Question about Bradford & Bingley E isa

trets77

i went through the premlinary application for the Bradford & Bingley E isa online tonight and am confused by one part.

it asked how much i wished to invest.

does this mean to start with ( i.e intial £1000 in my case) or in total over the current tax year ( £3000 i hope )

can any one who has this ISA or knows help????

:beer:

Froglet

Yes,it means how much initially.I opened one a few weeks ago,and they were very quick in posting the forms,and setting up the account.Then i transferred some via my bank and finally sent the form in to transfer my old Isa.This has also been done quickly and smoothly.I would recommend them very highly,though i believe a few people have had minor problems,but then that can happen to anyone ,with any account.

bluu2k

Froglet wrote:

Yes,it means how much initially.I opened one a few weeks ago,and they were very quick in posting the forms,and setting up the account.Then i transferred some via my bank and finally sent the form in to transfer my old Isa.This has also been done quickly and smoothly.I would recommend them very highly,though i believe a few people have had minor problems,but then that can happen to anyone ,with any account.

Very good morning Froglet and everyone,

Could you please tell me how to transfer the cash ISA (currently with Natwest) to B&B? I'm quite confused as they asked to send in a cheque of 1000 as initial payment, while I have used up my 3000 allowance for this year?

Does it mean we just need to send in a new 1000 quid (fresh) to a new B&B and then this amount will be deducted from the transferred sum (i.e they return the 1000 back to us)? Or will I be considered breaching regulations by putting more than 3000 this year into my cash ISA?

If I have an esaving with B&B already (hopefully to get it done shortly), can I transfer the initial 1000 from such saving a/c, or it must be in form of a cheque?

Please please help, many thanks,

:A

Mr_Mumble

Hi bluu2k,

If you have already used up your £3,000 cash-ISA allowance this tax year it would certainly be considered a breach of the regulations if you sent B&B £1,000 and it was deposited. Contact B&B saying you want your initial deposit to be a transfer and ask for the transfer forms. Do not withdraw money from the cash-ISA.

darkcloudi

When I transferred my ISA from the Halifax to B&B, I never sent a cheque for a £1000 as I was doing a transfer of this ISA to them this was mainly due to me already depositing £3000 for that financial year, similar situation to yourself.

If a recall correctly I think all you need to do is fill in a form they said you which titles Transfer an exiting ISA this should be sufficient to get the account opened as you have met the terms of the account by funding the minimum amount of £1000 to the account.

As Mr Mumble suggests "Do not withdraw funds from your current Cash-ISA", make sure its a transfer and B&B can deal with that.

bluu2k

Great, now I know what should be done with my ISA a/c tranfer. I've read in this forum that B&B is a bit slow in processing application, but I think I'm patient enough for the move. Fingers crossed then :j

Thanks very much darkcloudi and Mr Mumble.

Froglet

Hello blue2k

I think the speed of the transfer must depend on who your old Isa is with.Though the Abbey is not the greatest of rates,and that is why i am transferring mine,they have at least passed over my Isa quite quickly to the B & B and it has been less than a month from first sending in the transfer form,to being credited in my account.I honestly cannot fault them in any way.

bluu2k

Thanks Froglet.

I'm currently with Natwest and frankly speaking, I have nothing to complaint them, EXCEPT their quite poor rate. Hence, look forward to moving away. Yes, I love them, but my money says NO :rotfl:

This move will tell me more about Natwest service :A

Have applied for an esaving with B&B. Once it's done, I will go ahead with my ISA. In the next few days, hopefully.