Transfering from Lloyds ISA to Clydesdale ISA

10_66

codetown wrote: »

Does anyone know if Clydesdale Bank have a fax number for the savings part of their business? I would like to avoid any possible problem with mail delays!

Not sure they'd accept a faxed application/transfer. If you want to make sure you get next day delivery the only thing you can do is use Special Delivery (£4.95 incl postage). That's what I used to make sure my M&S transfer form was received by their deadline (which I think you've been discussing on the M&S thread).

GreenSheep

I posted mine at 4am on the 13th at the main post office in my town - so I assume it got picked up first thing (6amish) sorted that day and should have arrived today (14th) but still 5 days buffer to the 19th deadline.

Stuck 2 stamps on it just to be sure.
I don't do much by post so did this just to be sure - defo didn't want it bouncing for being too heavy or over 5mm or whatever the limits are now.

I'll update here with any information I get.

Hope you guys will do the same.

Cheers, GreenSheep

GreenSheep

Just to give an update...

I've just had a letter saying...

"
Thank you for your application for the Cash ISA Fixed Rate Bond, we confirm receipt of your application and payment instructions.

Please be assured that you will secure your Cash ISA Fixed Rate Bond for the Current Tax Year. Should we require any additional information from you in order to process your request we will contact you in due course.

We will contact you in writing within 14 days to confirm the account is opened and provide you with all the relevant account information.

We thank you for your patience in this matter.
"

So all looks like it is going well!

Cheers, GreenSheep

TCA

Nothing yet from CB regarding my transfer. That's over a month but given they took 3 weeks just to set up the account, I expect I'll be waiting a few weeks yet for the transfer. They received both an application form and a transfer form in the same envelope, so I can only hope that incompetence does not prevail.

GreenSheep

I'm starting question whether losing a few months 'good' interest while transfering is worth the tax break?

Maybe ISAs are only really suited for S+S....


Thanks for the update TCA. I'll keep updating aswell.

TCA

GreenSheep wrote: »

I'm starting question whether losing a few months 'good' interest while transfering is worth the tax break?

This was certainly a factor in my decision to open the 5 year account. The transfer is supposed to be completed within a maximum of 30 days (I think), which is substantial if they go to that. Given it took so long to open my CB ISA, I could be looking at double that. I've had nightmare transfers in the past including one where the transferring provider (A&L) sent the funds to the completely wrong bank for no reason at all. The hassle in getting that corrected was unreal and when they eventually sorted it, they didn't even revise the added interest as their system couldn't do that. I got a cheque for the difference instead, so my cumulative ISA value isn't what it should be. Murder.

Anyway, given this, I just can't be bothered transferring the ISA every year, so happy to accept 5% and can forget about looking for better homes for the cash every year. Assuming this ever gets opened......

GreenSheep

Hello Chaps

Another letter arrived:

"
We refer to your recent Cash ISA application detailed above and can confirm that the account has now been opened.
"

However... As I looked through the terms and conditions it says I have paid in a lump sum of £5100... but I haven't.
Infact, I'm transfering the lot - including this years subscription (as discussed above).

I got on the phone and spoke to someone at CB and they said 'Oh yeah, just ignore that, you'll get another letter when the transfer is complete'.

I have phone banking with Lloyds that I ring every few days so I'll just keep an eye on that account disappearing and expect a letter soon after.

Hmmmm... wonder if this will get any smoother next year....

Cheers, GreenSheep

TCA

Sounds like what I received GS. Lump sum subscription note to boot. So the waiting continues. I'll let you know if and when the much awaited transfer confirmation arrives.

GreenSheep

After reading it a little more I've found it says under 3) iii) that "The amount to transfer from an existing ISA is shown below" ... nothing!

All blank!

However as I am only transfering in I'm not too worried as I have only got to watch for when my balance is transfered (see above).

TCA

GreenSheep wrote: »

After reading it a little more I've found it says under 3) iii) that "The amount to transfer from an existing ISA is shown below" ... nothing! All blank!

This was what I meant by my post below.

TCA wrote: »

Yes, I guess it is a kind of lump sum subscription. Just odd that they used this option when there is a transfer one. Maybe because I wrote it next to that box. Who knows.

Hopefully we can "ignore that", as instructed by your call to CB. We live in hope.