An ISA Transfer Success Story For A Change

Oblivion

We often read on here tales of woe about ISA transfers going wrong, so I just thought I'd redress the balance with my own first transfer experience.

My wife and I each held a TOISA with Alliance & Leicester and because the interest rates had become rubbish, we decided, with some trepidation, to embark on a transfer to Newcastle Building Society. Having heard too many stories of these taking weeks, sometimes months, as well as money disappearing into the ether, I was nervous.

We posted separate transfer requests to Newcastle, and sent our passbooks with a copy of the transfer form for good measure to A&L, all on the 10th June. I was amazed when my wife received a letter dated 16th June (just 6 days into the process) from A&L saying they had transferred her funds to Newcastle. Pretty impressive. My paperwork must have got temporarily buried as it took them until 24th June (still only 14 days) to similarly notify me.

Both our Newcastle accounts were credited within the week following those letters and we were able to breath a huge sigh of relief. If only all financial transactions were that painless Thanks to both A&L and Newcastle for a job well done.

Dave.

isofa

Glad you had good service.

Pity such a simple procedure often ends up delayed or worse still completely messed up - it should be simplicity itself - essentially moving an account / balance from one institution to another, with a cross check of NI details. But more often than not either the original provider, or both the new and original, seem to make it as fraught as possible, the rules should be changed, to ensure compensation is paid immediately if the transfer has problems or takes over 30-days, I imagine suddenly all would function perfectly... Why it should have a period of 30-days allowed is a mystery to me. Surely a week would be ample.