Free Kindle with Selftrades 2.62% Cash Isa

ses6jwg

http://www.selftrade.co.uk/services/personal-dealing/cash-isa.php

Am I missing something here?

I have a 3.1% cash isa with Nationwide easy access.

If I open a Selftrade Cash ISA, transfer in £5000 from Nationwide, leave the account open until I recieve my Kindle, then transfer the £5000 back to Nationwide.... can they do anything?!

Gray_colt

ses me also, i went through the process of applying for the isa online to transfer from northern rock, all fine but it didnt state anywhere how much you wanted to transfer. This left me to think that selftrade would transfer the whole lot over not just 5k? Also is selftrade safe? There doesnt seem to say you cant transfer out after getting the kindle.

Babycakes

I have seen the offer too and have applied for the account. I am planning on transferring this year's £5340 from my 3.1% nationwide E-ISA to qualify for the kindle. I will transfer back out on the 1st Feb as the T&Cs allow for this.

Maddie

I've just rung and have been told there is no lock in or minimum term. If you withdraw early you will lose the interest bonus but other than that you are free to do as you like once you have the kindle.

I'm going for it! Just a shame i've not got enough cash to open one for my husband as well

thenudeone

Sounds great BUT you will not be able to apply if you have ever had an account with comdirect, squaregain, or selftrade which is still on their system but marked as closed.

I went right through the application process until the end, when the system said that it recognised that I already have an account, and should log in to apply.
But the account (ex comdirect) was closed some time ago and the system reports that the account is "locked". After speaking to them, they won't unlock it now unless I open a new trading account with selftrade (£££s) then log in under that application.

Since the NI number is part of the application I doubt whether making any other changes (such as omitting my middle name) would trick the system into thinking I was a new customer (but I'll try).

Completely Bonkers. I think they have a customer prevention department thinking things like this up, just to offset the marketing department's activities! :mad:

Yolina

A transfer might not get there in time... They say that they "aim to complete the transfer within 15 days of receiving the transfer form" and to get the Kindle, the funds must be in by the 31st January.

johnk

Babycakes wrote: »

I have seen the offer too and have applied for the account. I am planning on transferring this year's £5340 from my 3.1% nationwide E-ISA to qualify for the kindle. I will transfer back out on the 1st Feb as the T&Cs allow for this.

Is this allowed by rules? Your £5340 has earned interests in Nationwide - if you transfer the capital, doesn't that make you two cash ISA in the same year?

thenudeone

johnk wrote: »

Is this allowed by rules? Your £5340 has earned interests in Nationwide - if you transfer the capital, doesn't that make you two cash ISA in the same year?

Of course it's allowed. It's a transfer.

You can transfer an ISA as many times as you like as long as any current year's subscriptions are kept together. Previous years subscriptions can even be split up and transferred to dozens of different new ISAs if you wanted to do so.

blueberrypie

johnk wrote: »

Is this allowed by rules? Your £5340 has earned interests in Nationwide - if you transfer the capital, doesn't that make you two cash ISA in the same year?

It's allowed.

It's still the same ISA, but with a different ISA provider. As long as all this year's funds are kept together, and the transfer is done through the transfer process (i.e. not withdrawn and deposited as new funds), it's fine.

Maddie

thenudeone wrote: »

After speaking to them, they won't unlock it now unless I open a new trading account with selftrade (£££s) then log in under that application.

I couldn't apply online (I think as I have only recently moved house), so have had to apply by post for the personal dealing account in order to then open an ISA.

I have been told there will be no charge for the dealing account and I can close it once the ISA is open.

A bit of a faff but still worth it I think.

As for the transfers not getting there is time, it seems there might be some allowance for this, so maybe a phonecall is needed. I say this because the site says "Your Kindle will be dispatched to the customer address registered with us as soon as possible from 1 February 2012, or from the date your deposit is cleared, whichever is the later". To me this implies you can still be eligible for the Kindle if your deposit clears after 1st Feb.

Yolina

If you're transferring just to get the Kindle, it might be worth calling to check because the terms state "The free Kindle offer is open to anyone aged 18 or over who opens a Selftrade Cash ISA Issue 1 account on or after 4 Jan 2012 and deposits £5,000.00 or more by 31 January 2012. That balance may include the transfer of an existing Cash ISA from another Cash ISA provider. For the avoidance of doubt, to qualify for the free Kindle offer, your Selftrade Cash ISA must, as at 31 January 2012, retain at least £5,000 of any sums deposited before that date."

I guess it all comes down to whether they will take the view that the transfer being in progress but the funds credited after the 31st still qualifies.