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Yorkshire BS ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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hansihansi Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have my Mini cash ISA with IF and I want to transfer for a higher rate. I have read all the problems associated with Abbey and had a look at the Yorkshire rate at 5.20%. But I can't believe they don't accept a transfer into their ISA from another provider. Doesn't make sense to me.

Replies

  • Why not try Derbyshire 2 year fix at 5.4% - They are a very efficient ISA transfer operation, though off course it takes 2 to tango i.e. IF need to do there bit also.,
  • hansihansi Forumite
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    The main reason for wanting Yorkshire was that you can operate it online, but I will have a look at Derbyshire. Thanks.
  • hansihansi Forumite
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    I have just found the new A&L Direct ISA at 5.40% with instant access and online transactions. That's the one for me!
  • The charge £25 for transfering out (most others don't charge), also they drag their feet and make it a painful process.
  • ReaperReaper Forumite
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    I like the sound of the Derbyshire too. Note:

    1) It's slightly less than a 2 year fix. It ends 31/12/06.
    2) There is a 120 days interest penalty for withdrawing/transfering before this date - but a penalty is normal for a fixed rate offer.
  • steady__eddiesteady__eddie Forumite
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    A word of warning about Yorkshire, I always open a cash ISA on the 6th of April every year (Sundays permitting). I applied to Yorkshire on the due date for an online ISA and two weeks down the line I was still waiting for my pack to arrive despite several e-mails reminding them. I can appreciate that there may be increased demand at the end and begining of tax years but with the prospect of lost interest continuing, I lost interest and went elsewhere. I would question their administrative efficiency.
  • hansi wrote:
    I have my Mini cash ISA with IF and I want to transfer for a higher rate. I have read all the problems associated with Abbey and had a look at the Yorkshire rate at 5.20%. But I can't believe they don't accept a transfer into their ISA from another provider. Doesn't make sense to me.


    Well, that's saved me the bother of going on to YBS's website... Tks, Hansi. I am also planning to shift my IF ISA too. May have a look at the A+L one then.
    Expect the worst & hope for the best...
  • isasmurfisasmurf Forumite
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    hansi wrote:
    But I can't believe they don't accept a transfer into their ISA from another provider. Doesn't make sense to me.
    Not really. Because of the necessary administration required by the IR, ISA transfers are an expensive business for the banks. As ISAs must allow a transfer out, YBS chooses to cut the transfer admin costs by not allowing transfers in. A&L choose to cover their transfer costs by charging you on the way out. Most other banks cover their costs by offering a lower interest rate.
  • hansihansi Forumite
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    isasmurf wrote:
    Not really. Because of the necessary administration required by the IR, ISA transfers are an expensive business for the banks. As ISAs must allow a transfer out, YBS chooses to cut the transfer admin costs by not allowing transfers in. A&L choose to cover their transfer costs by charging you on the way out. Most other banks cover their costs by offering a lower interest rate.
    It hasn't been a problem for most banks so far. Some banks have only been charging for transfers recently and I would have thought that getting extra money in would give them more profits. However, they won't get my businesss. I'm just going to hang on till March when they'll all be falling over themselves to get our money and see if they are still charging then.
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