M&S Money 4% ISA

Baldur

KTF wrote: »

I can see the transfer form and the offline application form on their site but even the offline one has a section asking for an initial payment.

I will phone them up and ask if I can just score through that section or how to get round it.

If you are only transferring previous tax year's/years' funds, you only need to print off and complete the Cash ISA Transfer Form, which does not mention an initial deposit. You do not need the application form as well.

SallySunshine

Baldur, after much discussion on here and at home, we have decided to opt for transferring our ISA to M&S 3yr from LLoyds TSB.

I've looked at their transfer form but got a little stuck.

I remember in another thread (can't find it now) you mentioned you had put On Maturity, somewhere . As there will be no penalty to pay on ours. Matures 7th April what should I put where!
do M&S sort out the transfer from the date of maturity or is my money in limbo at LLoyds.
If I send off the completed form x 2 tomorrow and it takes a couple of days to receive it, do they then start wheels in motion to immediately transfer the money on the maturity date?

Also I wonder why you informed your previous ISA manager of the transfer, was this to make doubly sure it was transferred safely?

I can ring M&S up about this but may get various answers!!!!!
Here seems to make more sense!

sheslookinhot

Does anyone know if M&S will back date interest payable, when ISA mtures, to the date they received the funds from the previous ISA provider.

Baldur

SallySunshine wrote: »

.....you mentioned you had put On Maturity, somewhere . As there will be no penalty to pay on ours. Matures 7th April what should I put where!

Under the heading "3. Cash ISA Transfer Details" , there's a sub-heading "Notice Period" - tick the 'Yes' box and in the box 'if Yes, how many days notice", write 'ON MATURITY' (with the maturity date in brackets after it).

do M&S sort out the transfer from the date of maturity or is my money in limbo at LLoyds.
If I send off the completed form x 2 tomorrow and it takes a couple of days to receive it, do they then start wheels in motion to immediately transfer the money on the maturity date?

The Transfer Form and the Transfer Application go to M&S, who then contact LTSB. The Transfer Application is your instruction to LTSB to transfer the ISA funds on the date that you specify, again write 'ON MATURITY' where applicable.

Also I wonder why you informed your previous ISA manager of the transfer, was this to make doubly sure it was transferred safely?

Normally I do it as a courtesy but, in this case, because my old ISA manager is LTSB, with whom I have previously had a significant and acrimonious ISA transfer problem (transferring to them, not from them), it is, as you suggest, more of a 'belt & braces' reason.

SallySunshine

Thanks so much for that Baldur, Last time we transferred it was done at our local branch so it was done for us.
Sorry just noticed on the form in the same box it says

I give my consent to either

a) Serve the full notice period before this instruction can be processed

or

b) Proceed immediately with the transfer and bear any consequential penalty which may be applied

Which one do I tick?

also in Section 3 I'm again a little confused.
i wish to transfer the lot including 2009/10 contributions, which one/ones do I tick?
This is crazy, I completed 4 bond applications on-line last year with no help but this is sending me mad and I'm so paranoid about getting it wrong and missing out as, as usual, we always seem to be away when financial matters crop up!

Baldur

SallySunshine wrote: »

I give my consent to either

a) Serve the full notice period before this instruction can be processed

[STRIKE]or

b) Proceed immediately with the transfer and bear any consequential penalty which may be applied[/STRIKE]

also in Section 3 I'm again a little confused.
i wish to transfer the lot including 2009/10 contributions, which one/ones do I tick?

The 'current year' box AND the 'entire ISA' box.

OneADay

SallySunshine wrote: »

Thanks so much for that Baldur, Last time we transferred it was done at our local branch so it was done for us.
Sorry just noticed on the form in the same box it says

I give my consent to either

a) Serve the full notice period before this instruction can be processed

or

b) Proceed immediately with the transfer and bear any consequential penalty which may be applied

Which one do I tick?

also in Section 3 I'm again a little confused.
i wish to transfer the lot including 2009/10 contributions, which one/ones do I tick?
This is crazy, I completed 4 bond applications on-line last year with no help but this is sending me mad and I'm so paranoid about getting it wrong and missing out as, as usual, we always seem to be away when financial matters crop up!

If existing ISA has a notice period, you need to select option 'a'.

I transferred from Aldermore to M&S - all went through on 4th March when the 30 day notice period ended with Aldermore.

SallySunshine

Heartfelt thanks again Baldur, I had chatted to my daughter earlier and told her about M&S and directed her to this forum, she's just e-mailed me back and said she'd opened the 3yr one and put in £3600, done and dusted.

Not sure how she's done that and will quiz her later. she was with Ns&I and didn't even know what rate she was on!!!

I just had terrible visions of putting the wrong details in and losing 160 days interest for early closure.
That would have been the end of my financial ventures:eek:

Wonder if they will accept forms for 2 transfers in 1 envelope!

Ifts

SallySunshine wrote: »

I had chatted to my daughter earlier and told her about M&S and directed her to this forum, she's just e-mailed me back and said she'd opened the 3yr one and put in £3600, done and dusted.

IMO if you open the 3 year M&S FRISA paying 4%, the £100 early access penalty only looks attractive if you have built quite a large Cash ISA balance. £100 is a lot to pay on £3600, if you want to access it.

SallySunshine

I agree Ifts, however she knew she could afford to lock this up, I need to ask her about her old NSI and if she has transferred this also.


Hope she's not looking to me for a loan in the near future, as I'm locking mine up also!!!!!