5 year fixed rate ISA at 5% - Newcastle BS!

efunc

no, this is for initial deposits for accounts that have already be applied for online. The deposit needs to reach them by friday, after which they will no longer allow anymore funds.

Reaper

efunc wrote: »

I agree, it's completely counter intuitive. However I suspect the three statements are intended to ONLY relate to the Transferred funds, so completely negates anything you wish to do with new money being paid in as a separate transaction. That's the only way I can make sense of it.

What did everyone else do?

I think you are probably right. I wrote an essay in the margin saying why none of them applied and that I had selected option 1 as the nearest.

MarkyMarkD

They are making things over-complicated.

It doesn't matter if you fill in 100 forms saying that you are subscribing to an ISA in 2009/10, as long as you ACTUALLY only subscribe to one. And as has often been repeated - subscribing means adding new money.

So providers should simply have a standard declaration which says "I subscribe ... 2009/10 and following tax years" which covers all eventualities.

kar999

MarkyMarkD wrote: »

Interesting. Their wording doesn't make sense.

If you are ONLY transferring prior years, then (1) would be right.

If you are transferring prior years and subscribing this year, none of the options work.

If you are transferring prior and current years, and subscribing this year, then (3) is right.

If you are transferring prior and current years, and NOT subscribing this year, then none of the options really work although (1) is pretty much right.

Rather confusing!

I ticked option three as I'd put the £3600 in for this year and wanted to transfer my previous ISA's from Egg.

They'd already said the Cash ISA application would go through OK and I was told so long as the transfer form was received by them by Friday 24th I'd be OK.

The form has a Freepost address and the post office said Freepost is normally treated as second class mail. I wouldn't risk it, so posted mine First Class Recorded yesterday and now have proof of receipt today.

efunc

kar999 wrote: »

The form has a Freepost address and the post office said Freepost is normally treated as second class mail. I wouldn't risk it, so posted mine First Class Recorded yesterday and now have proof of receipt today.

Well, I have good news. I posted my 5-year Bond cheque, my ISA cheque and my ISA Transfer form all in the same Freepost envelope on Monday, and now, only 2 days later they've received it all, banked the cheques and started paying me interest. So no need to worry about delays etc.. :T

sly_dog_jonah

Natwest have screwed up my transfer to Newcastle it seems. There's a debit from my Natwest of £3,600 today, but I was transferring 10x that (but leaving some left there, so not completely closing). Furthermore I've not even put any new money into the Natwest this tax year, so it's not as if they've transferred this year's subscription (the amount is suspiciously the same as the subscription limit).

Looks like I'll have to open a can of whoopass tomorrow during office hours, once I triple check my photocopied forms at home.

A mighty compensation claim for loss of interest will be heading Natwest's way for the 5 years of lost 5% interest if it is indeed their fault and they are unable to rectify the situation before Newcastle stop accepting transfers in.

efunc

That sounds like a load of hassle. i hope natwest catch the error in time.

On the subject of ISA Transfers, I just received a letter today from Newcastle Building Soc to confirm they have received my transfer request and forwarded to First Direct, who currently hold the ISA funds I want transferred.

They added in the letter "Please ensure that you have supplied your current ISA Manager with all the necessary documents for them to proceed with the transfer". And "If they have not transferred your ISA funds to us after 30 days then your transfer request will be cancelled."

Obviously I want this transfer to go through without any hiccups. Anyone know what documents or notice, if any, I need to send to First Direct? I thought NBS handle everything and there's nothing I need do other than complete and submit the transfer request form.

masonic

efunc wrote: »

Obviously I want this transfer to go through without any hiccups. Anyone know what documents or notice, if any, I need to send to First Direct? I thought NBS handle everything and there's nothing I need do other than complete and submit the transfer request form.

Some accounts are passbook operated and the passbook is needed to close the account. I doubt that applies to FD

efunc

Thanks, that's what I thought. Obviously I'll check with first direct to make sure they're happy, but I don't want to give NBS or FD any excuse to mess up this transfer within the 30 day window.

kar999

I got the same letter as well. My transfer is from Egg and I thought I didnt need to ask them personally to do anything as the Newcastle would deal with it all.