natwest isa 7.32%

runciblespoon

Pass. I think it all gets sent to the ISA department for processing (ID , electoral roll checks etc etc) - they don't open the ISA straightaway but the branch gets an application number from the computer.

I went to a branch in the hope that the internal mail would get there a bit quicker. I'd imagine that if you opened one online then you could send the forms to the ISA dept later on. But if you open one online and pay in cash you won't get the bonus until they've received a transfer request so you'll get 4.6% in the meantime. I wouldn't try opening one online without putting in cash - that might just confuse the system (see my saga about opening accounts with '£1' but paying nothing in). But you may be able to do this by phone if you explain what you want to do.

riad_2

Understood! Already have a current a/c with these peeps, so just gonna open an e-savings a/c online as per the requirement for an instant access savings, and keep my fingers crossed when I go to the branch forms in hand!

coolio_2

Just been and done mine in les sthan 5 mins. Got an account number and everything. Guy said theyre allowing additional checks after openeing all types of accounts now, theyve been allowed to relax the rules because theyre desperate for money.

runciblespoon

Interesting... no sign of any paperwork here so far.

I did wonder whether RBS Natwest had come begging as a result of their not too happy finances. Perhaps this is also the first bank to take account of last week's spike in LIBOR? Still, their loss is our gain :rotfl:

oxfox

riad wrote: »

Understood! Already have a current a/c with these peeps, so just gonna open an e-savings a/c online as per the requirement for an instant access savings, and keep my fingers crossed when I go to the branch forms in hand!

The extra form I was made to fill in at the branch to open a new ISA (in addition to the transfer form that I had downloaded) said that the instant access savings account had to be associated with the same branch as the ISA. But I guess if you apply for both online... hmmm. Just a thought that might be worth checking now that the branch staff are likely to be more clueful than they were last Saturday.

Stompa

Steve_xx wrote: »

Natwest state this as the reason, on their website:

You will also need to hold or open an instant access account. We will use this account to hold your money if you accidentally put more than £3600 a year into your Cash ISA.

That's a really weird requirement!!!

Gazza_UK_3

What a total and utter nightmare. I am so mad its beyond words :mad:

Just been into my local NatWest and the woman who served me had not got a clue whatsoever.

As soon as she asked me how she could help and said I would like to transfer 2 ISA's in, the look on her face said it all. Twice she went on about the current tax year and twice I explained that is not what I had come in for. That I was wanting to transfer old ISA's from previous tax years into the new ISA rate they have just started with.

She asked me to sit down and wait and then she vanished into the back (to ask for advise no doubt).

She came back and asked if I had an account with them, to which I said no. I informed her that I had already filled the forms out. She needed either my driving licence or passport + a utility bill under 6 months old, otherwise she could do nothing. Fortunately for me I had these with me.

I then mentioned about the section asking for account number and sort code. That the account number on my ISA's was longer than the box they provided. I mentioned that other customers going into other Natwest banks had been advised to just write it above the box. She then went off on one saying why would Natwest print forms with x amount of boxes and then the customer have to write it above. She said that I needed to phone my ISA Managers up and get the correct account number and a sort code would be required.

I mentioned that other people have not done a sort code. She then said fine, just write the number above then, but if it gets cancelled and returned it would be my fault and she was having nothing to do with it. I was just sat there with a look of beyond belief.

I had to keep kicking myself to stop me going into a mad frenzy.

Why do they not have adviosrs who actually know what they are talking about?

I got up and just said I am sorry I am not going through with this as I have no confidence in this being done correctly.

So those of you who had a pain free experience, well done, I wish I had.

Leaving my money where it is now. Not getting as much for it, but I am so stressed now after my trip, its somewhat deflated me.

Gazza_UK_3

Right a quick update after my rant. Just spoke to a fantastic lady via the 0800 number on the NatWest ISA page on the internet.

She new exactly what she was on about and told me that the account number and sort code on the form is a default for banks. ISA's in banks would normally have an 8 digit account number and a sort code, as that is what they have.

I mentioned that the ISA's I were transferring are not High St banks and there is just a 9 digit account number. She said all I have to do is add the extra digit on at the end and fill the sort code in with zeros.

Pain free and simple just as it should have been at my local Natwest.

nuthatch

Is it possible to transfer just part of my ISA (Nationwide) to NatWest (or to any another provider for that matter)?
The wording on the NatWest application form is not clear to me ..... quote:
"Amount to transfer:

• Whole balance
• All previous year subscriptions
• All current year subscriptions
  (Please mark one box only)"

It's the "ALL previous year subscriptions" that I don't get .... or is it me??

cogito

Just been into my local NatWest bank and transferred previous years ISAs. Very straightforward process aided by knowledgeable staff. They didn't try to sell me anything else as I think they figured that I knew what I was doing.