NSandI Direct ISA

dealseeker

2 relatives applied fro this ISA. Looked like transaction was processed - got application no confirmation etc but no confirmation e-mail received. Called up NS&I who said they had no record of the transaction and didn't recognise teh transaction numebr we quoted.....

Then today they both got this e-mail....

"Thank you for applying to open an NS&I Direct ISA on our website.

We have since found out that the transaction was not completed and our
records show that we have not debited your card. Please accept our apologies
for any inconvenience this may have caused.

If you have not contacted us since you first applied, then please call us as
soon as you can on 0845 971 5401 (normal office hours, 9am to 5pm, Monday to
Friday) with your debit card details, your nominated bank account details
and National Insurance number.

Under HM Revenue & Customs rule for ISAs, we cannot backdate your account to
the date you originally applied. However, as a gesture of goodwill for the
inconvenience, we will make you a payment of £30. :money:

Please contact us within
the next 21 days so that we can process your application quickly.

We look forward to hearing from you. "

So if your application was not processed correctly first time I suggest you call up and make enquiries regarding a "gesture of goodwill" payment....

young_pensioner

I was attracted to this ISA because of the favourable interest rate and the online access. I applied online on 3rd May. I have received the letter confirming that my account had been opened and they took the opening deposit of £1k.

I understood that if you applied online you selected your own p/w, unlike if you applied by phone they would send a temporary p/w which you had to change within a certain period.

However, when I had completed the transfer of an additional £2k from an interest paying account in order to fulfill the annual allowance into the ISA, I telephoned to perform the transaction with NSandI. To cut a long story short, the online application had somehow screwed up my p/w and it was necessary for them to send out a temporary one to enable me to pay the funds into my account. Over a period of about 3 weeks they have promised that at least two temp p/words have been despatched to me. To date I have not received any whatsoever!! :rolleyes:

So, the outcome is that I have £2k in a low interest paying account waiting for transfer and I can't access the £1k already deposited. Also, the website is not functional for whatever the technical reason. Would you not think that they would have proved the website before launching the product?
:mad: :mad:

I think, that if the said p/w does not arrive by the end of the week, I will be inclined to attempt to transfer the £1k to an alternative provider already in established from a previous year.

young_pensioner

Just thought I would update from my posting yesterday for anyone who may be interested. I received the temporary p/w this morning and have completed the process by telephone.

However, their customer services said that they had received a message internally today to say that the problems on the website had been identified and were being resolved, but the site would not be available until June...

maybe they meant the end of June since it is the 1st today!?!

Deemy

young_pensioner wrote:

I think, that if the said p/w does not arrive by the end of the week, I will be inclined to attempt to transfer the £1k to an alternative provider already in established from a previous year.

You cannot transfer a current year ISA, so your stuck with them until the next tax year

Zwicky

Deemy wrote:

You cannot transfer a current year ISA, so your stuck with them until the next tax year

You can transfer a current year cash ISA. The only difference from prior year ISAs is that for prior years part transfers are allowed whereas for current year you must transfer the whole of the ISA to another provider.

---lee---

Deemy wrote:

So the moral of the story is, if you apply online and you don't get an confirming email (usually within a few minutes), then there's problem !


Got the letter today, saying all I need to do is sign and return..... So it took 6 days from application

Maybe they have got their act together now. I applied online on Thu and got the letter to sign and return today (Sat). I was a bit concerned online as it took about 2 minutes for the page to refresh when I submitted the card details!