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NatWest e-ISA not allowing contribution over £3,600 for 2010/11 tax year!

WhiteSpace
WhiteSpace Posts: 53 Forumite
10 Posts
in ISAs & tax-free savings
New contribution limit for 2010/11 is £5,100

Yet, today (7th April) when I try to transfer £4,000+ into my NatWest e-ISA (from my NatWest e-Savings) it gives me a warning that this will take me over my allowed limit?!

On contacting NW (after being put through to 3 different departments?!) they tell me the amount I can contribute in this tax year is somehow 'fixed' at £3,600!? They are looking into it....

Has anyone else experienced this?
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Comments

  • jennifernil
    jennifernil Posts: 5,840 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    They are not the only ones behind the times!

    If you try the ISA savings calculator on here and enter that you wish to save £425 per month for 12 months, it points out that you will be exceeding your £3600 allowance!
  • Batchy
    Batchy Posts: 1,632 Forumite
    Just go with Barclays... better rate, and they are organised.
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
  • WhiteSpace
    WhiteSpace Posts: 53 Forumite
    10 Posts
    edited 7 April 2010 at 4:35PM
    Batchy wrote: »
    Just go with Barclays... better rate, ...

    That depends on when the [NatWest] account was opened and how much you have invested. For me, NatWest currently have the better rate.

    (Edit: And Barclays don't allow transfers in.)
  • grant32
    grant32 Posts: 7 Forumite
    I transferred £5,000 to my Natwest ISA yesterday. All looked OK, but today when I check my online banking, the £5k is missing! They told me something about having to manually key some transactions, and that they would "locate" the missing funds asap.
  • zidane44
    zidane44 Posts: 2 Newbie
    grant32 wrote: »
    I transferred £5,000 to my Natwest ISA yesterday. All looked OK, but today when I check my online banking, the £5k is missing! They told me something about having to manually key some transactions, and that they would "locate" the missing funds asap.


    i've just experienced the exact same issue! same amount too.

    just spoken to natwest, they said its a computer issue!

    couldn't believe it when i seen the missing funds!...
  • WhiteSpace
    WhiteSpace Posts: 53 Forumite
    10 Posts
    grant32 wrote: »
    I transferred £5,000 to my Natwest ISA yesterday. All looked OK, but today when I check my online banking, the £5k is missing!

    Presumably this was an external payment from another bank? In my case, when I did an 'internal transfer', a warning flagged up immediately and the payment just didn't happen.

    Incidentally, when I contacted NW to raise the issue they said they'd get back to me by 5pm tomorrow - that's effectively 2 days?!
  • cheekydollarJ
    cheekydollarJ Posts: 31 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 7 April 2010 at 3:27PM
    zidane44 wrote: »
    i've just experienced the exact same issue! same amount too.

    just spoken to natwest, they said its a computer issue!

    couldn't believe it when i seen the missing funds!...

    Had the same problem - and i transferred from my natwest easy acces savings account! I used their online chat feature and they said they were having computer issues. They better give us interest for the missing period!
  • WhiteSpace
    WhiteSpace Posts: 53 Forumite
    10 Posts
    cheekydollarJ wrote: »
    I used their online chat feature and they said...

    Not wanting to change topic, but... NatWest have an "online chat feature"?! It took all my efforts to find just a phone number!
  • mattdragon2
    mattdragon2 Posts: 133 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I phoned them up today and they said it should be fixed by 2:30pm. I checked and I still have money missing from my ISA that I put into it.

    I will wait til tomorrow when the accounts get updated.

    All the money banks have, you thought they would afford to have someone smart enough to test this wouldn't you. Idiots.
  • suga85
    suga85 Posts: 5 Forumite
    ive had exact same problem i was told should get it back by tomorrow! i was horrified 2 find the 5k missing! just hope it gets sorted asap or im not gonna be happy!!!! 5k is lot 2 just dissappear its done my head in all day least im not only one happened 2 so this thread has reassured me that its a problem on their side!
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