ISA interest..please tell me this isnt so??!

opinions4u

amcluesent wrote: »

Of course, the banks 'punish' transfers out of ISAs by keeping your money in limbo for weeks on end!

Most transfers go through within 10 days. Over 95% (last figures I saw) go through within 30.

RayWolfe

amcluesent wrote: »

Of course, the banks 'punish' transfers out of ISAs by keeping your money in limbo for weeks on end!

Got any facts to back up that assertion?

Mikeyorks

ranciduk wrote: »

Re: the bit that ive highlighted above, does this mean i wont be able to put another £5.1k in next April?

............ last para of post #9?

jamesd

ranciduk, why are you using a cash ISA for money that goes back to 1999? That's the sort of term where stocks and shares ISAs are typically more suitable and they can pay out more than you've been getting, though the capital value does move up and down a bit - how much depends on where you put the money within the S&S ISA.

botned

ranciduk, you said that you were not financially literate, the banks love guys like you, they rely on apathy and ignorance to screw people. I recall just before the financial crisis that I could get something like 7 per cent with Nat West on a Cash ISA, now some are paying less than one per cent. It is a fact of life that if you lack knowledge in an area than there are people out there who will screw you - garages, banks, telecommunications companies etc. Move your money to the Nationwide eISA which is paying 2.7 per cent, or Alliance and Leicester, same rate. I prefer Nationwide because they are less likely to screw you.

botned

RayWolfe wrote: »

Got any facts to back up that assertion?

For the last two years I have been tracking my ISA transfers, in that time I have transferred three times, and on all three occassions there were issues 1/ Nat West received money from my previous ISA provider and held for 59 days before paying interest (£30000, do the maths). 2/ Kent and Reliance something similar. 3/ Scottish Widows failed to pay me the 1 per cent bonus when account closed due to transfer. In general it is known, even within the banking industry, that some sharp (criminal) practises are commonplace, one of them is closing accounts and holding money before transferring. Banks are crooks, period

RayWolfe

Hello botned. Welcome.
Got a bit of an agenda have you?

smcqis

easy solution transfer it every 12 months

ranciduk

jamesd wrote: »

ranciduk, why are you using a cash ISA for money that goes back to 1999?

ive had no reason not to - every year my interest has been steadily rising and i was getting over a grand a year

then BANG

all has changed this year - big time!

but now i know obviously that they are quite prepared to treat long standing loyal customers with such distain - so i will keep my eyes on it every year in future

what i would LIKE to do is go round to the owner of lloyds halifax tsb or whatever the frig its called this week and do a dump on his lawn

shady !!!!!!

MarkyMarkD

botned wrote: »

For the last two years I have been tracking my ISA transfers, in that time I have transferred three times, and on all three occassions there were issues 1/ Nat West received money from my previous ISA provider and held for 59 days before paying interest (£30000, do the maths). 2/ Kent and Reliance something similar. 3/ Scottish Widows failed to pay me the 1 per cent bonus when account closed due to transfer. In general it is known, even within the banking industry, that some sharp (criminal) practises are commonplace, one of them is closing accounts and holding money before transferring. Banks are crooks, period

It's easy enough to ask
(a) the sending bank when they sent the money (indeed, it should be on the closing statement);
(b) the receiving bank what date the cheque was actually dated;
(c) the receiving bank what date the cheque was received;
(d) the receiving bank what date the cheque was credited to the account.

Clearly, (c) and (d) should be the same or you have a claim against the receiving bank.

Clearly, (a) and (b) should be the same or you have a claim against the sending bank.

And the gap between (b) and (c) is down to Royal Mail, but anything over 5 days and you have to suspect that it wasn't posted on the day the cheque was printed.

Rather than simply criticising the institutions involved, you need to ascertain the relevant dates and then seek compensation where it is due.

In my experience, the (b) to (c) gap is not, often, very long. The problems are normally before date (a) - and until that date, you are receiving interest from the sending bank, and normally nobody's doing anything wrong.

The oft-published moan that money is "in limbo" for weeks is eyewash in 99% of cases. What people mean, is that they wait weeks until it arrives at the new bank. But the money isn't in limbo - it's in your old account.