Transferring Isa between banks how long?

Luckymonkey

I have just transfered from an hsbc isa to the alliance and leicester isa. The funds left my hsbc account on thursday but no funds in my a+l account yet. Do you guys know how long it takes for funds to show up in my new isa? I have read around 30 days is this correct in you experiences?

RayWolfe

How long is a piece of string?

digivate

Yes, 30 days is the maximum time it should take for your old provider to forward your ISA to the new provider. In practice this doesn't always happen, though I've never had money go missing myself.

roddydogs

30 day is the Absolute Minimum, not maximum, mine took 3 months!

evenasus

roddydogs wrote: »

30 day is the Absolute Minimum, not maximum, mine took 3 months!

I transferred from Bradford & Bingley (as was) to Northern Rock.
It took 10 days from filling in the transfer request form, to receiving the new Northern Rock ISA certificate. :T

ANGLICANPAT

So if the funds leave an isa bank account , 2 days after one has asked for a transfer, its not in the interests of the receiving bank to show its got those funds (and have to start paying you interest ) until the last possible minute of the 30 days is it? So it actually must be keeping the interest for itself for those inbetween weeks -is that right?

Sam37

ANGLICANPAT wrote: »

So it actually must be keeping the interest for itself for those inbetween weeks -is that right?

Apparently some banks still operate a check system, so I suppose there may be a 'check is in the post' situation, or 'check is in the overstreched mail room scenario'.

Personally I find this rather unpleasant, the thought of my life savings being put on a flimsy bit of paper, physically ferried around the country -but maybe I misunderstand and someone has more insight into how this actually happens-.

Having said all this my last couple of transfers have caused me a max of one week loss of interest (sometimes it took a few weeks to get the money out of the transferring out bank, but I received interest up to that date from them)