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NS&I Mini ISA Quick Question

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Comments

  • nrps1
    nrps1 Posts: 56 Forumite
    si1503 wrote:
    It took about 14 days for my confirmation of my direct ISA to get to me from filling out the forms on the internet and depositing my money with them. It is very slow and they send all mail 2nd class, however you will (assuming you are accepted) gain interest on your money the day you applied for the account. So I wouldn't worry about it, they are just a bit slow with the paperwork.

    Right, but surely by the fact that they have taken the money, it means I've been accepted? I mean they have no right to take my money for 2 or more weeks gaining interest on it, then just give it back to me, thats a right con as I'll have lost out on the interest I would have gained, unless I do get accepted?
  • masonic
    masonic Posts: 24,544 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    nrps1 wrote:
    I mean they have no right to take my money for 2 or more weeks gaining interest on it, then just give it back to me, thats a right con as I'll have lost out on the interest I would have gained, unless I do get accepted?
    If you made the cheque out to yourself, it would not just be a right con, it would be fraud.
  • nrps1
    nrps1 Posts: 56 Forumite
    masonic wrote:
    If you made the cheque out to yourself, it would not just be a right con, it would be fraud.

    What do you mean? I don't quite follow you?

    I applied for the ISA and they debited the amount from my account, but if they turn around and say no to it, they've had my 2 grand earning them interest, whereas if it had stayed in my account, I would have got 2 weeks worth of £2k interest myself?
  • masonic
    masonic Posts: 24,544 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    nrps1 wrote:
    What do you mean? I don't quite follow you?

    I applied for the ISA and they debited the amount from my account, but if they turn around and say no to it, they've had my 2 grand earning them interest, whereas if it had stayed in my account, I would have got 2 weeks worth of £2k interest myself?
    Hmm, you didn't pay by cheque did you? :o I assumed you had. Still, I think the same principle would apply: you didn't authorise them to do anything else with the money.
  • nrps1
    nrps1 Posts: 56 Forumite
    masonic wrote:
    Hmm, you didn't pay by cheque did you? :o I assumed you had. Still, I think the same principle would apply: you didn't authorise them to do anything else with the money.

    Perhaps, although I would have though by me applying for it is giving them my consent to taking my money, I'm sure they wouldn't then refuse me after taking the cash?

    In one respect though, lets hope they do so I can sue, lol ;)
  • si1503
    si1503 Posts: 551 Forumite
    I think its highly unlikely you wouldn't be accepted at this stage, and even if you were they would still be obliged to pay interest on that money for the period it was held with them. Like I said they are just a bit slow with the paperwork, I'm sure you'll hear confirmation from them soon.
  • nrps1
    nrps1 Posts: 56 Forumite
    si1503 wrote:
    I think its highly unlikely you wouldn't be accepted at this stage, and even if you were they would still be obliged to pay interest on that money for the period it was held with them. Like I said they are just a bit slow with the paperwork, I'm sure you'll hear confirmation from them soon.

    excellent

    fo shizzle

    :eek:

    :beer:
  • david78
    david78 Posts: 1,654 Forumite
    My paperwork was slow too. But it the date of my deposit was backdated to the date I applied.

    I wouldn't worry too much.
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