natwest isa 7.32%

Ainsdale

miele wrote: »

Lucky you I'm still waiting from my transfer from Abbey to Natwest to go through. I opend the account at Natwest on Oct 2nd, got the account info and it even appeared on my online banking straight away. But 3 weeks later and my Abbey Isa still appears on my Abbey ebanking and my Natwest Isa balance is still £0!

The girl at Natwest said I'd earn interest from Oct 2nd as this is the date I put on the transfer form, is she correct?

BTW, Does anyone know if I can/should still add to my Abbey Isa during this time (whilst I'm still waiting)? Or should I just wait until everything's ready at Natwest?

Thanks!!

miele - I do feel lucky after reading about your experience. I suppose the question is which institution is causing the delay? I suggest that you ring Abbey tomorrow and ask them whether they have received the transfer request from Nat West and if so on what date. If they have had the request more than a week I would remind them of Abbeys ISA terms and condition Para 17 which I have reproduced below (with my underlining)
"
17 Transferring out
17.1 You may ask us, at any time, to transfer all or part of your ISA to another ISA Manager approved under the ISA Regulations. You cannot partially transfer your Choices ISA. If you are transferring from a Choices ISA, paragraph 9 also applies. If you are transferring from a Super ISA, Direct ISA, Easy ISA, a Postal ISA or a Variable Rate TOISA, we will normally process your request within five Business Days of receipt, however you may request a date after this period if you wish. "

I know that "normally" is not legally binding, but I am pretty sure that it must be some form of target they aim to achieve or why put it in the T&C's in the first place.

I can see that baldur and nuthatch have answered your two questions and I agree with their answers.

Hope this is helpful and that Nat West gets your account opened soon.

saddad49

nuthatch wrote: »

Seems that others are questioning the amount of time it is taking for our cheques from previous providers to reach NatWest.

About 10 or 11 days ago I received a letter from Nationwide to say they had sent a cheque to NatWest on 9th October: the money did not reach my account until today - 12 days later.

First thing this morning I, once again, checked online and still nothing in my account, so a little later I went into my branch of NW to find out what was going on. I asked to speak to someone in private, and a few minutes later a senior staff member appeared saying, coincidentally, that she just happened to be dealing with my account at that moment, and the money was now paid in. However she could not say when the cheque had actually arrived.

Although the lady was most helpful, she was unable to give me answers regarding (a) why it had taken so long to reach my account (though it was suggested that possibly Nationwide had not sent the cheque when they said) .. and (b) whether the interest would be backdated. The interest has amounted to £68 for the 12 days (at £5.66 per day), so I won't be too pleased if I lose that much.

The lady at the branch has promised to find out the answers to my questions, and will hopefully phone me tomorrow. I will post the outcome here as soon as I know.

Right now I'm thinking that there might be 'dodgy' practices going on at NatWest ... we shall see!

I have just been through a very similar process. Letter received from Nationwide dated 14 October confirming cheque sent to NatWest. No sign of deposit in new ISA account online, so visited local NatWest branch this morning. While I was there I was informed that the transaction had coincidentally just gone through and that the money would appear in my online account tomorrow (Saturday – sounds unlikely on reflection). Nevertheless I would advise anyone else concerned about their missing ISA money to visit their bank branch as they too may experience one of these happy coincidences.

nuthatch

Milarky wrote: »

They have no interest in the adverse publicity of not processing cheques on the day they actually receive them. If this is happening at all at NatWest I would look to a more 'innocent' explanation.

Clearly you've had some bad luck with when NatWest say they recieved the cheque. As usual with a problem of this kind, one must backtrack. Thus start by establishing with NatWest when the cheque arrived. If they say 'after 14 days' then I would take the complaint to Nationwide and ask them to pay you the interest for this delay. Your 'justification' would be that Nationwide chose to use an unreliable system of transfer - that's their option, but you should not lose out as a result of the occasional misfired cheque. Point out that they will have continued to benefit - earning money on your deposit before it could be reinstated at the NatWest end.

On the other side, of course, NatWest may admit they have held on to your cheque for a indeterminate period. They don't benefit as such through, because Nationwide still had the 'cash' during this period. But if it isn't down to Nationwide then it must be down to NatWest - so they become liable because their inaction (when they were in a position to act) caused you a loss

Good Luck

Thank you Milarky for that very helpful and informative reply. It's certainly got me thinking.

First though, regarding establishing when NatWest received the cheque, well I tried, and was given the date as the 20th; eleven days after Nationwide say they sent it. So as there seems to be no way of proving this, how can I be certain of who is at fault? This is the problem.

