Transfer to natwest e-ISA

Paul_N_4

Okay, so I've applied for the esaver and that's all done and dusted. Still waiting on Internet banking details, so in the mean time I've applied for the eISA. During the application I had to open the eISA with 1 pound and I selected to pay it by cheque.

The confirmation form to complete and sign has arrived and it is asking for the 1 pound and where it's coming from.

Obviously I don't actually want to put any money in this eISA, (I've already used this years ISA allowance at Barclays), I simply want the Natwest one for transfering in my ISA balance to date. So do I just sign the application, and include a note asking them to simply open it so I can transfer in? Or do I send a cheque for a pound but explain I need it reimbursed before the transfer in of my ISA balance? Or is there some other obscure Natwest proceedure?

willo65

Paul_N wrote: »

Okay, so I've applied for the esaver and that's all done and dusted. Still waiting on Internet banking details, so in the mean time I've applied for the eISA. During the application I had to open the eISA with 1 pound and I selected to pay it by cheque.

The confirmation form to complete and sign has arrived and it is asking for the 1 pound and where it's coming from.

Obviously I don't actually want to put any money in this eISA, (I've already used this years ISA allowance at Barclays), I simply want the Natwest one for transfering in my ISA balance to date. So do I just sign the application, and include a note asking them to simply open it so I can transfer in? Or do I send a cheque for a pound but explain I need it reimbursed before the transfer in of my ISA balance? Or is there some other obscure Natwest proceedure?

Just sign paperwork and don't send cheque, maybe pop a note on explaining.

hebron

3 weeks now and 2 weeks since filling in the forms and sending them back and I still haven't even got to the transfer part of the application yet. I think this could take months.

SuiDreams

I'm still waiting too two weeks since forms sent back. I believe they have a back log at the moment, wish they would hurry up last years isa is only earning 0.2% at the moment.

alared

I have to say the whole thing is a complete shambles and it makes you wonder if NWest really wants your cash now that it`s mostly owned by eh

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us.

To open an ISA you have to first open an Esaver
To tranfer a cash ISA you have to have a EISA but only if you have a ESaver first.

No,I don`t honestly think they want our dough.
Why should they bother now they`re nationalised.

gemmalouanna

SuiDreams wrote: »

I'm still waiting too two weeks since forms sent back. I believe they have a back log at the moment, wish they would hurry up last years isa is only earning 0.2% at the moment.

Me too just waiting for the ISA account details so I can do transfer form - called on Sat to check on progress but they said they have massive back-log (had 30,000 applications on 1 day last week apparently!)

SuiDreams

gemmalouanna wrote: »

Me too just waiting for the ISA account details so I can do transfer form - called on Sat to check on progress but they said they have massive back-log (had 30,000 applications on 1 day last week apparently!)

Sounds like its going to be a long wait then, bet mines stuck at the bottom of the pile.

^!£$&

It doesnt get any better further along the process my old isa beens closed cheque issued and my money seems to be in limbo between old ac and new natwest account!!
And this is 1month 4 days since starting transfer request

funkyhitman

Guys, I don't mean to sound rude or pessimistic but...the next thing Natwest'll do is slash their interest rates on this ISA! You should all cancel now and get a fixed rate...seriously, cos I bet you 50p the rates will drop below 3% and then you'll all be crying.

I've tried to warn people before. Natwest have yet to cut their rates since Feb and since then 2, yes 2 base rate cuts have taken place. Natwest are just relishing in all you people rushing to get the 'best current rate' before they drop da shizzle.

I hate to say I told you so, but it's likely i'll be saying this soon along with 'shoulda gone to spec savers...i mean, First Direct' for a 3.1% fixed rate...cos I bet you another 50p this rate will be higher than Natwest's ISA rates once they are cut, and they WILL be, that's a certainty. In this climate, variable rates are not the way to go.

Sorry, am I being too gloomy?

alared

funkyhitman wrote: »

Guys, I don't mean to sound rude or pessimistic but...the next thing Natwest'll do is slash their interest rates on this ISA! You should all cancel now and get a fixed rate...seriously, cos I bet you 50p the rates will drop below 3% and then you'll all be crying.

I completely agree with you about the rate drop,this happens all too often after a provder rakes in the cash.
They know that after all the hassle of getting the ISA set up in the first place, people will be so fed up, they`ll just leave it where it is.

Don`t agree about fixed rates because they are about as low as they can go and with providers hungry for cash to ramp up their balance sheets,the only way is up from now on.