ISA Move to YBS from A&L

rangers_fc

Heinz wrote:

I was in the same position (all £3000 of the 2006/7 amount having already been invested in my A&L ISA).

I opened a new '2006/7 year' YBS e-ISA online - without any money going in (i.e. the account just awaits the transfer of funds from A&L) using THIS LINK.

A&L won't accept the 'transfer all funds to YBS' form YBS provide (for you to print) as part of their online application package and write to your when they receive it from YBS - telling you to phone their disguised premium rate 0870 number.

Because you've opened the YBS A/C online, you already know the A/C number of your new YBS e-ISA so, you're armed with that when you use the alternative 0800 068 8638 (Option 2, Option 2, Option 2, Option 9) number to make that call. You'll have to enter the 12 digits of your Customer I.D. and the five digits or your PIN and then you get to talk to an 'agent'.

After you've answered A&L's security questions (remember, if they ask for characters from your password, they mean your telephone - not online - password), calculation of interest since 1/1/07, account closure and the cheque being sent to YBS happens within a week.

Trying to change my ISA from A&L to The Yorkshire today so I applied online. Im now interested in the method to pre-empt the letter from A&L about transfering so I have my new account number from the Yorkshire during the application process, Do I require a sort code to enable the transfer process to progress?

Just answered my own question the sort code is not required

Tom_Jones

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?!

Thanks in advance.

It means that if they convert to a bank all the money you would have got as a member of the BS is donated to charity.


But if you hold an account with YBS for 5 years and they convert after that, you will get the windfall

Loadsabob

I'm quite cheesed off, actually. Having thought the process would be really smooth, it turns out that it's a huge hassle for me to transfer my ISA from Bradford and Bingley to YBS.

No problems with B&B, but YBS were unable to verify me using the electronic verification system. Maybe I haven't made enough requests for credit, or all my direct debits at this address, two credit cards, two savings accounts and a current account, council tax payments and six years at this address on the electoral role don't quite verify my ID, nor would the transfer of £3000 from another building society ISA, held by me at this address for the last seven years. Fair enough.

I had thought when I got this alert about ID when I was completing the application online, that it had said copies of ID could be stamped in any bank or building society. But no. I needed to send a utility bill - fine, and a P60 - fine, and (as I have no drivers license) a copy of my passport...stamped by any branch of YBS or a solicitor!!! Well my nearest YBS branch is an hour's drive away...and I don't drive. Public transport in Cornwall is not the best, so it's quite a trek to a town I don't ever visit, with the expense and time that that entails at a weekend as I work full time. OR, pay a solicitor (I don't have one) to stamp the copy for me. I phoned YBS and they said I could pay to have my passport delivered to them recorded, and they would send it back the same way. Well that's pricey too, and goes some way to offsetting the additional interest.

I sound like a right moaning minnie, I know, but I was really dismayed that I was having to struggle so hard to get this account opened. Some might say its worth it for the extra interest, but I think I'm best limiting my search to outlets in my own town, easier for taking in ID.

So I'll start comparing others I guess. I used to work in a building society, so I'm not unfamiliar with the need for good security and ID verification, but this really felt more hassle than it was worth for me. Particularly because the hint at electronic verification suggested a hassle free process only to discover that it didn't work for me. In the end I've cancelled the transfer.

Oh well...happy for those of you it works for!

miller

There is currently a 10 working day turn-around on applications. Nice of YBS to tell us, without prompting. The literature does say 5 working days...

A&L2YBS = LASY B&...

miller

Now I'm up to 11 working days...

Hopefully they have received my application and ID and are just taking ages with it.

Otherwise there might be a postman somewhere opening up accounts in my name.

Anyone else experienced long delays?

masonic

Dark-Artic wrote:

Phoned up today and found out that they have got my cheque. But they appear to have misplaced my application form which means no money can go into the account.

I hope they have agreed to backdate your interest to the date they received the cheque, but couldn't pay it in.

Ian_W

Sounds like YBS are having an ICICICI attack!!

Get mentioned on MSE and it's all - all systems are ....
MELTDOWN!

Think I'll wait 'til April.

masonic

Ian_W wrote:

Sounds like YBS are having an ICICICI attack!!

Not sure, but I think DA was referring to Kent Reliance.

Think I'll wait 'til April.

You think it will be better then?

Chillum

I'm in this predicament as well with my current ISA with Alliance & Leicester.

The interesting thing about the procedure regarding the transfer of an ISA to another provider is that although this information is on their website in the "Transferring existing ISA funds", I cannot see it on the terms and conditions pdf file on their website. I would have thought something like this should be mentioned in their terms and conditions.

Like the thread I started about this earlier in the year, i'm kind of hoping that something good will pop up that I would transfer into.

At the moment, it would seem like Yorkshire Bank is the one though I did notice that their interest rate guarantee on their website:

"we also guarantee that the AER will not fall more than 1% below the Bank of England Base Rate"

The NS&I and some others usually guarantee that it would be above the base rate by X%.

Think I need to do consider this further before I finally decide who to plump for.

I have not been able to find any kind of guarantee regarding the Kent Reliance DirectISA with regard to their interest rates.

Something else I might do is to take out this coming year's isa with NS&I and transfer my existing to Yorkshire Bank/Kent Reliance if Alliance & Leicester do not keep their interest rate at a par with others (which appears to be very likely).

Middle_Sister

I'm thinking the same as you. £3K in NS&I and the rest to Yorkshire. If you find a better deal please keep us posted.