Worth transferring £5.2K to Post Office ISA?

tiptoe_mouse

billieboy wrote: »

Right I've just spoken to the PO ISA people again. The rep apologised for the confusing wording on the form. It is the right form to transfer only and under the declaration you need to fill in 2008 for them to be able to open the ISA as it will have 2008's money in - hope that makes sense.

Not entirely - if you are doing a transfer only, it won't necessarily have 2008's money in as it could be a transfer of any year's funds. I wish these people at the PO knew what they were talking about. I'd still be tempted to cross out any mention of subscribing since if you're just doing a transfer, you're not subscribing. Subscribing means adding new money, using the current tax year's allowance.

If the PO can't get this right, what else are they likely to get wrong?

tiptoe

Gazza_UK_3

Well just got of phone with some lass at the PO and she was not really interested in what I had to say really. Very unhelpful to be honest.

Just said it was a joint form for old and new. When all the wording on it relates to transferring in and subscribing (new) to the current tax year. She said you had to put '08' in the box on the back or it will be refused. Anyone who has crossed any section out will have them refused.

At no point on this form does it mention about transferring previous years ISA's in. Its specifically worded for transferring from your current subscription to them.

I have read the ISA guidance notes from the link above and this form does not follow that for old transfers.

So I have decided not to go with the PO. I appreciate some of you financial wizards will say its OK, just sign it and send it off. But I am a stick in the mud when it comes to forms. Its not worded right at all and it concerns me does that.

Thanks for all the replies and help provided.

tiptoe_mouse

Totally understand your stance, Gazza_UK. I'm not going to bother moving to the PO either, because it already sounds like too much hassle for 1 year's benefit (remember it drops by 1.5% after a year - down to 4.75%). What's the likelihood they'll mess up either the transfer in or the transfer out, with consequent loss of interest?

Have I already mentioned Icesave (6.1%) on this thread? I'm singing their praises at the moment after my transfers went through in less than two weeks.

tiptoe