Northern Rock 1 Year Fixed Rate E-ISA

pete_l

Hi

Has anyone else opened one of these accounts, or can anyone help with this query?

I'm interested in opening one of these accounts to transfer some previous years ISAs into it. I already have an ISA for the current year with a different provider that I am happy with and don't want to tranfer this.

On the Northern Rock website in this information about opening an account it says

You can open an account online via local Northern Rock's website with a minimum deposit of £500

to me this sounds like you have to deposit money immediately into the account, which isn't something I can do when I only intend to fill it with a transfer from another account.

If that is the case would I be able to open an account in the branch and do what I am trying to do?

Thanks for any help

Exo

Not opened one myself but as far as I am aware, you just complete their transfer authority for each ISA you wish to move to them and send it back to them.
http://www.northernrock.co.uk/downloads/transferAuthorityForm.pdf

However, the .pdf form can't be filled in online and the save and print options are initially missing when I viewed online.

Using Firefox and FoxIt Reader I had to go into Firefox print preview and then closed it. I then returned to the .pdf form and all the PDF save and print options had arrived.

Hope that helps.

Baldur

Exo wrote: »

Not opened one myself but as far as I am aware, you just complete their transfer authority for each ISA you wish to move to them and send it back to them.

You also need to complete an application to open a NR ISA, as the account number of the NR ISA to which you wish to transfer has to be entered on the transfer form(s)

pete_l

Yes, reading it again it sounds like you can only apply online if you are paying into the ISA as part of this year - as you could then make an initial deposit. I think to transfer from previous years I'll need to pop into a branch.

Baldur

pete_l wrote: »

Yes, reading it again it sounds like you can only apply online if you are paying into the ISA as part of this year - as you could then make an initial deposit. I think to transfer from previous years I'll need to pop into a branch.

Unless it's totally unlike any other FRISA into which I have transferred previous tax years' Cash ISA funds, you don't need to pay the current tax year's allowance into the account.

You just need to complete the application, which opens the account and gives you the account number which can then enter into the relevant box in the ISA transfer form.

Doing this in branch would probably simplify this process, as it can all be done in one go, but it should be possible to do so online.

WardG

After reading Martin's advice on this website and not seeing anything to the contrary on NR's website, I had the same understanding as Baldur - that you can do a transfer into a NR FRISA, pay no money into it and also have another Cash ISA that you do pay money into (I already opened a 2011 Santander one last week)

As such I did the online application with Northern Rock on Monday and filled in and posted a transfer form to move my money from last year

Yesterday I get a letter from NR - which states the following:

"Once this issue is withdrawn you will be able to deposit additional funds into your (already opened) Cash ISA for a period of 30 days only. This does not include the transfer of existing Cash ISAs from Northern Rock or any other financial provider. Transfer requests will only be accepted whilst the Cash ISA issue is still available. After the 30 day period you will not be able to make any additional deposits into this or any other Cash ISA in the current tax year, even if you have not reached your annual subscription limit."

Eh??! The issue gets withdrawn? 30 day period? Starting from when???

Really wish I'd read the small print properly now and I may have to cancel it as I want to save a monthly amount not have a time limit on deposits, and I think perhaps I've misunderstood the rules

I'm going to scour the NR & HMRC websites, possibly ring both of them up too and will post back any info here.

WardG

OK, so I tried and failed 3 times to get through to HMRC's ISA helpline as published on their website. Despite the site saying they are open Monday - Saturday, I phoned on Saturday, Monday and Tuesday afternoons and each time got an answerphone saying they were closed and opening hours are Mon-Fri 9-5. Hmmpphh, thanks Mr Cameron. :mad:


Anyway I spoke to an advisor at Northern Rock yesterday who assured me of the following:

• The statement on their welcome letters regarding issue withdrawal and 30-day deposit limit is a standard T&Cs paragraph and often doesn't apply to lots of products
• It is definitiely within ISA rules to transfer old money to one ISA while opening another for new money in the same year
• Northern Rock having recieved my ISA transfer form for old money guarantees my account will be opened even if they withdraw the issue tomorrow
• Me having their Fixed Rate E-ISA product to hold my old money will in no way affect deposits to my new cash ISA with another provider.

Fingers crossed he knows what he's talking about, I think he does and feel a weight off me shoulders.

Hope this info is of help to others.

Baldur

WardG wrote: »

Fingers crossed he knows what he's talking about, I think he does and feel a weight off me shoulders.

He does.

I've transferred many previous tax years' Cash ISA funds into FRISAs over the years and have more often often than not opened & subscribed to a totally different Cash ISA for the corresponding current tax year's funds, as the rates offered were better than those offered on the FRISA but no transfers were permitted.