Stop! Isa thieves campaign

JamesU

cloud_dog wrote: »

Ok, I tried to ignore it but failed miserable (I will go stand in a corner after this).

Ha! Relieved I am not the only one to crack and add to this madness today.....

JamesU

fairtrade

I have decided to join you in the room with the padded walls!!


"Correct me if I'm wrong,but hasn't the fine line between sanity and madness gotten finer?",George Price.

david78

I think that a lot of nonsense if spouted by the media. I don't take much notice.

I have never had a problem when fixed rates mature. I just move to the best account available on the maturity day. All the providers I have been with have always been helpful, if a little slow. Interest has always been paid continuously with no loss of interest. If I want to transfer out I move it to the best variable rate account and then set up the transfer with the new bank. The transfers I have done have always gone through with no loss of interest.

I have no problem holding multiple ISA accounts - it gives me flexibility to have a mix of different fixed rates and a variable rate. Its all managed in a spreadsheet anyway, which is my "one" ISA account in my mind. Interest rates are not low for me. I have a mix of rates over the next 2 to 3 years of 6.2%, 4.75%, 4.4%, 4.15%, 4.0%. When M&S bought out its market leading ISA it headed the best buy tables and paid 4.5% variable - if you are happy with fixed rates, no instant access, rates are ok.

JamesU

fairtrade wrote: »

I have decided to join you in the room with the padded walls!!


"Correct me if I'm wrong,but hasn't the fine line between sanity and madness gotten finer?",George Price.

You unlock this thread with the key of confusion
Beyond it is another complaints dimension

A dimension infested with varying interest rates
A dimension riddled with sub-optimal transfers
A dimension full of penalty withdrawals

You are moving into the arena of shadows and substance
Nothing you have experienced can prepare you for what you are about to read
You have just crossed over to the Twisa zone


:eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek:

bagsacash

Another example is need I see.

Last year you tranfered £40k into an ISA paying 3.5% but the rate falls to 2.5% this year. Right, you initiate a transfer to another bank to take advantage of a rate paying 3.5%. A difference of 1%.

For every week you wait for the transfer you lose more than £8 in interest and thats not including the time the money is between accounts. And whatsmore I don't think there is a bank on earth that will offer to pay you the difference of 1% interest while the money laguishes in the other account awaiting tranfer.

You can try and spin it in favour of your lovely low return banks as much as you like but so long as ther is a time interval between transfers the customer always loses out - more money the bigger the lose.

And whats this nonsense about "its the price you pay for a tax free account"

evenasus

All 12 posts made today by new poster kevincosmetic are spam.
Spam reported.

Hungerdunger

YorkshireBoy wrote: »

You keep saying that, but I've never lost more than 2-3 days* worth while the cheque was 'in the post'. Indeed, some providers (Halifax & YBS spring to mind) backdate/used to backdate the deposit (for interest earning purposes) to the day after it left the previous provider.

Exactly the same experiences here, with a maximum of three days' interest lost and a minimum of zero.

Unfortunately it appears that bagsacash is so entrenched in his views that he won't accept the possibility that he is wrong, so I suspect this thread will run and run until he exhausts us all.

bagsacash

Exactly the same experiences here, with a maximum of three days' interest lost and a minimum of zero.

You haven't explained your situation, are you saying on say the 6 April you filled out a ISA transfer form, handed it in, and had your ISA transfered in 3 days from a lower paying account to a higher paying account with another bank - all in by say the 9 April? Without lose of interest

john_s_2

bagsacash wrote: »

I don't think there is a bank on earth that will offer to pay you the difference of 1% interest while the money laguishes in the other account awaiting tranfer.

As much as it pains me to say it, Nationwide paid me interest on my cash ISA when I transferred to them a few years ago - from the date my previous providers wrote the cheques. (If you search the ISA forum for me and Nationwide you'll see why it pains me to say it ;-)

So there was no period where I received no interest from either provider. If there was a period where I received a paltry rate (as I was dithering about who to transfer it to) the fault was no one's but my own.

bagsacash wrote: »

And whats this nonsense about "its the price you pay for a tax free account"

Tax free accounts (ISAs) come with a lot of form filling and other bureaucracy, which makes it a 'hassle' (your word) to transfer from one to another. This is the price we pay for that benefit (the tax free interest).

cloud_dog

bagsofcash you need to listen to peoples experiences.

No one is doubting that banks / BS can be slow but you (account holder) also bear a responsibility.

There is little point in perpetuating a theoretical argument when others experiences do not support it.

I have moved many of my mothers ISA's (fixed and variable) and she has never lost out to a point you would feel is unacceptable. In fact Nationwide have been very good in backdating the start date to be the date of transfer on more than one occasion.