mick_sturbs wrote: »
What about the ISA providers who won't let you transfer to another provider.That surely is manifestly unfair.NS&I are the biggest culprits
The ISA transfer system is nuts. What the banks should really do is to sort things out electronically, or just wire a sum of money and list of account numbers being transferred daily to the other bank, with some signatures and NI numbers. There's no reason to transfer each account individually.
Gorgeous_George wrote: »
About time too.
It takes far too long to transfer from one ISA to another - especially considering that for most of us the sums involved are rather modest.
There is no tangible excuse for interest rates to be lower (than for taxable savings acoounts from the same provider)- effectively the only beneficiaries of ISAs are the banks.
Of course, the result of any clampdown will be to benefit some at the expense of others. If banks are forced to be fairer to all it will be at the expense of those who are happy to switch m0ore often. For example, a bank may decide that it can afford to pay 3% to its ISA savers. At present they may do this by offering 0.5% to those who are lazy and 4% to those who are more demanding. Increasing the rates to the lazy will probably mean a reduction in the rates for others.
I haven't bothered with a cash ISA this year but will look at rates again next year.
iss1957 wrote: »
It's a waste of time transferring your isa's. Unless you get 2/3% more interest.
By the time it's transferred, you've lost most of the benefit!!!!
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