ISA transfer

letsbehonest

Hi.
I have taken Martins advice and changed ISA providers, My Q why does it take so long to transfer from one provider to another I have been quoted 15 day's by Santander that's 15 day's I am not earning any interest. Electronic banking!! what are they using crippled pigeon's to communicate with?

evenasus

It doesn't always take 15 days - mine took about 6 if I remember rightly.

Also, Santander pay interest from the day your funds leave your old ISA provider.
So you will not lose interest.

letsbehonest

Thanks for your reply, When I spoke to Santander this was never mentioned.

MaxHeadroom_2

I was told two different stories regarding start date of interest by Santander. Firstly, I was told that interest would start from the day they received my transfer application. Secondly, once the transfer had been completed, I was told that interest would be paid from the date the previous bank stopped paying the interest. I am still non the wiser which one is correct, although I would assume the latter.

lisyloo

that's 15 day's I am not earning any interest

No it's not.
For the majority of the time it's in the old account earning interest.
There is a period sometimes when the cheque is literally in the post but sometimes the new provider will backdate the interest.
Even if it's in the post the max should be about about a week and only then if it's goes over a weekend or bank holiday.

Freecall

letsbehonest wrote: »

why does it take so long to transfer from one provider to another?

What is love?, Is there a God?, Why are we here?

These are these questions of our time........

If you find out, let me know.

innovate

MaxHeadroom wrote: »

I was told two different stories regarding start date of interest by Santander. Firstly, I was told that interest would start from the day they received my transfer application. Secondly, once the transfer had been completed, I was told that interest would be paid from the date the previous bank stopped paying the interest. I am still non the wiser which one is correct, although I would assume the latter.

Yep, I was told the same. They then credited my transferred money 5 days after it had left my old provider. So neither of their stories tallies with what they actually did, lol.

I now have a complaint open with them - - - it will remain open until they have complied with the industry guidelines or 8 weeks are up, whichever is the earlier. If they don't sort it to my satisfaction within 8 weeks, I'll take it to the FOS.

lisyloo

Can anyone confirm what day 1 is, if I posted my form on April 9th (bank holiday) but Nat West say they received it on 16th.
I doubt whether they physically received it on that day, I epxect that's the point they logged it as being received on their system and it was in their "post room" for a couple of days.
As this is a week then when does day 1 start?

I would expect it to start if I put it in the post box on a bank holiday weekend but can it take an extended break in their post room ?

innovate

I would think day 1 is when they received your correctly filled in and signed form. It wouldn't be fair to expect the 15-day clock to start before they have your form.


If you post your form, you can only guess when they receive it(*). If you hand it in at a Branch and get them to stamp/sign a copy for you, you know they received it, and that the 15-day clock has started ticking. They would probably argue that all of the 15 days must be working days, so if you hand-delivered your form on a Saturday, they might consider day 1 to be the following Monday, or Tuesday if Mon is a bank holiday.

In your case, we can have our doubts whether they really only received it on the 16th, but you have no proof they received it earlier. So the 16th would be your day 1.

(*) unless you send it by recorded mail - - but it's probably less hassle to hand-deliver the form to a branch.

lisyloo

Thanks.
NatWest instructions were to send it off by post.

innovate

Most banks want the forms sent by post to some central ISA transfer team.

But none of them will stop you to hand the form in at Branch, and they all have an internal mail system.