A&L ISA - How long does a transfer take?

magentadreamer

I recently transfered my ISA to A&L I got a letter from my previous provider a week ago saying that the transfer had taken place. But when I check online there is no sign of my money! So was wondering how long on average does a transfer take?

homersimpson_3

about 2-3 weeks. your previous isa provider sends it to their head office, who then sends it to a&l head office and then it gets put into your bank account. you should be able to deposit money into a&l isa within a few days.

magentadreamer

Cheers! I did wonder where my dosh had got too!

MiserlyMartin

2-3 weeks. Do you lose interest in this period?

steve_cov

MiserlyMartin wrote:

Do you lose interest in this period?

I recently transferred my ISA from First Direct to Alliance & Leicester.

Interest is credited from the date the cheque arrives at A&L; apparently it is date-stamped. My online ISA management shows that after requesting a transfer from First Direct on 15 February, the money appeared on screen on 24 February but earned interest from 20 February. Of course nobody has a guarantee that the cheque actually arrived on the date stated, but one has to accept their word for it.

For anyone considering transferring, don't arrange the transfer for a Wednesday: do it for a Monday as the Wednesday transfer meant that I lost a weekend's interest. My case above suggests that the cheque is typically posted two days after the closure of your old account.

Note of caution: unless you want a lot of hassle, don't credit any of your unused ISA allowance to your new ISA until your transferred balance is showing with the new provider. I made the mistake of paying the last £600 into my new account, after the closure of my old account but before the £2400 was credited. Hey presto - the £600 disappeared until I made several phone calls.