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Yorkshire BS ISA

hansi
Posts: 3,001 Forumite


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.
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Comments
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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.,0
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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.0
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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!0
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The charge £25 for transfering out (most others don't charge), also they drag their feet and make it a painful process.0
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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.0 -
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.0
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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...0 -
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.0
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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.0
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