Transfer to natwest e-ISA

SuiDreams

Is it possible to open this ISA without putting any money in, so I can use this account for Transfers only?

alanwsg

The online form to open the E-ISA insists on some initial deposit.
I promised to send it £1 for the 2009/10 tax year, but I lied.
(On advice from NW branch staff).

Kavanne

alanwsg wrote: »

The online form to open the E-ISA insists on some initial deposit.
I promised to send it £1 for the 2009/10 tax year, but I lied.
(On advice from NW branch staff).

If you put £1 deposit by 'Cheque/Cash' on the app form all this does is generate a deposit slip. Just don't return that with the application and you can open it with a £0 balance

byb3

The whole online application for an e-isa seems a bit unprofessional from Natwest, you have to lie about making regular payments, and then change it on a later screen. Then you have to print a form out, and take it in branch.

I've just opened up a Barclays ISA at 3.55% and I am about to transfer my pitiful HSBC ISA (£3,600) of 1.22% to Natwest at 3.2%.

Funnily enough the chap at Barclays mentioned the regular savings account at 6%. Thats better than any ISA around for basic (4.8%) and even high rate tax payers (3.6%).

Its just a shame I missed the First Direct account, i've lost out on a bit of interest there.

Kavanne

byb3 wrote: »

The whole online application for an e-isa seems a bit unprofessional from Natwest, you have to lie about making regular payments, and then change it on a later screen. Then you have to print a form out, and take it in branch.

You can leave reg payments as £0.00 and select No to regular payments.

xeme

I would like to know has anyone successfully done the trasnfer? I was talking to NatWest Customer Service and he told me the same things as you all said. However I am a little bit worry to lose all the tax allowance if somethings done wrong.

WhiteSpace

byb3 wrote: »

The whole online application for an e-isa seems a bit unprofessional from Natwest, you have to lie about making regular payments, and then change it...

Yes, I would agree. The e-ISA never used to allow transfers-in. IMO they did not change the online application process to reflect this.

gwapenut wrote: »

If I just want to transfer money into the e-isa but use this years allowance with another provider, is this possible? The procedure for a transfer is to open the e-ISA then do the transfer request.

This should be possible. When you open the NW e-ISA you have the option to specify when you are going to contribute - this year or next. Presumably they have updated this for the new tax year?! I applied in the last tax year.

slave2thewage wrote: »

I'm wanting to transfer my current Natwest ISA to a Natwest e-ISA, I rang customer service and they told me to open the e-ISA and do the transfer on line, but I'm not sure she was tellin me the truth.

To be honest the advice I've had from some NW staff has been hopeless. Half of them do not seem to know the products they are selling! As others have already stated, you must not use online banking to transfer from one ISA to another - this will use up your ISA allowance (max £3600/yr). (I even had one of the bank staff try to do this on my account - I had more than £3600 - the system refused the transaction - see, hopeless!!) However, you can complete the transfer form online which you then have to print out and take to your branch - no form is sent electronically. The 'online' form merely ensures that your form is typed out and clear to read. You can pick up the same form in branch and complete it by hand.

WhiteSpace

gwapenut wrote: »

If I just want to transfer money into the e-isa but use this years allowance with another provider, is this possible?

Just a thought... I think that if you don't contribute to an ISA in any one tax year then if you want to then contribute to that ISA in subsequent tax years you need to complete a form before you can do so. Presumably this will happen if you contribute to one ISA and leave the other dormant?

gemmalouanna

Just started the online Natwest e-ISA application to transfer my Halifax ISA - what did others do regarding the regular savings box?

You can't leave it as zero, so if I put £1 with frequency yearly does this mean the ISA will open but then just don't send money? Has anyone actually has the process completed when they have not added new funds other than the transfer?

Thanks

gemmalouanna

WhiteSpace wrote: »

Just a thought... I think that if you don't contribute to an ISA in any one tax year then if you want to then contribute to that ISA in subsequent tax years you need to complete a form before you can do so. Presumably this will happen if you contribute to one ISA and leave the other dormant?

Yes - just read this in the Natwest terms & conditions: you have to fill in a form to reactivate the account to add any funds after the dormant period.