what happens to Isa when transfer to A&l account?

lucylou

Hi I have just opened an A&L premier Direct Account referred by a friend and through Quidco.I am with Abbey now but will transfer my salary and my standing orders and direct debits with A&L.I also have an abbey isa coming out of my abbey account every month.If I transfer everything what will happen to my isa?

tom188

The ISA will stay at abbey.
How is the money transferred into the ISA? If its by standing order or direct debit this will hopefully be done automatically (though dont put any money on it, AL need chasing for most things). If its an internal transfer make sure this is cancelled and a new transfer (eg standing order) is set up from your new account.

You can no longer use quidco and the refer a friend offer by the way. AL will invalidate the refer a friend through a breach of the terms of the offer (using quidco).

blondie7

Good job your not transfering your isa to A & L when I did they lost my money for 5 days no-one knew where it was, no faith in them.

rjm2k1

blondie7 wrote:

Good job your not transfering your isa to A & L when I did they lost my money for 5 days no-one knew where it was, no faith in them.

When I transferred my ISA to A&L it was lost for a lot longer than 5 days, though they assured me that they started paying interest from the date they received the money from my previous provider.

mleonard79

Hi Lucylou,

As Tom188 says your ISA will not automatically transfer over with your current account as this is a separate entity within the bank. If you want to switch your ISA to A&L also then you will have to get a switching form and transfer it over - don't close it down and then open the new one with A&L as when you close an ISA you lose all the entitlement you had built up in it. If you don't want to move it from Abbey though it's just a case of setting up a new standing order to go to your Abbey ISA from your new current account.

I would also be careful with your refer a friend incentive as going through quidco and getting referred is no longer allowed and hasn't been since September. You may be lucky and they may not spot it but don't count on it. I've known people who have had the quidco payment rejected and others who have had the refer a friend payment rejected but you should still get at least one or the other.

As far as the time it takes to transfer the ISA to A&L goes - my transfer from the Halifax to A&L also took a lot longer than 5 days but this isn't a hassle as you are paid from the date it leaves the other account not from the date it arrives in your a&l one so you don't lose much interest effectively.

Regards

Michelle

blondie7

Mine also took longer than 5 days to transfer but when the transfer was suppose to being going ahead which was about 7 weeks after first asking for this to be done then for 5 days no-one knew where my money was.

I was also told they would pay interest from when they received it and that didnt happen till I questioned it and they did back date it but what a lot of hassle.

tom188

still want an AL account???