Transfer to natwest e-ISA

EdGasket

Question: I have opened my NatWest E-ISA with 0 balance; this took over two weeks but its there now. I also have a 'Cash ISA' with NatWest.
So now I am filling out the online Transfer form but nowhere on the form can I enter my E-ISA account number ?? So how does NatWest know which account to transfer the money to? Assuming they match up my name and address to get my NatWest accounts, they could still pay it into the wrong one !

EdGasket

Quote 'I'm scared about my money , or shall i just wait a few days to see if it will show up in my Natwest ISA?'

I would give it 10 working days. Apparently ISA transfers are done manually by cheque and the post ! I had similar thing last year, disappeared from one provider and took a couple of weeks to show up at the new one. Enquire after 10 working days if still nothing but don't panic, it may take longer. It also means you don't get any interest in this 'limbo' period.
The whole ISA transfer system needs a good shake up; these problems happen every year and providers should make BACS payments and NOT rely on cheques and Royal mail which gives them an ideal excuse to say they can't find it and use your money for free for a while !!!

rb10

EdGasket wrote: »

The whole ISA transfer system needs a good shake up; these problems happen every year and providers should make BACS payments and NOT rely on cheques and Royal mail which gives them an ideal excuse to say they can't find it and use your money for free for a while !!!

This has started this year, and some banks are now using BACS ... Halifax are, Natwest are, and I think there are some others. The thing is, it depends on both the new and the old provider doing it this way. But, give it a few years, and we might get slightly closer to a fully automated system...!?!

PotatoPotato

EdGasket wrote: »

Question: I have opened my NatWest E-ISA with 0 balance; this took over two weeks but its there now. I also have a 'Cash ISA' with NatWest.
So now I am filling out the online Transfer form but nowhere on the form can I enter my E-ISA account number ?? So how does NatWest know which account to transfer the money to? Assuming they match up my name and address to get my NatWest accounts, they could still pay it into the wrong one !

I was thinking the same, as they wouldnt know where you want to transfer it to. I only have the 1 old ISA and opened the new one with Natwest, so i dont have that problem. What if i had 2 old Isa's? God the form is so vague! :mad:.

Thanks for your reply, i'll wait 10 days.

^!£$&

PotatoPotato wrote: »

Is it normal for my Barclays ISA account to disappear and my Natwest Isa to have £1 (from when i opened it)?

The Barclays ISA account was there 2 days ago when i checked..... now its not there anymore and theres no money been added to my Natwest ISA account.

Or is my money stuck in limbo? :eek:

I'm scared about my money , or shall i just wait a few days to see if it will show up in my Natwest ISA?

I was in the same boat & it took mine 4 working days from leaving my old isa to show up in the new one!!

Kavanne

PotatoPotato wrote: »

I was thinking the same, as they wouldnt know where you want to transfer it to. I only have the 1 old ISA and opened the new one with Natwest, so i dont have that problem. What if i had 2 old Isa's? God the form is so vague! :mad:.

Thanks for your reply, i'll wait 10 days.

You need to fill out an ISA transfer form for each old ISA account you want to transfer across

EdGasket

Kavanne wrote: »

You need to fill out an ISA transfer form for each old ISA account you want to transfer across

The point is that there is nowhere on the transfer form to say to which account the money should go to ! Therefore NatWest could legitimally stick it in the lowest interest account I have with them, i.e. the Cash ISA rather than the E-ISA. I would have thought it is a serious shortcoming not to be able to specify where the money should be going. No wonder they get in a mess and take so long.
I will just have to write a covering letter and hope they read it !
BTW, advice in local branch was useless and I wouldn't trust them to do much more than cash cheques ! They said I could only transfer £3,600 in this tax year ! What a bunch of numpties ! This episode coincided with the NatWest feedback survey so I had a few things to tell them this year !

Kavanne

They would put it into whichever ISA account you have open with them. If you have both then put a covering letter or something! If you only have one ISA with natwest then that is where they will put the money.

dazeruk

EdGasket wrote: »

The point is that there is nowhere on the transfer form to say to which account the money should go to ! Therefore NatWest could legitimally stick it in the lowest interest account I have with them, i.e. the Cash ISA rather than the E-ISA. I would have thought it is a serious shortcoming not to be able to specify where the money should be going. No wonder they get in a mess and take so long.
I will just have to write a covering letter and hope they read it !

Don't just give the correct ISA on a covering letter, it could get detatched from the transfer form.

On the page where you give details of the ISA you want to transfer, there is a large space at the bottom. In that space write 'TRANSFER GOING TO NATWEST E-ISA ACCOUNT SORT CODE XX-XX-XX ACCOUNT XXXXXXXX'

Mr_K

I was thinking about opening a Nat West e-ISA; the 7 pages of this thread have put me off though !

It look particularly 'challenging' open, particularly if you're a new customer. I can't see them holding this interest rate for long, it seems not to be in line with their main competitors. Don't see any sign of a rate guarantee either. They're obviously waiting for enough money/new accounts to be opened and then lower the rate (cynical moi ?)