Banking by post.

redders6600

Hi everyone,

I have a cash ISA with natwest, and as I'm sure you know, their rates kinda suck. I'm looking to transfer my cash to either the Manchester Building society ISA (because of the nice high rate) , or the IF ISA because of the easy access & online banking.

The question is - what is it like to bank by post? I am of the online banking generation - I've hardly (if ever) done any banking admin over the phone, or in branch. I think I can probably handle the 45 day notice period, as I am planning to set up a savings account too, which I will be able to dip into if forced (easy access), so only very large purchases (I'm thinking houses!) will require my ISA money.

What do you have to do to bank by post? How do you withdraw cash, & how do you deposit it? I live nowhere near Manchester, nor near any of the 'agencies' on the MBS website.

Finally does anyone have any experience transferring ISA money from the current and previous tax years from NatWest? Do they have charges? Is there anything I need to do with them, or should I just go directly to my next ISA provider and let them deal with it?

Thanks very much in advance!

Redders.

Lokolo

No charges or anything for transferring from Natwest, but yes most of the time the new provider sorts it out. I have found nowadays a lot of providers ask you to send the forms off though. Most probably to save the banks from more admin work.

However my fixed rate ISA with Birmingham Midshires is done via post, I just had to fill in forms, send them off, they wrote to me confirming everything, I can ring them up and everything, and they said they would contact me when my ISA matures. Thats really about it.

With withdrawing I will be asking them to transfer elsewhere which can easily be done without the need for tinternet for yourself.

mr_fishbulb

How much admin do you need to do with an ISA? Post is fine for me.

Mr_K

I wouldn't bank by post again. I once had a large cheque withdrawal go astray in the post, which put a house purchase in jeopardy. You're dependent on the Post Office, which causes delays and is not reliable. Online banking is instant and you are in control.