Transfer to natwest e-ISA

Tweetinat

wdyw wrote: »

make sure you let us know if you ar successful in getting Natwest to backdate interest to the date on the cheque as there are quite a few cases in the hands of FOS after they refused to backdate earlier in the year.

Here's my story re: getting backdated interest:

• e-ISA application online: 12th April
• Application form received: 14th April
• Form signed & returned with opening cheque: 17th April
• e-ISA opened: 5th May with £0 balance
• Cheque deposited: 26th May

I had called numerous time to query where my cheque was and finally on 22nd May they agreed to open a complaint 'case' and would respond in 48working hours.

Yesterday I received a letter from Natwest confirming that they'd finally deposited the cheque and that they'll backdate the interest on my opening cheque to the date my e-ISA was opened.

I called to say I wasn't satisfied with this as they sat on my application for 2.5 weeks before opening the account and they have agreed to backdate the interest further to 5 working days following the date on my application form (as they said this was a reasonable timescale for them to have opened the account within).

So:

• Originally, interest backdated to: 5th May
• Revised backdated date: 24th April

So I have writing that they *will* backdate interest, but I suspect it's only because I complained and that this won't be done as a matter of course.

ultramagnetic_commuter

dial8d wrote: »

Popped my transfer forms into Natwest today to transfer from Egg ISA to natwest E-ISA.

By the looks of things, it could be a couple of weeks. Thats ok, as long as it gets there. This will be my 1st ISA transfer.

From the notification from EGG that the transfer had taken place, it took 15 days to appear in my NatWest ISA.

Tominator84

Thought I would share my timeline.
Glad I'm not the only one with a slow nationwide transfer process:

1st May - Opened E-Isa
1st May - Completed Isa transfer form and handed into branch
27th May - Confirmation Letter from Nationwide saying isa closed and check sent to Natwest

Guessing it could take a while to show up in the e-isa and will definately try and claim the back dated interest.

I would also like to know why we still get the 3.5% not the new 2.5% rate as it is a variable rate isa??

Kavanne

Tominator84 wrote: »

I would also like to know why we still get the 3.5% not the new 2.5% rate as it is a variable rate isa??

As the website says, if you OPENED your isa before 14 may you are still on the 3.5%

Tominator84

^ i understand what it says on the website but was just wondering WHY they are doing this? I expected them to slash the rate for everybody and I am surprised (and pleased) that they havn't. Just a matter of time I guess...

IsaCream_Man

Tominator84 wrote: »

......27th May - Confirmation Letter from Nationwide saying isa closed and check sent to Natwest ......

Is this the norm for these accounts from which transfers are being made - i.e. they are closed rather than merely have the balance reduced to zero? This assumes one has asked NatWest for the whole balance to be transferred.

I'm waiting for Nationwide as well, but I notice in the case of a Halifax ISA I have that the balance has been reduced to zero but their online banking does not (yet) say the account is closed.

Clearly no new money can be put into these old ISAs this financial year, but I would have thought it was in their interests to maintain the accounts as merely showing a zero balance just in case a customer wanted to use them again in the next financial year.

FiscalFox

AVOID NATWEST ISA LIKE THE PLAGUE!

I started my transfer on April 5th. Almost 2 months have passed and the money is still not sat in my account! This has included several journeys to my local branch to enquire. Today i just found out about the rate drop. My money is going into M&S' as soon as it clears so i can be shot of these cowboys.

What a bunch of useless tos*pots they are.

End of rant.

malik999

FiscalFox wrote: »

AVOID NATWEST ISA LIKE THE PLAGUE!

I started my transfer on April 5th. Almost 2 months have passed and the money is still not sat in my account! This has included several journeys to my local branch to enquire. Today i just found out about the rate drop. My money is going into M&S' as soon as it clears so i can be shot of these cowboys.

What a bunch of useless tos*pots they are.

End of rant.

Similar story here. You have to wonder about the personal costs of a transfer each year. Taking into account up to 4 weeks loss of interest in some cases, transferring between institutions. Plus if you're a busy person the personal time and hassle involved such as phone calls or visiting branches.
Some of us could be better off staying on a slightly lower rate ISA versus trying to move it every year.

Kavanne

FiscalFox wrote: »

AVOID NATWEST ISA LIKE THE PLAGUE!

I started my transfer on April 5th. Almost 2 months have passed and the money is still not sat in my account! This has included several journeys to my local branch to enquire. Today i just found out about the rate drop. My money is going into M&S' as soon as it clears so i can be shot of these cowboys.

What a bunch of useless tos*pots they are.

End of rant.

The rate drop doesn't apply to you

Canny_mal

I printed a transfer form out afew weeks ago and sent it off to...

Central Tax Unit,
9th Floor,
1 Hardman Boulevard,
Manchester,
M3 3AQ

...as instructed on the Natwest website. As yet I've heard nothing from Natwest and I've just spoken to my current ISA provider (Lloyds TSB) who confirmed they haven't received a transfer instruction.

Does anyone know a number for Natwest where they'll be able to confirm they've recieved my transfer form?

Thanks