M&S Money 4% ISA

10_66

funkyhitman wrote: »

...If the worst happened and the transfer was actioned before I paid new money in then I would end up with new money left in the FD ISA. Could I request a second transfer? I'm wondering if this would cause any problem considering I ticked to transfer 'full amount' on transfer form.

What happens to ISA's when you transfer full amount? Do they automatically close them? If this is the case then would my new deposit be denied and returned to my current account?...

If you asked to transfer the full amount, then the old account will be closed on transfer. If 10/11 funds reached FD after this happens, it's likely that, as you say, the money would be bounced back to the account from which it came.

PauliPauli

Just spoke to someone at M&S, apparently if I....

1) send application off today for 4% 3 year fixed ISA

2) Transfer £5100 into my current ISA (that wll be transferring over) on the 6th April

3) When they receive the transfer from my current ISA provider (prob near end Apr) they will send it back, as it will show that some of the ISA includes 2010/11 allowance !

Any one been given contradictory info tto above?

Pauli

funkyhitman

What! Why would they even consider doing this? They get more money if we transfer 2 tax years over.

Why is nothing ever easy? I've not bothered to open the Santander ISA because I was planning on depositing my 2010/11 allowance into my current ISA before transferring to M&S.

PauliPauli

... he went to get clarification from supervisor first, might be worth ringing as well just in case some supervisor decided to interpret M&S rules personally !

Either way can try anyway, but will be a big risk as money will then end up in "non interest limbo" for a lot longer, plus my current FD ISA will be 0,.1% after April !!

dov

Where in the T&C does it forbid this?

funkyhitman

PauliPauli wrote: »

... he went to get clarification from supervisor first, might be worth ringing as well just in case some supervisor decided to interpret M&S rules personally !

Either way can try anyway, but will be a big risk as money will then end up in "non interest limbo" for a lot longer, plus my current FD ISA will be 0,.1% after April !!

Yeah I think I will ring up to make sure. I have the same account as you too!

dov wrote: »

Where in the T&C does it forbid this?

Exactly, it doesn't mention this in the T&C unless I missed it. Are banks allowed to do something if it is not mentioned in the T&C?

PauliPauli

funkyhitman wrote: »

Yeah I think I will ring up to make sure. I have the same account as you too!




Exactly, it doesn't mention this in the T&C unless I missed it. Are banks allowed to do something if it is not mentioned in the T&C?

I see this acount as a 5 month fix only as the only other decent no fix isa rate is 2.75% . I've worked out that if I remove monies on 5th month and pay the £100 fine I will be even with regard to the 2.75% rated ISA on 5th month, leaving me to move out to better rate after 5th month or leave it with M&S if 4% remains competetive. But if I can't add the £5100 then it becomes a lot longer rhen 5 months to reach the even our date

Ultimately I suppose they can do what they like if they decide not to budge

dov

Maybe its the transfer form that's the issue. In section 3 it talks about current 2009/10 and previous years subscriptions but not 2010/11.

PauliPauli

I've jut sent off form as calculated only 7 instead of 5 months to "break even" without the £5100 added

Also can always cancel transfer end first week april if any decent new 3.5%+ rate allowing trasnsfers comes up (unlikely)

exel1966

For any current Lloyds FRISA customers who are looking at transferring to M+S and are unsure of their current maturity date I would suggest calling the FREEPHONE number of 0800 0150060.

This will put you through to the Specialised Savings Dept of LLoyds located near Southampton whose mandate includes all ISA's. Their systems contain detailed info on capitalisation dates for ALL savings accounts.

They can also answer any specific queries you have if interested in what happens when your FRISA matures.