BM fixed rate ISA 4.2%

[Deleted User]

sallysaver wrote: »

Hi,
I can say without doubt, this has been the best transaction I have ever done.

Ditto!

I opened the 4.2% fixed rate isa with my ex icesave money. All the forms arrived the next working day, following my phone call; I posted it all back same day, and 2/3 business days later, it was open! Absolutely first class service; I was amazed.

KingL

@10_66 have you seen brewerdave's recent report of 9 March as the cutoff date? http://forums.moneysavingexpert.com/showpost.html?p=18723955&postcount=15

Might be helful for your blood pressure

brewerdave

I was applying for a FRISA @ 3.5% - The cut off date for that issue is apparently 9th March. Presumably the 4.2% offer will have had an earlier cut off date.

KingL

Ah, good point !

magpiesaver

I'm glad I saw this thread. I've opened a BM fixed rate account (got in just in time for the 4.2 rate) and was pleased when A&L wrote to tell me they'd transferred the money I wanted to move from them, and I thought itwas all sorted.
But I've just contacted BM who say they haven't received the cheque (allegedly posted 8 days ago) so now A&L say they'll chase it up for me.
Same old, same old, every year! Can't the banks every get themselves sorted? My money's at present in a black hole, receiving no interest.

Lokolo

I got a message from Egg the day after I sent the transfer request saying the cheque had been sent, haven't heard anything from BM yet.... hm...

10_66

magpiesaver wrote: »

I'm glad I saw this thread. I've opened a BM fixed rate account (got in just in time for the 4.2 rate) and was pleased when A&L wrote to tell me they'd transferred the money I wanted to move from them, and I thought itwas all sorted.
But I've just contacted BM who say they haven't received the cheque (allegedly posted 8 days ago) so now A&L say they'll chase it up for me.
Same old, same old, every year! Can't the banks every get themselves sorted? My money's at present in a black hole, receiving no interest.

Lokolo wrote: »

I got a message from Egg the day after I sent the transfer request saying the cheque had been sent, haven't heard anything from BM yet.... hm...

BM claim they can't trace having received either my transfer cheque or application form. I cannot understand why HMRC will not do anything about the appalling situation with ISA transfers. I don't understand why it's got so bad in the last 3 or 4 years, it never used to be such a shambles, but now it is absolutely unacceptable that these organisations can say any old rubbish about either never having received cheque/transfer forms or application forms. I've even had them argue about not receiving application forms when they've been sent by special delivery. It's about time some bright spark with some clout made some new rules saying that these transfers have to be carried out within certain timeframes (rather than there just being guidelines). At least with a normal savings account you have an element of control over the transfer, with these bl**dy ISAs we have no control at all.

TCA

magpiesaver wrote: »

I'm glad I saw this thread. I've opened a BM fixed rate account (got in just in time for the 4.2 rate) and was pleased when A&L wrote to tell me they'd transferred the money I wanted to move from them, and I thought it was all sorted. But I've just contacted BM who say they haven't received the cheque (allegedly posted 8 days ago) so now A&L say they'll chase it up for me. Same old, same old, every year! Can't the banks every get themselves sorted? My money's at present in a black hole, receiving no interest.

A&L are a nightmare. I was in the same situation several years back and it turned out they had sent the cheque to completely the wrong company, despite having said they sent it to the correct one. I only found out because this company contacted me. After a lot of chasing, they eventually stopped the cheque payable to the wrong bank and wrote a new one. I then found out when funds were credited to my new ISA, that despite nearly 2 months passing, they made the 2nd cheque out for the same amount, ignoring any further accrued interest. In the end, I got a separate goodwill cheque after complaining but would have preferred my ISA funds being at their correct level. I gave in and accepted after all the hassle. Pathetic.

magpiesaver

I'm running out of time now with BM. They won't accept transfers into the account after 23 Feb, and no doubt it takes several days to clear the cheque. They have no other ISAs on offer at the moment, and A&L (who say they've sent the transfer cheque) will say my account is closed, so they won't take it back. How can I keep that money in an ISA?
Money Saving Stalwart - you're so right! It's disgrace that we have to put up with this appalling treatment every year. It's not as if we even want to keep shoving money around, but when the banks drop the interest rate, they leave us little option.
When you're dealing with just one bank, it's just about manageable, but as soon as more than one is involved, they both deny any responsibility for forms, cheques etc, and we're left in limbo.
The problem seems to be that ISA transfers apparently have to be done by post becasue of the accompanying paperwork. And yet if you buy a house, which also has linked documentation, electronic transfers are normal and don't seem to cause problems. The endless hours that both customers and bank staff waste on the ISA transfer process are utterly pointless.

I have e-mailed the FSA to complain about the whole procedure - who else can we complain to?

10_66

magpiesaver wrote: »

I have e-mailed the FSA to complain about the whole procedure - who else can we complain to?

If I ever get time, I'm going to complain to HMRC about the stupid situation, though I know it won't make any difference. Surely the staff at HMRC have to go through the same rigmarole as the rest of us, so you'd think they'd make an effort to make them speed up the process. After having been told by a bank once that it's HMRC who insist on transfers being carried out by cheque, I asked HMRC about this, and they assurred me that the banks can do transfers by BACS if they wish, they just choose not to. It gets to the point where you start to wonder whether ISAs are worth all the stress that comes with the transfers doesn't it?