Speed of ISA transfer

vigman

Hi

I have a few years of NS&I cash ISA savings. I am thinking of putting this year's allowance into a new Nat-West cash ISA and then transferring the NS&I balance in.

Has anyone done this and how long did it take? Also I am not a NatWest customer, so how long did it take to set up the initial NW savings/current account, please?

Thanks

Vigman

by_eck

I don't know if this is of any help to you, but I transferred three different NS&I Cash ISAs to Lloyds TSB about a year ago:-

Account 1
Date of transfer request - 8/4/08
Date NS&I account closed - 26/4/08 (18 days later)
Date funds appeared at Lloyds - 6/5/08 (28 days later)

Account 2
Date of transfer request - 9/4/08
Date NS&I account closed - 30/4/08 (21 days later)
Date funds appeared at Lloyds - 11/5/08 (32 days later)

Account 3
Date of transfer request - 10/4/08
Date NS&I account closed - 7/5/08 (27 days later)
Date funds appeared at Lloyds - 17/5/08 (37 days later)

It's best not to read too much into these results, since the delays were probably due to Lloyds' well-publicized incompetence. However, the delay between NS&I account closures and the appearance of funds in the new accounts was consistent: around 10 days.

digivate

vigman wrote: »

Has anyone done this and how long did it take? Also I am not a NatWest customer, so how long did it take to set up the initial NW savings/current account, please?

The Natwest e-ISA has been very popular, and as a result (and as is typical with any top table ISAs) there is quite a delay with applications being processed. The proces is also overlly complex and poorly executed IMHO.

I applied for the Natwest e-ISA/e-Saver 3 weeks ago. I've just received a letter to tell me the e-Saver account has been opened but I've got to wait for the details to be sent separately and there is no mention of the e-ISA having been opened yet (and the funds fpor this years ISA are still sitting in my Lloyds current account making absolutely no interest).

Once the e-ISA is opened I then have to complete an online transfer form, which I will need to print out and post back to Natwest. I then expect it will take anywhere up to 4 weeks for my previous ISAs to be transferred in ... assuming nothings goes wrong or gets lost in the system.

If you apply for an e-ISA/e-Saver now I'd expect it to take up to 2 months before your old ISAs are transferred in.

rb10

In previous years, all ISA transfers were done by cheque. But now, some banks are doing them electronically, which should mean that they are processed much faster. So, if both NS&I & Natwest are doing this, you could see it go through fairly soon.

Doomcow

its taking an age getting my funds from YBS to HBOS this year.

about 6 weeks so far.

digivate

rb10 wrote: »

In previous years, all ISA transfers were done by cheque. But now, some banks are doing them electronically, which should mean that they are processed much faster. So, if both NS&I & Natwest are doing this, you could see it go through fairly soon.

Natwest are one of the banks involved in the new electronic ISA transfer scheme but I don't think NS&I are, so they'll still be using the standard old sending a cheque method.

subaru

Have just transferred ISA from NS&I to a lloyds fixed rate account. Easy process to open the lloyds account online, and print off transfer form for signing & returning by post. Transfer complete in about two weeks, with the NS&I account closed on 28th April, and the funds in the new ISA on 30th April. I was pleasantly suprised by how pain-free it all was.

catus

I applied o transfer an alliance & leicester isa to M & s and its taking ages, A & L side done quickly but M & S still not sent out paperwork although they say I wont loose any interest, 7 weeks so far!

john-306

6 weeks for me too, got on to the West Brom Building Society a couple of days ago and they said the hadn't even had the transfer request sent by the Halifax yet. The Halifax said they sent it weeks ago and would resend after the Bank holiday, looks like another few weeks yet:mad:
In this day and age of electronic transfers/communication and they have to post everything:mad:

brewerdave

All the transfers I carried out for my wife and I in Februry and March went thru within 4 weeks total.However I'm in the process of transferring one remaining ISA from EGG to Leeds B.S at the moment which has taken nearly 5 weeks so far - I've just received an apology from Leeds who assure me that the account is set up and the funds creditted but the paperwork will take another 10 days or so because of "the popularity of our ISAs".They also had to chase up EGG to get the funds released.

Mr_K

I recently transferred from Egg to YBS. It took 1 week between accounts.