Transfer to natwest e-ISA

rb10

oily_rag wrote: »

Take my advice and forget about ISAs and put your money elsewhere.

What, in a non-ISA variable rate savings account? Where the rates could drop, so you'll be in exactly the same position, but taxed on it as well.

'Forget about ISAs' isn't really a way forward, as if you're concerned about the variable rates on these accounts dropping, there are plenty of fixed rate ISAs around at 3%+. Pretty much anyone could get one of these, and then could just forget about the rate.

Dustykitten

My main transfer was completed before the 14th but my remaining transfers in from Nationwide have not yet arrived, despite the accounts being closed by Nationwide I wonder what rate that money will be at?

Like others I'm finding it all mighty frustrating and don't think I'll bother with this year's subscription unless I can get a decent fixed rate one.

barny_100

oily_rag wrote: »

Just look at the 'phew, just made it in' or 'pleased I got the higher rate' type of comments. So what did you gain apart from an inflated ego? An extra £100 or £200 a year? (...and that's assuming the rates are held at present levels!)

I've probably spent an hour of my own time sorting this out, it's not rocket science although I've been lucky not to have any issues apart from the slowness of the process. I've not got loads in my ISA after buying a car last year and moving to investing rather than saving as No. 1 priority. Back of fag packet says I could be around £60 better of for transferring my ISA rather than leaving it where it was on <2%.

£60 per hour is not too shabby?

oily_rag

barny_100 wrote: »

£60 per hour is not too shabby?

Nice work if you can get it

Enjoy the high while it lasts though because when the rate drops the euphoria turns to anger and frustration. Banks are like bookies, they always win in the end, it's just a matter of time.

digivate

oily_rag wrote: »

Whoa, take a step back people, take a good hard look at yourselves. !!!!!! is going on when the banks have us running around for an extra 1% tax free variable rate which by definition could be lowered at any moment??? Considering the sums involved and the possible returns is it really worth the stress?

Just look at the 'phew, just made it in' or 'pleased I got the higher rate' type of comments. So what did you gain apart from an inflated ego? An extra £100 or £200 a year? (...and that's assuming the rates are held at present levels!)

The banks are playing us for idiots and I'm as guilty of falling for their trap as anyone, but no more. Take my advice and forget about ISAs and put your money elsewhere. Maybe you'll be £100 worse off but you're sure to be a damn sight less stressed.

Unless you go for a fixed rate bond any saving account rate you choose could drop whether it be an ISA or not.

£100 might not be a huge amount in itself, but as far as I'm concerened it's a worthwhile extra just for choosing the right account at the right time. It took me maybe 2 hours in total to find the highest rate account, make the application and fill in the forms. £50 extra for each hour of effort sounds okay to me.

And that extra £100 will be making compound tax-free interest over the next 20 or so years ... it soon adds up. If you take the same approach each year, of chasing the best possible rate, over a reasonable period of time you'll end up with thousands of pounds more than if you just go for a easy lower rate option.

Tavish1

Hi

I have just opened up my Natwest E-isa and trying to transfer my old ISA from another provider into it. It asks you to type in the account number from the other provider and here is my problem;

The space for entering is a max of 8 numbers. My account number is 4 numbers then a "/" and then 9 numbers!

There is no help phone number and the ones I have tried are useless and their online help question and answer are is not the best eithe.

Any ideas?

Thanks

Baldur

Print the form off, write the full account number (ignoring the number of spaces on the form) on it and post it to Natwest at the address given for ISA transfers.

Tavish1

Thanks for that. Seems a bit strange to do so much off the computer work for an "e-isa"

Baldur

Tavish1 wrote: »

Thanks for that. Seems a bit strange to do so much off the computer work for an "e-isa"

ISA transfers require a signature from the applicant also most of the 'traditional' high street banks have difficulty coping with the lack of Sort Codes/longer than anticipated account numbers, etc., that other institutions often use.

alanwsg

My transfer from the Skipton BS just appeared in the NatWest E-ISA today.
Had a letter from the Skipton saying they closed the account and sent a cheque on the 8th May, so that's 12 days.