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  • FIRST POST
    • rebecca1
    • By rebecca1 8th Sep 17, 11:10 AM
    • 71Posts
    • 12Thanks
    rebecca1
    Al Rayan Bank 120 day ISA notice account
    • #1
    • 8th Sep 17, 11:10 AM
    Al Rayan Bank 120 day ISA notice account 8th Sep 17 at 11:10 AM
    I would like to give the 120 day notice on this account with a view of moving into another provider after the 120 days to avoid losing the tax free wrapper.
    The bank said in order to do this I need to get the new provider to complete a transfer form, but to get this I would have to choose the provider 120 day ahead of schedule!

    This may mean I do not get the most competitive rates from the provider at that time... I seemed to have reached a stalemate with the bank and their Managers are never available to talk to on the phone when I call (I have tried 3 times now).
    Can anyone offer advice as I have been told that if I serve the notice on the account I will lose the tax wrapper. This procedure can't be right and I'm not being offered a solution here ... I want to give them notice of the 120 days as soon as possible really...
    The 1 year fixed deposit ISA's seem much more simple/easy to operate...

    I understand that the ISA rates in general are quite low compared to other interest accounts. I do however want to keep the tax free wrapper on this one. Thanks
Page 1
    • eskbanker
    • By eskbanker 8th Sep 17, 11:51 AM
    • 5,777 Posts
    • 5,651 Thanks
    eskbanker
    • #2
    • 8th Sep 17, 11:51 AM
    • #2
    • 8th Sep 17, 11:51 AM
    From a quick look at the account Ts & Cs I can't see anything that specifies exactly how this should work. It does state that you need to complete a notice form that you need to request from them - assuming you've got hold of one, is there anything on that that clarifies how the process should happen?

    I can't see how they can insist that you'd lose the tax-free status if you give notice unless the form locks you into declaring exactly where the proceeds would go at the start of the 120 days? In other words, if you inform Al Rayan that you're giving 120 days notice and then, separately, arrange a transfer with a new provider in, say, 100 days time (specifying the date after which the transfer must happen), I'd have thought they'd need to honour this and that it would preserve the tax wrapper....
    • Stompa
    • By Stompa 8th Sep 17, 11:54 AM
    • 7,599 Posts
    • 3,688 Thanks
    Stompa
    • #3
    • 8th Sep 17, 11:54 AM
    • #3
    • 8th Sep 17, 11:54 AM
    Whilst not an ideal solution, could you transfer to their instant access ISA, then when that has completed (after 120 days or so), transfer out to the provider of your choice?
    Stompa
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