NATWEST ISA transfer delay

Horasio

The money has transferred just before the computer failure this week.

I am yet to see whether I get the back dated interest from mid May - highly doubtful looking at the replies on here:(

I am totally peed off with them for putting us through this nonsense.

Am I stuck with this isa till next year or can I transfer it to another one before next April? - I have paid in my allowance for this year.

lisyloo

Natwest did that strange thing where you get extra interest only from the 15th of the month after the money was deposited.

That was advertised, so whilst we don't like it, I'm afraid we all knew that, so officially we cannot complain about that as it's technically "above board".
I opened mine early and made sure the transfer didn't take place until 15th of the following month.

I am totally peed off with them for putting us through this nonsense.

Yes, it was another hassle I could do without in our busy lives, but to be honest it was only one electronic communication and then it was sorted 4 weeks later, so it wasn't particularly arduous. Not good enough I agree, but I didn't have to use the FOS and wait months or go to court, they did cough up relatively quickly (weeks not months).

Am I stuck with this isa till next year or can I transfer it to another one before next April? - I have paid in my allowance for this year.

You can transfer whenever you like.
Personally I would always make sure I have one that promises to backdate interest (a lot of them do) as the timescales can be long sometimes, especially if you have a large sum because then the loss is greater.

ceejayblue

I'm another one who's having trouble with Nat West and transfer of an ISA. I opened a Nat West ISA at the end of March by sending transfers for my Nationwide and ING ISAs. The Nationwide one transferred within 10 days, the ING one still hasn't gone through!

I rang Nat West who said they'd not received anything from them but don't worry I won't lose out on the interest and I should leave it for up to 21 days, although they hope to get it done in 15! I rang ING who said the cheque had been sent off on 11 April, called Nat West (by this time my phone bill is rising because you are on hold for at least 10 mins on every call before you get through to a person!) they said no they hadn't received it, but check again in another week. I then chased again at the end of April and was told that they were in the process of chasing ING up. A week later I was so fed up I raised a complaint.

As I'd had no contact from Nat West by 22 May I rang again and was told my complaint was beingn looked at and that someone would be contacting me. 29 May I had a letter and a leaflet saying my complaint was being taken seriously (that's a laugh!) and they would be keeping me updated with what was happening!

I have now rung a further 3 times as they haven't been in contact with me and I have now raised a further complaint and given them 7 days to respond to me or I will go to the Ombudsman. I'm not convinced they will contact me but I am giving them the opportunity to do so. If I could get a better rate for my £35K I would but I've not found anywhere that is as good with instant access but I will move the lot if I have to.

mgns

Just wondering what time period does the backdated interest apply to? Does is start from when Natwest receive your transfer forms?

My experience was pretty straightforward, with transfers from Santander and Halifax processed in just over 2 weeks.

ceejayblue

Nat West told me its from when they receive your transfer forms so hopefully I won't lose out! Mind you the lack of information from Nat West since I made my formal complaint makes me more determined not to ever bank with them in any form again! If only my bank (First Direct) paid better interest on their ISA's I'd move them all back there.

lisyloo

Just wondering what time period does the backdated interest apply to?

NatWest told me it was the date the outgoing provided wrote on their documentation. This should be the day you stop getting interest from them.
That actually tallys with my calculations now I've received the actual interest.

It does not suprise me in the least that others have been told something else. This is happening a lot with NatWest.

I have been told they haven't received a complaint only to be told later they have. Then told no-ones dealing with it - next day it gets sorted.

I have been with the for 25 years and an considering changing banks.
This is quite a upheaval as we have a lot of accounts with them between the two of us, but it's getting close.
I don't think I'd take an ISA with them again even if it was a great rate.

This is the second time I've had an ISA with them.
First time they lost ONE of ours forms when I handed in two together.
It's such a hassle as it's like babysitting.

SG_Guy

HMRC's new rules for Cash ISA transfers are very clear - NatWest has to backdate the interest from the day the funds leave your previous provider, NOT when NatWest receives the transfer forms.

ceejayblue

I understand that, but it still is so frustrating that I've not had any communication from Nat West direct to tell me what's going on. My money is somewhere in the system and ING say the cheque was sent on 11 April so that's when they stopped paying me interest so hopefully Nat West will pay me from then.

Mechanical

SG_Guy wrote: »

HMRC's new rules for Cash ISA transfers are very clear - NatWest has to backdate the interest from the day the funds leave your previous provider, NOT when NatWest receives the transfer forms.

I received a letter today from Natwest regarding my isa transfer to Santander. It states;

"In line with industry guidelines your new provider will pay interest from either the day your account is transferred or from 16 days after receipt of your request, whichever is the sooner."

Now Santander confirmed they received my transfer request on 30 May, but Natwest only actioned the transfer on 3 July. Does this mean therefore that Santander must pay backdated interest even though they didn't have access to my funds because Natwest were dragging their heels?

lisyloo

I believe it's up to Santander to chase Natwest, so they do have some responsibility in this also, they can't just blame NatWest.

So I think that yes Santander does have to pay you and if they want to take further action against NatWest to reclaim monies from them then that is a completely seperate issue and not your concern.