Transfer to natwest e-ISA

princeofpounds

Maybe I have a slightly different spin on the questions here, or maybe someone else has covered this, it's difficult to work it out!

I just visited the NatWest branch to open the savings account and an ISA. I wanted to get the e-ISA so I could transfer in my previous year's money. But I went to the branch because every time I try to open accounts online they insist I go to the branch with ID anyway.

However, it turns out that I have just applied for and been set up with (they did it there on the spot) the normal cash ISA, not the e-ISA. Which I cannot transfer into. I realised this when the process was finished. I was told that it would be ok, that I would be able to set up the eISA online too once my internet banking comes through (without any more ID checks) and transfer in old money from there.

I was ok until I read the ISA declaration just now, which amongst other things tells me I can't subscribe to 2 cash ISAs in the same year. Now I am concerned I won't be allowed to open up an e-ISA so I can transfer in.

I haven't yet paid any money into any the accounts. Is this what counts as subscription, or is it the opening of the accounts that counts as subscription?

Baldur

princeofpounds wrote: »

I was ok until I read the ISA declaration just now, which amongst other things tells me I can't subscribe to 2 cash ISAs in the same year. Now I am concerned I won't be allowed to open up an e-ISA so I can transfer in.

An ISA transfer doesn't constitute 'opening' a new ISA.

I haven't yet paid any money into any the accounts. Is this what counts as subscription, or is it the opening of the accounts that counts as subscription?

Subscription is paying new money (current tax year's allowance) into a Cash ISA account.

malik999

Sorry of this has been asked before but does anyone know the specific differences between the Natwest e_ISA and the Cash ISA Plus - except for the fact that the Cash ISA Plus does not accept transfers in. They both have 3.51% AER (variable).

Kavanne

malik999 wrote: »

Sorry of this has been asked before but does anyone know the specific differences between the Natwest e_ISA and the Cash ISA Plus - except for the fact that the Cash ISA Plus does not accept transfers in. They both have 3.51% AER (variable).

Wel... the cash isa plus you can open and operate in the branch, telephone or online. But the e-isa has to be opened and operated online

SuiDreams

How long does it take for the account to be opened after the signed application form has been sent back to Natwest. Thanks

ChrissyC_2

I wonder how long the interest rate will stay at 3.5%?

I've applied, but I wouldn't be surprised to see it cynically drop in May once they've hoovered up all this year's new contributions, and then hope lethargy stops people from moving...

At least they've told me I can transfer out at any time during the year and still receive the interest acrrued to that point, so the risk should be minimal...

Kavanne

SuiDreams wrote: »

How long does it take for the account to be opened after the signed application form has been sent back to Natwest. Thanks

Their answerphone message says up to 10 working days from when they receive it.

Colin_London

This is really stupid. My account was opened on the 9th of April. As part of the application process they asked if I wanted to make an initial transfer from my Current Account. OK I thought - that'll minimise the amount of time to start earning interest.

I get the letter back from Natwest confirming that the account was opened on 11th April. The account appeared on my online banking about the same time. However, there was no transfer. Instead I got a tear off strip which I had to sign and manually send back to them to confirm the transfer. It was to be sent in an envelope to a different address to my normal branch - but I did phone and they confirmed it was the correct address (apparently my Banking Direct account was being moved to Bradford without me being told?!).

So, as I wanted to follow due process I sent the form back to Bradford.....

A week later I am still waiting for the initial transfer and the money is lounging around not gathering interest in my Current Account.

I phone up tonight, but apparently nobody can help until 8am tomorrow.

I pointed out that it was a poor show, as if I hadn't bothered with this initial balance transfer option, I could have transferred the money instantly via online banking as soon as the account appeared there. It was suggested that I make another payment as even if the paper transfer went through I wouldn't lose any money as 'you can only pay in £3600 a year'........

That's OK then - I can pay more than I want to at this particular moment and hit the limit, only to not get it all back again when the proper initial payment goes in. So I'm out of pocket in my current account and can then pay them overdraft charges perhaps?! D'oh!

cybersky

Hi Guys I opened a Natwest E ISA as I was getting a crap rate in my Cash ISA with Natwest. Can anyone tell me how long it takes to transfer from he cash Isa to the E ISA I sent the form off at the start of the month but when ringing Natwest they don't seem to understand about isa transfers is there a number to check the status of your transfer?

alanwsg

mine took about ten days from posting form to completion.