First Direct cash ISA?

DeenieB

7sefton wrote: »

Hmm, I wasn't impressed with FD's 'legendary' customer service... the advisor said I couldn't open an account just by transferring previous years' funds, but also had to make a deposit for the current tax year. Not sure if she was right, but if so this is silly. Halifax, on the other hand, have been brilliant.

I had exactly the same problem with a FD adviser last week. I posted a different thread on here checking whether I could open an account just for transfers, and have been assured by other posters that I could. I had a male adviser, so he was a different adviser from your female one. The question has to be asked - why are FD advisers giving out wrong info? Are they just confused or does FD not want accounts opened purely for transfers?

oxenryd

russ_c wrote: »

When we received the application forms there was a tick box to request transfer forms but they never came ( i have heard others report this too).
So when the account numbers/ reg paperwork came and we had to phone in to reg the accounts had to request the transfer forms then.
annoying i know but it seems to be the way they work.

I had the same issue, wasn't very impressed. I'd expect that from a "normal bank".

DeenieB

DeenieB wrote: »

I had exactly the same problem with a FD adviser last week. I posted a different thread on here checking whether I could open an account just for transfers, and have been assured by other posters that I could. I had a male adviser, so he was a different adviser from your female one. The question has to be asked - why are FD advisers giving out wrong info? Are they just confused or does FD not want accounts opened purely for transfers?

Further to this, just logged onto my account and found a message from an adviser (I both phoned and sent an electronic message about the e-isa). The message tells me I CAN open the e-isa just for transfers and gives me the following instructions:

Click on e-ISA which is under the heading 'Save & Invest' and you would need to select 'Transfer ISA from another Party' and we will send you the relevant transfer documentation for you to complete and return to us. We will then forward your transfer request to the other provider on your behalf.

You did not need to indicate any amounts on the form. Once the transfer documentation and cheque received from the other provider, we will open the cash e-ISA at first direct and transfer the funds.

I'll be trying this out, as I've subscribed to FD's regular saver ISA at 7% for this year's ISA subscription, but also need to find a new home for previous years' ISAs as the rate on my Skipton Saver ISA is going to drop to 1.5% now I've stopped paying into it.

hardpressed

I've just looked at the application form, they want to know a lot of info, I don't remember having to give so much when I applied for my ISA with NS&I. or have I just got a bad memory?

funkyhitman

Yes I was surprised they wanted to know everything about my employer. They asked for address and phone number, my salary etc...are they going to spam my work!? What do they need it for? The same happened when I wanted to open an account at another bank but i forget what it was and who with.

Any

hardpressed wrote: »

I've just looked at the application form, they want to know a lot of info, I don't remember having to give so much when I applied for my ISA with NS&I. or have I just got a bad memory?

I remember when I was opening my NS&I I had to not only give them loads of info but also send them all sorts of paperwork... (it was my very first ever ISA, so maybe that is why??)

sparrow90

Having been with First Direct for 10+ years I can only echo the general consensus about their high standards of customer service. However one thing to watch when you apply for the e-Cash ISA on-line. Amongst the many boxes you have to tick is one that says that you are committing to their cash ISAs for future years as well. You cannot leave this unticked, so beware. I cancelled my on-line application at this stage and will apply over the telephone to see whether I can opt out of this now. I assume that they will not simply take my money automatically next year without some kind of warning, however maybe that is trusting them a bit too far!

dreamypuma

I received my application form today through the post. All the form was completed with the details I gave on-line so only needed a signature. So it's taken about a week to come through from application online.

Not bad considering that we've had two bank holidays.

Sent a cheque for £1 to get the account open and requested the transfer forms on the application form. I called to clarify the ways in which the ISA can be funded. As usual the phone was answered within two rings in the UK and query dealt with by the individual who answered the phone. :T

They confirmed that applications are taking a few days at the moment and the account should be open by next week. They also confirmed that the account can be funded using BACS, CHAPS or Faster Transfer.

I'm happy. :T

I'm quite good and thorough with online forms and I didn't notice any tick boxes committing to funding the ISA beyond 09/10.

Just sifted through a paper copy of the T&C's and can't find any reference to this either. In fact all it says is that if you want to close the ISA, you must tell them in writing, and that it is subject to completion of any outstanding transactions. payment made in seven business weekdays.

I'm sure if they did this, it would need to be shown in the key facts, be qualified with a minimum term, otherwise it's quite onerous and indefinite.

AirlieBird

sparrow90 wrote: »

However one thing to watch when you apply for the e-Cash ISA on-line. Amongst the many boxes you have to tick is one that says that you are committing to their cash ISAs for future years as well. You cannot leave this unticked, so beware.!

This isn't anything to do with FD. With every ISA when you apply, you apply to subscribe to "this year and for each subsequent year until further notice". This is the recommended wording in the HMRC guidance. All it means is the application remains valid for future years. If you don't want to subscribe to that ISA in any particular year just don't put any money into it. You're not committing to anything.

Any

HI,
Is anyone here who applied on-line for the ISA who wasn't existing customer?
I applied online, filled up my address and number (it didn't ask me more then that) and I am still waiting for the pack to arrive... This is nearly 2 weeks ago.

How long did it take before yours arrived?