone 4th Mar 17, 12:32 PM
    • 22,855 Posts
    • 13,207 Thanks
    xylophone
    I had no trouble- transfer from Yorkshire Bank to Paragon (I ticked "transfer immediately" as no notice required under the dispensation) and the transfer took place with total efficiency within a few days.
    • adventurousandy
    • By adventurousandy 6th Mar 17, 7:49 PM
    • 3 Posts
    • 0 Thanks
    adventurousandy
    Clydesdale 40 day Cash Isa
    I've just posted a new thread about this. Clydesdale didn't waive the 40 day notice period for me as stated. I complained to Virgin who told me that there have been many complaints about this. They've told Clydesdale who say that they're aware of the problem.Both banks blamed the other.
    • AndyPK
    • By AndyPK 7th Mar 17, 6:22 PM
    • 2,311 Posts
    • 615 Thanks
    AndyPK
    I rang Clyde today. Long phone call.

    Not very impressed. First they told me everything was fine and not to worry.

    Then when they understood they were causing a delay, twice they suggested I convert my ISA to cash to transfer it over. as that would do it quickly.

    Now then reckon 3-5Days
    • Mothman
    • By Mothman 8th Mar 17, 12:40 PM
    • 77 Posts
    • 21 Thanks
    Mothman
    Having similar problems here. Yorkshire Bank are blaming Virgin Money for not requresting the transfer correctly and will not do the transfer inside 40 days unless we get a VM to send another transfer request, even though VM have confirmed the original transfer request was correct.

    Unfortunately this is my wifes ISA and she hates arguing with companies on the phone and so we will probably let it ride, however Yorkshire\Clydesdale Bank are firmly on my bad boys list for the future.
    • xylophone
    • By xylophone 8th Mar 17, 1:35 PM
    • 22,855 Posts
    • 13,207 Thanks
    xylophone
    Yorkshire Bank are blaming Virgin Money for not requresting the transfer correctly and will not do the transfer inside 40 days unless we get a VM to send another transfer request, even though VM have confirmed the original transfer request was correct.
    Make a formal complaint in writing.

    I had no trouble at all with my transfer - I was astonished at how quickly it took place!
    • AndyPK
    • By AndyPK 15th Mar 17, 7:27 PM
    • 2,311 Posts
    • 615 Thanks
    AndyPK
    Mine transferred yesterday.

    A month after I opened the new iSA.

    Still, it would have been worse if I hadn't phoned Clydesdale.
    • Nourse79
    • By Nourse79 16th Mar 17, 12:18 PM
    • 24 Posts
    • 2 Thanks
    Nourse79
    Finally it's over with clydesdale.never again !
    I have never seen such a poor performance from a bank with a total lack of customer service and utterly incompetent. I really feel for their employees working for such a dreadful company.
    I was first attracted by their favourable interest rate on cash ISA with balances over 24K. Since transferring from Nationwide over 2 years ago it has been nothing but a pain to deal with them.
    The last straw was to request a transfer out via my new flexible ISA provider (Newcastle BS) which I did online on 21.02.17 with ALL correct infos. I insist.
    A letter dated 23.02 from Newcastle BS said that Clydesdale rejected the transfer as the details did not match what they held on file for me. I had to manually fill in a new form with SAME details as previously given online. Same details, I insist. When I called Clydespain for clarification they referred me back to NCL BS - which was pointless obviously.
    The transfer finally took place on 15.03.17 and am I glad it's over. Never again will I use Clydesdale !
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