Changing ISA Provider

mondello

How often can you change provider? Back in March change my Halifax to M & S and it just seems to be such an effort to deal with them with regards to the savings? The certificate came thrugh ok but setting up the DD and making payments ino this account seem to be so much hassle. They have no online facility or automated facility to mke one off deposits and getting through to speak to someone is so difficult. I rang them on saturday morning to make a payment and was told nobody was available and I could request a call back which would happen before 8pm Monday. Whilst I think call backs are good they don't always happen when you are at convenient moment. So anyway no money paid in.

Can I change my ISA again to another provider in short space of time?

evenasus

Do you mean that you transferred your Halifax ISA to an M&S ISA?

Gromitt

You can transfer an ISA as many times as you like throughout a year. By 'transfer', you must let the bank close and tranfer the funds from your other ISA - you can not do it yourself. Depending on T&Cs, there might be fees to pay, or other conditions imposed.

mondello

Yes I transfered my ISA from Halifax to M&S and I want to transfer again because I'm not happy with M&S. It's a basic cash ISA and there's only £100 in it cause I'm still trying to deposit more money.

I wasn't sure if you could only tranfer it once in a tax year.

Gromitt

No, there's no limit to the amount of times you can transfer, and the amount transferred isn't counted towards your annual limit as long as you let the bank do it by filling in an ISA transfer form.

badger09

mondello wrote: »

Yes I transfered my ISA from Halifax to M&S and I want to transfer again because I'm not happy with M&S. It's a basic cash ISA and there's only £100 in it cause I'm still trying to deposit more money.

I wasn't sure if you could only tranfer it once in a tax year.

How much have you got in the M&S ISA in total?

Will you be able to pay the full £5640 into an ISA this year?

The reason I ask is that if £100 is all that's in there , why not open a new instant access ISA now at a good rate, which probably won't be one that accepts transfers. I'm assuming from what you've said that you have paid any money in since 6th April.

Pay in what you can afford straight away. Close the M&S ISA and when the money comes through, pay that into your shiny new ISA.

mondello

I tried to pay some money again but still couldn't get through! And was told they would call me back again. I sent an email complaint last week and nobody has had the courtesy to respond.

I called ING to try and change to them but they will only except transfers if you don't want to add anything to it. I can't seem to find an account with the same interest rate that accepts transfers and lets you deposit. I can't open a new isa because M&S did deposit a cheque into my account this tax year when I had to confirm my bank account. So I think I'm going to be stuck with this bunch of muppets!

The_Enforcer

I might be able to suggest some alternatives if you could provide similar information to what badger09 was requesting:

- Did the transfer from Halifax to M&S go through?

- If so, how much was transferred across, was it the entire contents of the Halifax ISA and was it all prior to 2012/13 subscriptions? Or is this where (some of) the £100 is from?

- In spite of the difficulties you have been experiencing, have you been able to subscribe any funds to this ISA from 2012/13, ie does (some of) the £100 come from this source?

Sorry to bombard you with questions.
TE

sleepless_saver

You have 30 days from the date of opening your account with M&S to cancel it, and if you do that you could still open another this year. See key features for the details.

mondello

I transfered £100 from my 11/12 isa to M&S and this happened in 11/03/12. In order to confirm my bank account I had to send a cheque (£60) which they deposited in my account on 13/04/12.

I've spoken to Halifax and I can transfer my ISA back to them by setting up new cash isa and they will allow me to make payments in this tax year (yay) However I need my account number and sort code etc.. from M&S which they have never provided on any documentation.

Just tried to ring them again and they say they are all busy (nothing new there) - someone took my number and told me to expect a call back anytime up until 5pm on Monday. Great!! I work in a call centre so I won't be able to take the call anyway!! So frustrating. I've already emptied my savings account with them and choose another provider due to this debarcle!!! I will never use M&S again.

sleepless_saver

I'd be making a formal complaint at this stage. This is very poor service.