Abbey ISA at 4.6%

Kazza242

I have an IF ISA as well.  Does anybody know if they charge for transfer out?

IF do not impose any charges if you wish to transfer to another ISA provider as stated under the mini cash isa section of their web site:

http://www.if.com/savings/savings_home.asp

The IF isa comes with a CAT standard too, which usually means that the terms, access and conditions are fair.  I'm pretty sure that they don't charge you if you wish to transfer to another provider.

or if Abbey will accept a transfer in, and how do you go about it?

Abbey do allow transfers from other ISA providers, as stated on their web page: "Transfer-in existing cash ISAs from another provider".

http://www.abbey.com/index/savings_home/tax-free_savings_home/tax-free_savings_what_other_info_easy_postal_isa.htm.

To transfer to Abbey, you will have to contact them, they will provide you with a transfer form.  They will do most of it for you.  I would wait for a month though, if I were you.  They are inundated with applications right now, so it might be better to transfer to them when things are less busy.  Afterall it's better to earn 4.6% interest than nothing at all.

Margaret_Millne

Thanks for that - will give it a go during June.

System

I agree, what a fiasco! Heres the letter:

"Dear cellardoor

Thank you for your application for an Abbey ISA.

Due to the success of our ISA range we are taking a little longer to open your account than we would like.

This letter is to confirm to you that we have your application and that your cheque and personal information is safe, and to say sorry for the extra time it has taken us to let you know this.

We are pleased to have you as a customer and you are important to us, and I would like to assure you that you will not miss out on any interest you are due while we arrange for your account to be opened.

As soon as your account is open we sill send you a receipt for your cheque and a few days after this a welcome pack will also be sent to you, containing all the information you need to look after the money in your account.

Thank you again for choosing to invest with Abbey, we will be in touch again as soon as possible.

Your sincerely

Derek Hendry
Head of Life and Investments"

So its taken them a month (for me personally) just to acknowledge the application. How much longer will it take to get an account?

Finishrich

Bit gutted 'cos I've now gone with a lower rate ISA (IF).  

IF is guaranteed to be 0.30% above the Bank of England Base Rate until Jan 05. There's always the chance it could go up soon.

DiggingOut

"Dear cellardoor

Surprising they would respond at all with a name like that!

System

All Abbey branches will now do on-the-spot processing of your Postal ISA application.

http://news.bbc.co.uk/1/hi/programmes/moneybox/3717415.stm

So, IF had problems processing applications because of high demand to their ISA a couple of months ago, M&S closed theirs due to demand, and now Abbey say they are having problems because of 'unexpected demand'.   Who runs these banks?  Do they not realise if they have a market leading rate they'll get a huge number of applications?

That's a bit annoying. Maybe I should ask Abbey to send my application back and I'll take it into a branch!

System

Surprising they would respond at all with a name like that!

:P

cb_2

Not wanting to rant in the wrong place, I've put my next Abbey installment on the rant board which I think is here (apols if I got it wrong):

http://www.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Vent;action=display;num=1085443145;start=0

aussielle

I agree, what a fiasco! Heres the letter:

"

At least you got the letter, I'm still waiting!

popdeny

tried aplying online for IF cash isa,gave up on them.
Used callback on abbey website for application forms ,they called back promised forms, that was 2weeks ago still no forms,gave up.
Took saver smurfs advice and phoned local branch saturday morning... opened mini cash ISA on the spot!,they said welcome pack etc. will be 3-4 weeks ..done &dusted! MORAL.. do not apply online, phone first ,then go to local banch and sign up on the spot,