M&S Money 4% ISA

funkyhitman

Just spoke to M&S. I was told there is no reason why the transfer would be refused if you have paid into your current ISA from 6th April. I took the person's name and she confirmed the call was being recorded so i'm going to take a chance and pay into my current ISA 6th April before (hopefully) the transfer is actioned. If they give me any hassle i'll refer them to my phone call and tell them to train their staff better.

PauliPauli

funkyhitman wrote: »

Just spoke to M&S. I was told there is no reason why the transfer would be refused if you have paid into your current ISA from 6th April. I took the person's name and she confirmed the call was being recorded so i'm going to take a chance and pay into my current ISA 6th April before (hopefully) the transfer is actioned. If they give me any hassle i'll refer them to my phone call and tell them to train their staff better.

... I think I'll do the same, 2 complaining is always better then 1 if they go back on their word

funkyhitman

PauliPauli wrote: »

... I think I'll do the same, 2 complaining is always better then 1 if they go back on their word

Good stuff...and godspeed.

J45

For a new customer who wants to transfer a previous ISA to M&S do i complete

M&S Cash ISA Application Form

AND

M&S Cash ISA Transfer form

or just the M&S Cash ISA Transfer form ?

Ifts

J45 wrote: »

For a new customer who wants to transfer a previous ISA to M&S do i complete
M&S Cash ISA Application Form
AND
M&S Cash ISA Transfer form
or just the M&S Cash ISA Transfer form ?

Just the M&S ISA Transfer form

J45

So i take it trying to set up one online is useless if im transfering and should just complete the M&S ISA Transfer form?

KTF

Yep, thats all you need to do.

Ifts

J45 wrote: »

So i take it trying to set up one online is useless if im transfering and should just complete the M&S ISA Transfer form?

I didn't apply on-line instead asked for the forms to be sent to me in the post, they arrived in 4 days with a pre paid envelope.
I was told that as long as they received my completed ISA transfer form by the 6th April, then it would be fine.
So save you time just print off the M&S Cash ISA Transfer Form and post it.

samizdat

Interested to hear above that someone at M&S said that transfers of ISAs that include 2010/11 money would be rejected. I for one will not let them get away with this!

Their transfer form does not preclude such a transfer. There are indeed words, as dov mentions above, in section 3 of the Transfer Form, referring to 2009/10 as the current ISA year:

"The ISA Regulations state that current tax year subscriptions to a Cash ISA (6 April 2009 – 5 April 2010) must be transferred as a whole."

To me, that is utterly beside the point. Of course, this is a helpful reminder to those applying for this account earlier in the year; but otherwise the words have no legal effect. It is simply a statement of how the law operates with regard to current-year transfers.

It so happens that by the time my transfer takes place (I asked explicitly for 8 April even though no notice period applies to the account I wish to transfer*), the current tax year will be 2010/11. I therefore ticked the boxes stating that I will be transferring both prior and current tax years' subscriptions, namely (although I did not name them) a prior year subscription for 2009/10 and a current year subscription for 2010/11.

Nowhere in the T&Cs or on the Transfer Form is this forbidden.

Anyway, it seems other people have been told this will be OK. If not, I'm up for a fight with M&S!

* There is nothing underhand about this. The nature of an ISA transfer form is that it constitutes instructions from a customer to his/her existing ISA provider to permit and execute a transfer of the account to another provider. The form also implicitly or otherwise is an acceptance of a contract with the new provider to open an ISA on the terms offered.

The new provider makes arrangements with the old provider based on the authority to act given by the customer on the form. If the form as drafted is in some way inadequate to express the instructions that the customer wishes to give, it is open to the customer to write other instructions on the form. So, for example, in the box for notice period, if I write an explicit date for the transfer to take place, it is immaterial whether a notice period actually applies to my existing account. I am simply using some space on the form to issue a clear instruction for the desired date of transfer. Provided this date is reasonably near at hand, the new provider is bound to accept this.

oldfella

I rang them and was told no problem with including 2010/11 subs in the transfer