Natwest e-ISA

lisyloo

I think it's alright and it's what I've done.
The inland Revenue rules say "You can only put money into one cash ISA and one stocks and shares ISA" and my understanding is that you will not be subscribing to it in this tax year.

Obviously you cannot put money into it until 6th April.
Personally I am not putting money into it until 16th when the bonus starts.

jen245

I've just applied and they've let me open it without paying anything in, so I'm going to leave it empty until I make my first deposit on the 16th

lisyloo

I've just applied and they've let me open it without paying anything in

They have to do this - unless they want to exclude people transferring who have already used up their allowance. If you have used up your allowance then it's illegal to put any deposit in even if nominal.
Some firms (like Hallifax) say in their documentation that you have to deposit £1, but in fact you don't actually have to make a deposit.

MiserlyMartin

foreversummer wrote: »

Well, so it is. It didn't catch my eye because I was put off with the miniumum £30000 (that would be nice!). Didnt read down from there.

Thanks

It was a late addition to MSE a few days after I'd spotted it. Having thought about it, as the bonus rate doesn't kick in until the 16th, making it 2%, I can get 2.45% net from a savings account on this years subscription, so no sense in funding it on April 6th.

ceejayblue

The way I read it the bonus starts the 16th of the month after you open it.

exiled_red

Can I just ask the people who have set up their accounts what they have actually done?

I'm a natwest customer and having gone through all the online forms it told me that the account would only be created once I had received and returned the forms they intended to post, and that would take 5-7 working days to reach me. Which means I have little or no chance to get this set up before the end of the tax year, my branch advised me to set up an in-bank ISA pay this years contributions into that and then transfer into the e-ISA to ensure I use the 2011-12 allowance rather than 2012-13.

Just thought this was something people should be aware of...

ceejayblue

I've applied on line and sent off my transfer forms which were on line as well. I know there is a chance that the money may not transfer by the 6 April but its a chance I'm willing to take but hopefully it will be before the 16 April and I will get the 3.5% from the beginning.

michaels

I did it online and it seemed to be open and accessible online pretty much immediately.

Now I need to try and time my transfers for the funds to arrive about the 16th....

Probi

Just noticed someone asked what i wanted to ask above so removing my post!

lisyloo

Just thought this was something people should be aware of...

Mine went through immediately.
There must be some way in which you do not satisy their automated ID procedures. This probably nothing to worry about, but it sounds like you haven't passed their automated checks.
It could just be a part of their computer system wasn't working that day so they couldn't verify you.
If you need to take advantage of this years allowance then open an account in branch where it's not done postally and then transfer.
Maybe in future years allow more time if you can.