M&S Money 4% ISA

dov

I'm considering transferring my Santander ISA to the M&S 3 year ISA bond. I would like to get in my 2010/11 ISA funds into this bond and the way I'm thinking of doing this is to either wait till the last moment to send the transfer application form - its got to be with them by April 3rd - and then transfer funds to Santander before they transfer the funds to M&S. The alternative is to pretend there is a maturity date and request they don't transfer till say 10 April.

Richchad

xiox wrote: »

How long was it between posting the form and getting the email?
Thanks!

Have only just sent the form, the email was in reply to the question I asked them which took a couple of days to get the reply.

meridian

I believe this rate is closing on 5th and being replaced with lower rate

dov

meridian wrote: »

I believe this rate is closing on 5th and being replaced with lower rate

That's what they said when I phoned earlier this morning, that's why I'm trying to get Issue 9 and 2010/2011 ISA allowance at the same time and should be doable.

JamesU

meridian wrote: »

I believe this rate is closing on 5th and being replaced with lower rate

Yes, also I was informed over the phone that the next non-isa issues at M+S (e.g. 3yr 9th issue bond at 4%) will also have a lower rate. But these are still straight forward to arrange immediately over the phone right now before the deadline.

JamesU

hallmark

hallmark wrote: »

Good thread.

I'm transferring from a Lloyds FRISA. How are people determining their maturity date & are they using that exact date on the M&S form?

I ask because I rang Lloyds just now to ask on what date in April my maturity date was & after about 20 minutes of speaking to various people I was finally told "About the 14th". I explained that wasn't precise enough since I wanted to transfer out & they agreed that if it actually matured, for example, a day later, I would be penalised. So I asked them again EXACTLY what date it matured & was told "on the week that includes the 14th but just put a note on your transfer form that it can't happen until after the old account matures". I told them that wasn't good enough, it must surely be possible for Lloyds to give me a precise maturity date! Eventually after more time on hold I was told that interest will be added overnight on the 15th & the actual maturity date will be the 16th (which is a Saturday).

Anyway, I have zero confidence in Lloyds & that phone call hasn't done anything to change that! So I'm wondering whether to put the 16th as the maturity date on my M&S form, or whether to play it a bit safer & put something like the 18th.

Any views?


thanks

Bump. To summarise the above, is there any good reason for me NOT to simply put the 18th as a maturity date?

thanks

OneADay

hallmark wrote: »

Bump. To summarise the above, is there any good reason for me NOT to simply put the 18th as a maturity date?

thanks

Not much - you are not losing much for a few days that is one thing.
Secondly these transfers usually take a while (anything up to 30 days) and can drag on longer than you think (despite promises). So its in your interest to get the paperwork in and just attach a letter or something explaining maturity date scenario.

sheslookinhot

hallmark wrote: »

I will write that too, but if I don't put any date how are M&S supposed to know when maturity is?

They won't but Lloyds should not arrange transfer until maturity date.


I asked the same question of Lloyds (x2 different people) and was told 16-April. When I sent in my transfer form to M&S yesterday I had added 30 days between receipt of letter and arranging transfer.

hallmark

sheslookinhot wrote: »

They won't but Lloyds should not arrange transfer until maturity date.


I asked the same question of Lloyds (x2 different people) and was told 16-April. When I sent in my transfer form to M&S yesterday I had added 30 days between receipt of letter and arranging transfer.

Sorry, I may be misunderstanding you, but do you mean you put a date of 16 May on the form..? Or something else?

cheers

10_66

sheslookinhot wrote: »

...I had added 30 days between receipt of letter and arranging transfer.

I recently rang M&S to ask what the furthest future date on the transfer form was likely to be permitted and the person I was talking to said she thought it unlikely that they'd go beyond a couple of weeks' after the withdrawal of the account. I was hoping it would have extended beyond that because I'm in the process of transferring several years' of different ISAs into one variable account (to try to cut down on the number of transfers next year), so that I could then transfer that into the M&S one. Problem is that the last 2 to be transferred aren't due until 6th & 7th April and there's no guarantee when they'll complete, other than it "should" be within 30 days. It was at that point that the Customer Service Assistant said she thought it unlikely they'd permit a 30 day delay.