What mostly interested me in your reply, is where you said -
"Point out that they (Nationwide) will have continued to benefit - earning money on your deposit before it could be reinstated at the NatWest end."

also this bit: "They don't benefit as such through, because Nationwide still had the 'cash' during this period"

So this is perhaps something I've not understood before. I take it from what you say that although the cheque may have been sent and my 'old' account closed, that in fact, although the money is no longer in my account, Nationwide do still have this money until the cheque has been received and cleared. And that is when the money leaves Nationwide?
So that would mean that the money isn't in 'limbo' between banks; it must be in one bank or the other; the cheque merely being a 'promise of payment'.
Have I understood that correctly? If so, then I've learnt something of the way banking works, and I thank you for that.

Unfortunately, neither institution is admitting fault, but if Nationwide's name, more than any other, keeps cropping up here with the same problem, then the finger of suspicion might be pointed at them ..... but if there is a similar proportion of other banks names ......... Hmmm!

I'll have to think carefully what to do next - probably try speaking to Nationwide again, but thanks again Milarky.

cuthbert_the_octopus

I have read alot of this thread....... as I have recieved an 'interesting' letter from NW today.

I have already filled this years ISA pot in ICESAVE, so just want to transfer in previous years allowances.
Went to the branch..... no problems etc etc....

And now they have sent a letter saying I cant transfer my other ISAs in because I dont have an ISA with them.
I thought this is what I did a couple of weeks ago.... will go into the branch and see what they have to say for themselves.

fitzal

Hi, I am trying to compare my situation with others, currently:

Opened Isa (I am new to Natwest) on 24th Sept
The ISA was showing online (after having gone into branch) on 9th Oct
Aparently letters then sent from Natwest to Nationwide & HSBC on 11th Oct
Cheque from Nationwide issued 22nd Oct
ISA disappeared from online nationwide acc 24th Oct

So my question is when does the 30 days start that the claim transfers will be completed in? And is this just a guideline, or can we complain if it doesnt happen within this time?

Also has anyone done a tranfer from HSBC to Natwest, as I called them and apparently my signature does not match the one on the transfer form!! I am quite annoyed at this, as I think it is delay tactics from HSBC, so they can hold onto my money for another week or 2, as I now have to wait for a letter and then go into my branch to get it updated!

Milarky

fitzal wrote: »

My question is when does the 30 days start that the claim transfers will be completed in? And is this just a guideline, or can we complain if it doesnt happen within this time?

You've hit the nail on the head.

The '30 day rule' has no standing whatsoever - it is more akin to a 'convention' followed by all the ISA providers. And there is no sanction as such triggered by exceeding it. The 30 days actually only begins when the existing ISA provider is first contacted on your behalf by the new ISA provider. Thus it is more correctly described a '30 and-a-bit days' rule from the time you will have applied. However, although no sanction is triggered, banks will accept blame if you complain to the Financial Ombudsman Serivce, I understand. If, say, you lost out on a fixed rate offer (held open for 30 days by the new provider, for instance) then de facto you could claim the difference in interest rates times the term from the old provider. Plus £10 per hour times notional number of hours required to make complaint.

Also has anyone done a tranfer from HSBC to Natwest, as I called them and apparently my signature does not match the one on the transfer form!! I am quite annoyed at this, as I think it is delay tactics from HSBC, so they can hold onto my money for another week or 2, as I now have to wait for a letter and then go into my branch to get it updated!

Well I would say that once HSBC has recieved the request the 30 days are ticking - regardless of their query - that they raised over the signature - they can't restart the clock and you would be at liberty to complain (to them in the first instance) after 30 days if the thing is not put through in that time. But, obviously, you'll have cooperate with the request and reapply with a fresh signature.

anna42hmr

Ainsdale wrote: »

Thought it might be helpful if I post my experience with the Nat West ISA.
I opened an account at interview in the local Branch (Southport) on 2nd October. Had letter to confirm the account numbers the following working day (3rd) and could see the new accounts on the internet as well, which I thought was quite impressive.
Does this help answer your question anna42hmr?

thanks for this you are right it did show the accounts very quickly (24 hrs after opening infact) at least i can keep an eye out for when the isa money is received, though by the sounds of it, that could be a while lol!

ultrapop

ultrapop wrote: »

My previous ISA provider sent the cheque to Natwest on 18th October and it hasn't yet paid in!

An update for you guys.

The cheque was paid in yesterday, 27th October, the transaction appears online today.

shazkhan111

ultrapop wrote: »

An update for you guys.

The cheque was paid in yesterday, 27th October, the transaction appears online today.

So will you get interest from the 18th

Milarky

shazkhan111 wrote: »

So will you get interest from the 18th

No. 18th appears in old ISA passbook. NatWest 'know nothing' about this - though they will, of course, by virtue of the paperwork trail. In general with ISAs, there's no interest to allow for postage time and cheque clearing. Only one or two ISA providers agree to cover this lost interest when trnasferring to them: Nationwide (only they don't accept transfers-in at present!) and Halifax to my knowledge and possible one other whose name eludes me (but it's not NatWest!)