Cash Isas Transfer discussion

athelstan

At the end of the last financial year, I wanted to invest £6k in the two mini-cash ISA my wife and I had with HSBC; however for some reason of timing the only way we could do it at the 11th hour (our fault for leaving it late) was to open a new mini-cash ISA with our bank, first direct. All done, no problem.

I thought it would be a good idea - and tidy - to have the savings in one place, so asked them to transfer my exisiting HSBC savings to my new fd account. This they have done; I received a closing balance dated 14 July from HSBC, and fd credited my account on 24th July.

So where did the money go for 10 days? And this is between members of the same banking group! They said they posted the amount (2006!) on 14th and the rest is down to the post and clearing. So - did my money actually go into limbo for 10 days? Or did someone get interest on my money? I know the sum involved is the square root of my shoe size, but the principle is that the transfer should happen within 24 hours, tops.

Is this something I just have to accept or am I getting a bee in my bonnet over nothing?

Cheers
Andy

lisyloo

but the principle is that the transfer should happen within 24 hours, tops.

ISA money cannot be transferred electronically (so they say).
It has to go by post because it has to be sent with the accompanying paperwork.
Many "outgoing" lenders send it second class.
Some "incoming" lenders will credit the money when they receive it, others will wait until the cheque has "cleared".
So with postal time and clearance time I think 10 days is within a reasonable range.

I agree with you that it's a rubbish system, but that is how the system currently works.

muddyfox470

You won't believe what has just happened with my transfer from Abbey to National Counties BS?

I thought it was going so quickly, i got a confirmation from abbey pretty quickly.

But then upon my return home from a short trip, i noticed a letter from halifax (i hold no accounts with halifax, so was pretty bemused) and well i got a letter to say that abbey had kindly sent them a cheque for me to transfer into my ISA, however I had filled in a form (from NCBS) and sent it to abbey that had the National Counties address on it, I even got a confirmation letter to say that it was being transferred to NCBS.

How angry am I, I will be complaining first thung tomorrow, if they dont transfer me to all different departments again grrrrrrrrrr!

I will push for some sort of compensation as well, as this is full on ridiculous!

Ian

linj_2

MSE_Andrea wrote:

Click reply to ask questions and discuss the Cash Isas Transfer article.

20 April the article above has been fully rewritten

Hi, I have accumulated 5 years of Maxi ISAs, cash component only, with M&S Financial Services. I would like to transfer this to another provider of cash ISAs. Is this possible since it isn't a Mini ISA?

Cheers Lin

masonic

linj wrote:

Hi, I have accumulated 5 years of Maxi ISAs, cash component only, with M&S Financial Services. I would like to transfer this to another provider of cash ISAs. Is this possible since it isn't a Mini ISA?

Yes, it is possible transfer your previous years Maxi ISA subscriptions into a Maxi or Mini ISA as long as you don't try to convert cash into shares or vice versa. However, if you have put money in this year, those funds could not be moved into a Mini ISA until next April (they could be moved into another Maxi ISA, though).

See this post from the FAQ.

keith234

An ISA discussion point, I am currently in the process of transferring from A&L to B&B as indicated by MSE, this is the second time i have transferred an ISA, the first time the transfer took quite a long time (especially in relation to the time the 'old' account had the funds debited and the time the 'new' account got credited), again this time the A&L account was closed on 25th of July 06 and yet B&B have yet to receive the transferred funds.

I have emailed and numerous phone calls to both companies, neither accept any responsibility '...we posted it on....' and '..we have not received it....' type of responses.

I estimate this delay between account debit and credit costs ME £3 to £4 per day (£45 to £60 so far).

Has anyone else had similar problems? Is this normal? Is there a way to get the (interest lost) money back?

I am aware that these financial institutions need to make money but I prefer if its not from me!

keith234

...update, a member of staff at the new provider (B&B) checked at their head office, yes the cheque was there since 26 july. A&L sent it to the wrong address, head office instead of their eISA office.........

i kicked up a fuss and they say that they will credit interest from that date (it was closecd at A&L on 25 july) so that keeps me quids in (£27 interest approx)...the importance of complaining!

rodo_2

Question I have a frozen company pension fund which has been earning interest on the quiet. Now it is being transfered to Sottish Eqitable by the administrators because they are winding up the shceme. It has a transfere value of 6k. Can I transfere this to an ISA as it is above the yearly allowed ceiling?
Thanks.

tobys_mummy_2

i have a mini cash variable rate isa with halifax but want to transfer to another provider. does anyone know if halifax levy a penalty for this?

sailornick

MSE_Andrea wrote:

Click reply to ask questions and discuss the Cash Isas Transfer article.

20 April the article above has been fully rewritten

Martin as an original fan of yours since the beginning, I thought you could enlighten the above organisations ( Fidelity & Alliance & Leicester ) on financial dealings in the 3rd millenium!!
3 weeks ago as a result of having spare time, I resolved to move my funds in mini cash Isa's to Alliance and Leicester, Checked with A&L - download their transfer instructions and send to Fidelity. No result - emailed Fid and senior manager advises cannot do because A&L should advise them aok to transfer - rechecked A&L - no they cannot talk as have no authority - Yet I regularly move thousands of pounds around via internet without any problems - What on earth are they up to????
Regards Sailornick