Anyone else finding the application for the Natwest e-ISA confusing?

littlesnuggy

nozza76 wrote: »

If I pay in £1 into a Natwest ISA to open it, does that mean I can pay in £3599 into a new ISA elsewhere all within the same tax year?

I'm 99% sure you were right the first time, and that you can only pay into one ISA account per year, regardless of the sum you actually pay in. I'd advise you to open the accounts, don't send a cheque for £1 and then just complete the transfer form.

Baldur

littlesnuggy wrote: »

I'm 99% sure you were right the first time, and that you can only pay into one ISA account per year, regardless of the sum you actually pay in. I'd advise you to open the accounts, don't send a cheque for £1 and then just complete the transfer form.

That's correct.

@nozza76 - If you pay ANY (even 1p) of your 2009/10 allowance into a Cash ISA, then that's your one Cash ISA for the tax year and you can only subscribe any remaining balance to that account.

nozza76

Thanks littlesnuggy & Baldur for confirming what I thought. It's rather worrying that Natwest are advising customer to squander their ISA allowance for the sake of £1 to transfer an old one to get a better interest rate.

So just to clarify another point that I've never been too sure of. Can a single ISA account contain new money as well as transferring an ISA from a previous tax year. As Natwest are offering the best rate for transferring old ISAs I figured I'd move it to continue getting a good return on it. They're not necessarily the best deal for new ISAs currently. If someone was to put a deposit in of £1 and it becomes their current year's ISA susbscription, under normal ISA rules, could you transfer an old ISA into the same account or would these have to be separate accounts.

Baldur

nozza76 wrote: »

Can a single ISA account contain new money as well as transferring an ISA from a previous tax year.

Yes, or from many previous tax years.

meggsy

I've just noticed that on the following link there is a 'Chat button' speak to a savings adviser

I don't recall it being there last week ?

http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx

Maybe something they are working on because it has gone now, I did see it, honestly

vickisprings

I also agree that the NatWest e-isa application process is confusing and have just started a formal complaint.

The online application form invites you to make an initial deposit, so I entered the amount and the account it was to come from (in my case, my NatWest current account).

However I then receive a letter, asking me to return a tear-off signed slip to make an initial deposit - in other words, entering the details on the online form was pointless and resulted in no money being deposited in my ISA.

So why ask you to enter the details online if they don't act on that information? It is very misleading - I thought I had already made the initial deposit by giving them that information online. The online form doesn't indicate you need to follow-up in writing (so much for 'online' banking).

And when I phoned the helpline, I was told to 'disregard' the tear-off slip as it was only for people depositing money via cheque (which isn't true). So even the helpline is confused.

As a result, my money was not deposited in my e-isa before April 5 - although I thought I had done so when I opened the account on 24 March. I've online banked for years and this is the worst I've experienced.

andyc20050

Hi,

Im trying to move my ISA from Alliance and Leicester to Natwest. My A/L account number has 11 digits but the transfer form only allows for 8 digits.

Does any one know which 3 I should miss off?

Andy

Baldur

See many other posts about this on other threads, e.g. http://forums.moneysavingexpert.com/showthread.html?p=20737611#post20737611

JadeLD

I am so so angry this morning about the NatWest e-ISA.

The thing is confusing as people have already mentioned above. I called someone to check the process and they assured me it would be fine.I still wasn't happy so took the forms to the branch for them to check and they said it would be fine, so I sent them off.

This morning I recieved a letter saying I had missed the dealine for the 2008/09 ISA - which I didn't really apply for. Attached to the letter were the returned forms but they were NOT MY FORMS! There was someone else's application for an e-ISA and my transfer form! I am so angry that they sent me all these details - the form has so many details on it, address, date moved to that address, residential status, phone numbers, date of birth, NI number, signature etc. I can't believe they did this.

Anyway I called them and they appologised and asked me to put it in the bin and that they would send the other customer another form. Hmmm Iwould rather have sent it back to them, anyway it's all a bit incompetent.

It really put me off transferring my ISA there, although their rates are quite good. Not sure what to do but I really feel like I shoud write to them and complain. I feel like emailing the person who's form I have to let them know, but that would be using the details on the form. I think I would want to know if someone had mine though. At least I have it and won't do anything with it but not everyone is so honest and it could have ended up in anyone's hands.

Jade

dazeruk

Got my application in the post today even though I already have a Natwest savings accounts, logged in online to create the account and get screen after screen telling me that the account creation would be instant. So 10 days wasted there.

I've already filled this years ISA allowance with my LloydsTSB fixed rate, so I wanted to organise a transfer to the e-ISA when that matures on the 22 May. I did as advised when making the opening application and stated a £1 deposit by cheque. I then crossed this out on the printed application form and write ISA TRANSFER instead. I also wrote THIS E-ISA after 'credit the interest to'.

So now I need an ISA transfer form. I click on the 'Request to transfer cash ISA funds' button after logging into my savings account. Hold on though the system says, you haven't opened an e-ISA to do the transfer into, what you need is an e-ISA application form not a transfer form. Had to phone their help line in the end as I couldn't find a way to get past this. I was told to logout and then enter 'ISA transfer form' into the search box and this would find the form I needed, which it did.

So I've now got a complete e-ISA application form and a completed ISA transfer form. The letter with the opening application says return in the enclosed envelope. But there is no enclosed envelope!!! I've got no idea where this lot needs to be sent. Another call to the help line gets me this address

FREEPOST NATWEST
YORKSHIRE RETAIL
CUSTOMER SERVICE CENTRE
PO BOX 19
LEEDS
LS11 5ZY

Does this sound right?

Think I might just take into my local branch on Monday and get them to send it internally.