Transfer to natwest e-ISA

worto03

I was told it went on the date you applied for the account but this morning I've been told it goes from the date the account was opened, I applied for mine back in April but the account wasn't actually opened until after the cut off date - they were not waiting for anything from me I think my application got stuck somewhere because when I called up chasing it I was just told that there had been 'a problem' then it was opened by next day.

gotta wait 5 working days now for a response to see if I can be bumped up to the higher rate or not.

I'd have chased earlierif I'd known about the cut off date

worto.

The_Enforcer

In response to worto03, I am in a similar situation to you where my application (7th May) was before the cut off date, but confirmation of opening was afterwards (20th May).

Rather than seeking verbal assurances, I went into my local branch (my current account isn't held there) and asked them to tell me what the rate was. The cashier was able to look it up on the screen at her desk and provide me with a printout, which showed the higher rate. Given you had applied before me, I think the higher rate should apply to you also.

I strongly urge anyone else unsure of their rate to get their local branch to clarify it rather than wasting time and money on the phone or waiting for a phone call back or a letter.

TE

simpav

Went to branch on Friday. Showed them letter dated before 15th confirming application. Was told that as account wasn't open at 15th will get lower rate.

Looks like the employees have no idea as different people on here are getting different advice.

The_Enforcer

The printout I have is entitled "Accounting Information 1" and contains my sort code and account number and has "managed tiered interest rates" set out underneath.

I suggest everyone asks for one of those.

worto03

Hia,

I'll let them come back with a reply then I'll go into the branch if I don't like the answer - it seems you get a diferent response depending on who you ask - much like my current bank HSBC then

I have a quick question on transfering my old HSBC ISA money into it. I've printed off the form do I tick transfer :-

whole balance
All previous subscriptions
All current subscriptions (I'm gussing not this one)

I want them to transfer the whole balance accross which is money from 07/08 and 08/09 tax years. I've not put any money in this year at all although some interest has gone in but I'm pretty sure that doesn't count.

Whats the diference between whole balance and all previous subscriptions?

Thanks for any help,
worto.

edit - also can I just leave date of transfer blank if I just want it done asap?

IsaCream_Man

IsaCream_Man wrote: »

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.

To answer my own question (seeing nobody else did), the answer is 'yes' the account is closed once the transfer has taken place. In the case of the Halifax where I had no other account, they have removed all access to online banking as well.

Tominator84

My transfer from nationwide has finally been completed.

Here is the timeline:

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
9th June - Balance appears in my E-isa.

After several phone calls they have confirmed that i will get the 3.51% interest and have promised to backdate the interest that i lost out on when my money was in limbo between the 2 Isa's.

Not the fastest process in the world but happy it has now been sorted :j

MrBlackCat_2

It's amazing it takes so long for these transfers to take place, but hey, as long as it goes through in the end...

I filled in the forms to open my E-ISA with NatWest a while back now. I got a letter from them (dated 14th May) to tell me the account had been opened, but the £1 I had sent to open the account didn't go into the account until the 15th (I have subsequently topped this up). When I received a statement from them at the end of last month though, it said on it that it covered the 15th to the 29th, ignoring the fact that my account was opened (allegedly) by the 14th. So I'm now paranoid that they are only going to be giving me the 2.5% interest instead of the 3.5%, do you think I have reason to be concerned?

My ISA transfer form for last year's money in another bank only went in a couple of weeks ago so I guess I have a while to wait for that to be sorted...

worto03

Fair play to Natwest - well in my case at least!

I got a letter today basically confirming that I'm on the lower rate but then it goes on to state

However, as you applied for the e-ISA on 27th April 2009 which was prior to the cut-off date of 14th May 2009, I have agreed to amend the present rates to that which the bank previously agreed.

It then quotes the rates and rabbles on a bit but fair play to them I thought I was going to have a right fight on my hands with this one but one phonecall and a 3 day wait then they have sorted it.

Thanks for all teh advice on here too - I wouldn't have even known to check if I hadn't seen this thread!

Cheers,
worto.

edit - oh & mrblackcat - I'd just give them a ring and ask them to check your account - it's the only way to kow what your on apart from putting some money in then doing the math.

dial8d

3 weeks now since i dropped my transfer forms into natwest, and still no sign of anything happening.

Last years ISA is still in my Egg ISA account. :mad: