natwest isa 7.32%

sly_dog_jonah

My in branch application and transfer request was made on 6th October. My old ISA provider received the paperwork from Natwest on 16th October, but haven't yet actioned the transfer as they have a backlog (Newcastle BS). For the time being I'm still earning interest with Newcastle BS.

I thought that might be useful info for anyone wondering how quickly Natwest were processing the transfer-in paperwork at the beginning of the month. Probably they have been busier since then though.

ash213

I have opened a natwest isa. I want to transfer Halifax Isa money to the Natwest.

Can i do this online?

Baldur

ash213 wrote: »

Can i do this online?

Complete the Natwest Transfer form and take it to any Natwest Branch http://www.natwest.com/personal/savings/g2/isas/cash-isa.ashx#1.

How do I transfer a Cash ISA with another provider to NatWest? Simply complete a Cash ISA Transfer Form (PDF, 886k) and talke this to any NatWest branch.

Splashsquelch

Thought I would post my experiences having just opened one of these and transferred two other cash ISAs from different providers:

1. Opened account in branch Mon 29 Sept. Handed over transfer forms at same time.
2. Got 'welcome' letter Fri 3 Oct (I'll allow a few days grace as this was Freshers' Week in a major University city, and they were literally overrun with students).
3. Barclays closed Tax Haven ISA Fri 17th Oct.
4. NatWest ISA credited with Barclay's balance Thu 23 Oct.
5. Alliance+Leicester closed Direct ISA Iss. 4, Wed 22 Oct.
6. NatWest ISA credited with A+L balance Tue 28 Oct.

Total duration 29 days from my visit to the branch, with 5-6 days' lost interest on each ISA. Overall, pretty good I'd say. Duration is probably less than 29 days really, given the incredible business of the branch in the week I called in.

Funkyfreddy

Howdo folks,

Mmmmm....more questions :rolleyes:

I have become a little unsure around the around the term "ISA subscription" so any input it would be appreciated.

I have, as yet not made use this years ISA allowance of £3,600, ie no new money has gone in any ISA.

An existing fixed term Cash ISA with Halifax matured May of this year. This was has remained with them as a new ISA Saver Direct with the ceritificate of investment sarting "I apply to subscribe for a cash ISA for the tax year 2008/2009 and each subsequent tax year until futher notice", it also declares that (same blurb I see on the NatWest forms):

•I have not subscribed, and will not subscribe, more than £7,200 in total to a cash ISA and a stocks and shares ISA in the same tax year

• I have not subscribed, and will not subscribe, more than £3,600 of the overall £7,200 total to a cash ISA

• I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA

At the same time as the above I also transfered in a B&B Cash ISA, process completed a few weeks later. No problems (other than the time taken !).

I have another ISA with The Leeds which I was looking to transfer out perhaps. This NatWest offer looked a good option. Can I still do this or the new ISA with the Halifax my one and only "subscription" this year even though no new money has gone in anywhere and transferring to NatWest would be seen as a second subscription ?

If so I take it I can still add my 2008/9 allowance to either ISA ?

Also, reading the HMRC ISA Guidance Notes I've beacome a liitle confused by the following. Does this just mean if you applied to open a ISA but never actually put any money in it you could not apply (subscribe) to another ISA in that and the following tax year ?

4.6
Where an investor has made an application to subscribe, but no subscription is made in the tax year to which the application relates, the application will remain valid for a subscription in the next tax year (unless the application is valid for one year only – see paragraph 4.17).

For Example:
Mrs Kumar applies to subscribe to an ISA on 31 March 2008 “for 2007-2008 and subsequent years". No subscription is made in 2007-2008.
The application remains valid for subscriptions in 2008-2009. If no subscriptions are made in that tax year the application ceases to be valid at midnight on 5 April 2009. If Mrs Kumar then wishes to subscribe for 2009-10 or a later tax year she must make a fresh application

Argghh :mad:
Many thanks in advance

Rgds
FF

Baldur

Subscribe = pay new money into

Funkyfreddy

Baldur wrote: »

Subscribe = pay new money into

Thanks Baldur.....

...OK but I'm still not 100% clear if that means I could transfer my existing Leeds ISA into the NatWest ? Opening a new ISA with NatWest using transferred funds only isn't seen as a new subscription then ?

Sorry if I seem a bit dum on this one !

Rgds
FF

Baldur

Transfers don't constitute 'subscribing' - you are just changing provider with your existing funds. You could transfer to different providers several times per tax year (but would probably lose a good deal of interest in the process....)

Funkyfreddy

Baldur wrote: »

Transfers don't constitute 'subscribing' - you are just changing provider with your existing funds. You could transfer to different providers several times per tax year (but would probably lose a good deal of interest in the process....)

OK, thanks Baldur...bear with me please...!

So even though the Halifax documentation from May states "I apply to subscribe for a cash ISA for the tax year 2008/2009 and each subsequent tax year until futher notice" as it was using previous funds with the Halifax it isn't really a new subscription !

Many thanks.
FF

Baldur

I really don't know how many ways I can say the same thing. A transfer is not a subscription.

<Edit> Chapter 11 of the HMRC Guidance Notes covers transfers.