natwest isa 7.32%

fes101

Can anyone help me as I'm really confused! I have a Portman(now Nationwide) Easy Access ISA. I cannot save a lot a year and currrently have £3290.00 in the account, but this has been acumulated over the last couple of years and not just in this Tax year and so I should still have a sizeable portion of my annual allowance for this year left to pay in. However i saw the ad for the Natwest cash ISA and have applied to transfer my ISA to Natwest in order to take advantage of the 2% bonus. Having spoken to Natwest on the phone though they have told me that if I transfer in the £3290.00 I will only then be able to deposit a further £310 this tax year and that it will not be taken into account that I have not actually saved this amount this year, but it is an accumulation of previous years. Is this correct? I am v confused!

lisyloo

I'd like to meet anyone who manages to get interest of over £3,600 on their ISA.

No that's not what I meant.
If you put say £3600 in with contributions and THEN the interest takes you over, he definitely said that the extra would go into another account.

I think he's wrong, but I did check what he meant and that's definitely what he said.

I've had ISAs for decades and I'm pretty sure that I've contributed the full amount in some years and the interest has stayed in the same account.

I think he's wrong, but it's jsut a warning.

lolly5648

I had problems opening mine because they kept saying I had to open an ISA account for 2008/09 and put £1 in and then they could do the transfers. I refused to do this as I had already done my 2008/9 ISA somewhere else and was not transferring that one. Eventually they agreed I could cross out the £1 and put £0 and cross out the subscribe and put transfer.

They didnt seem worried about sort codes and account numbers that were not the right length. The attitude seemed to be that Head Office would sort it out.

Baldur

fes101 wrote: »

Can anyone help me as I'm really confused! I have a Portman(now Nationwide) Easy Access ISA. I cannot save a lot a year and currrently have £3290.00 in the account, but this has been acumulated over the last couple of years and not just in this Tax year and so I should still have a sizeable portion of my annual allowance for this year left to pay in. However i saw the ad for the Natwest cash ISA and have applied to transfer my ISA to Natwest in order to take advantage of the 2% bonus. Having spoken to Natwest on the phone though they have told me that if I transfer in the £3290.00 I will only then be able to deposit a further £310 this tax year and that it will not be taken into account that I have not actually saved this amount this year, but it is an accumulation of previous years. Is this correct? I am v confused!

The Natwest advice is totally incorrect.

You need to know exactly how much you have paid into the Portman ISA since 6th April 2008 - subtract that amount from your annual £3,600 allowance and that's what you can subscribe to the Cash ISA until 5th April 2009.

riad_2

Thought I would share my experience...

Popped into the main Manchester Natwest branch on Friday at about 4:45ish.

I was asked to fill out a paper ISA application form, and attach the transfer form(s) to it.

I was advised that "there's one woman who will be doing all the ISA applications"... which put my mind at ease that this task has been assigned to one person who will know what they're doing!!

• On the form, where it asked for a 1 pound initial deposit, I crossed it out and wrote beside it "TRANSFER ONLY".

• Regarding the bit about nominating another account for any excess above 3600 to be paid in... the form I believe said "a Natwest current/savings account". There was no suggestion on the form that it was required to be with the same branch. Hence, I entered my existing current account number which is held at a branch in Essex.

• I attached 2 transfer forms, one of which is from icesave... I left the sort code blank, and put the long account number just above the box for the account number.

When I asked the lady at the branch if the above 3 points were alright, she said that if there was any problem, the "woman who is processing all the ISA applications" will call me on my mobile.

Lo and behold, on Saturday a "CASH ISA" with nil balance now appears on my Natwest Online Banking! Therefore I can only assume that the above 3 points were all "OK"!

Will wait and see how speedy the transfers take to come through!

riad_2

lisyloo wrote: »

If you put say £3600 in with contributions and THEN the interest takes you over, he definitely said that the extra would go into another account.

I think he's wrong, but I did check what he meant and that's definitely what he said.

I think he's wrong, but it's jsut a warning.

Hopefully this will clarify, per the Natwest site:

"Do I need another account with NatWest? – Yes, you need to have another instant access account with NatWest - this can be either a current account or another savings account. This account is required to receive any deposits which may accidentally exceed the annual ISA allowance of £3,600."

Paul_Herring

lisyloo wrote: »

No that's not what I meant.

You are not the first person (on here) to relate what a Natwest bod has told them that equates to exactly that. As you did. (You clearly thought what you were told was wrong. It was. Nevertheless....)

Someone, somewhere, in Natwest training is giving customer facing staff the wrong idea.

Any further discussion on the Natwest concept (of interest taking you over the £3,600 limit) is expounding on the innocence (ignorance?) of the CS facing staff.

Paul_Herring

riad wrote: »

Thought I would share my experience...

<snip 3 mods to contract>

Will wait and see how speedy the transfers take to come through!

Please.... Let us know. While legally correct, your case appears to be 'difficult.'

In the middle of a rush to Natwest.

I would be interested (erm, ok, surprised) to see if your transfer is indeed, uneventful.

It's not April, but from Natwest's 'tempting' offer, it might as well be....

Canny_mal

Sorry if this question has already been asked....

I currently have £8,000 in an Abbey Direct ISA Issue 2

This £8,000 is made up as follows....

£5,836.03 previous years subscriptions
£2,163.97 current tax years subscriptions

This means I can deposit another £1,436.03 this year to take me up to the full £3,600

My question is if I arrange to transfer the full £8,000 to Natwest now will I be allowed to contribute the remaining £1,436.03 at some point later in the tax year once my Natwest ISA is up and running and will this contribution be elligible for the bonus interest (as this would then take me above the £9,000 threshold and into the 6.87% AER bracket)

Or would I be better off making the final £1,436.07 contribution to my Abbey account then transferring the whole lot to Natwest meaning the value of the transferred ISA would be £9,436.07 from day one.

I hope this makes sense!

riad_2

Canny_mal wrote: »

Sorry if this question has already been asked....

I currently have £8,000 in an Abbey Direct ISA Issue 2

This £8,000 is made up as follows....

£5,836.03 previous years subscriptions
£2,163.97 current tax years subscriptions

This means I can deposit another £1,436.03 this year to take me up to the full £3,600

My question is if I arrange to transfer the full £8,000 to Natwest now will I be allowed to contribute the remaining £1,436.03 at some point later in the tax year once my Natwest ISA is up and running and will this contribution be elligible for the bonus interest (as this would then take me above the £9,000 threshold and into the 6.87% AER bracket)

Or would I be better off making the final £1,436.07 contribution to my Abbey account then transferring the whole lot to Natwest meaning the value of the transferred ISA would be £9,436.07 from day one.

I hope this makes sense!

Both would work.

If you have the money now, personally I would pay it into your Abbey a/c, that way u can just transfer the lot and forget about it!