ISA Move to YBS from A&L

mary-poppins_5

Hi.

Those that have signed up to YBS's E-ISA, do you know what the Charitable Assignment means? As part of the online application you have to agree to "assign any windfall conversion benefits to the YBS Charitable Foundation".
I have no idea what windfall conversion benefits are, and what this means to me?!

Thanks in advance.

Heinz

mary-poppins wrote:

Hi.

Those that have signed up to YBS's E-ISA, do you know what the Charitable Assignment means? As part of the online application you have to agree to "assign any windfall conversion benefits to the YBS Charitable Foundation".
I have no idea what windfall conversion benefits are, and what this means to me?!

It's to stop carpetbaggers opening accounts in the hope that the society converts to plc status and issus shares.

Signing that CA means you agree to allow any such windfall to be given to charity rather that you making the money.

mary-poppins_5

Thanks for that. Wasn't sure if it was some kind of catch with the interest rate being good.

Cheers.

Heinz

mary-poppins wrote:

Thanks for that. Wasn't sure if it was some kind of catch with the interest rate being good.

I'm hoping it's going to get better too - they've not yet changed it after last week's 0.25% BofE rise!

Beate

"However you can hold cash-ISAs from different years with different providers."

This has always puzzled me. Okay, so some banks don't allow you to transfer the whole amount to a new ISA provider. But most do, so why leave £3,000 with say HSBC, then open another the following year with Bradford&Bingley, then the next year open another etc. till you have countless ISA's with £3,000 in them? That can't make sense interest-wise, because you are only getting interest on £3,000 each and a different interest rate for each ISA, instead of the highest for the whole amount?

masonic

Beate wrote:

"However you can hold cash-ISAs from different years with different providers."

This has always puzzled me. Okay, so some banks don't allow you to transfer the whole amount to a new ISA provider. But most do, so why leave £3,000 with say HSBC, then open another the following year with Bradford&Bingley, then the next year open another etc. till you have countless ISA's with £3,000 in them? That can't make sense interest-wise, because you are only getting interest on £3,000 each and a different interest rate for each ISA, instead of the highest for the whole amount?

What on Earth led you to jump from being permitted to hold cash ISAs from different years with different providers, to holding "countless ISA's with £3000 in them"?

There are all sorts of reasons why you might not want to transfer an existing ISA to a better paying provider that you open a new account with. OTOH, you might be glad of this freedom if, they do not accept transfers in, you would have to pay a penalty for transferring, the new account has a short-term promotional rate, the difference in rates is small, or you someday manage to accrue £35000 and value the protection of the financial services compensation scheme, which caps payments at that level.

Heinz

Heinz wrote:

I'm hoping it's going to get better too - they've not yet changed it after last week's 0.25% BofE rise!

But they have (nearly) now!

http://forums.moneysavingexpert.com/showpost.html?p=4082725&postcount=2

Heinz

What a bunch of wasters A&L are.

Not only do they refuse to accept signed 'transfer all monies' forms and insist on you calling them on the phone but they then send a cheque in the post to the new ISA!

Incredible.

That, of course, builds in delays - I see my A&L ISA was closed on 15/1/07 but YBS did not receive the cheque to deposit in the new one until 23/1/07 - 8 days later!

Oh well, 5.65% instead of 5% so I suppose I'll make up the 8 days loss of interest quite quickly.

Special_Saver

Thanks Yorkshire Boy for the 0800 number tip!!! Like many of you, I had my transfer request sent back to me by A+L with a letter saying that I would need to transfer the ISA using Internet banking or dialling their 0870 number. I used the Internet banking secure messaging system to request the transfer but was informed that they could not do the transfer and that I would need to telephone them on the 0870 number.

I have finally been able to request the transfer for free thanks to your 0800 number tip. It was a 10 minute call so I was glad that I did not have to pay for it!

If A+L had just accepted my postal instruction in the first place, it would have saved them the cost of writing to me (stamp + paper + envelope + person's time), and secure messaging me and then a telephone call (at their expense + operator's time).

alecpr

All seemed to painless opening the YBS account and filling in the form for the transfer, should have known A&L would throw a spanner in the works.

Can I pre-empt the letter from A&L and make the call now? (the paperwork is just about to be posted to YBS)... it would save some time.