Cash ISAs: The Best Currently Available List

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81995420#Comment_81995420

Yes - the previous 18 month fixed rate ISA 4.56% offer closed yesterday for new funds and transfer requests.

Now there is a replacement issue 304 4.56% 18 month fixed rate ISA where funds must be deposited or transfers requested by 25 May.

Money_Stitch

Hello All

Saffron Building Society

Is anyone else still struggling with the completion of an ISA transfer over to Saffron? It's been mentioned a few pages back. After feeling lucky to have snagged their 4.5% offer at the end of March before they pulled it, it's been a disaster every since.

Transfer not initiated until well past 15 working days, extremely UNapologetic when chasing. I've been doing all the chasing with them and previous provider, not any real communication from Saffron. Now lots of blaming of previous provider which I don't believe. They keep changing when the clock for the 15 w/days starts. The funds have finally gone from old provider but no sign of them in Saffron account, which is open and funded. No reply as to where the money is. No apology at all for any of it. You'd think me unreasonable for questioning them after opening an account on 26 March and this still not being completed.

I know what's what with HMRC regulations and what the 15 working days timeframe means (unlike Saffron, seemingly) and will be making a formal complaint and the ombudsman if necessary, but just wondering if there are others in the same boat or if it's really been a case of bad luck.

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/81995482#Comment_81995482

Mine got done in the end. It still took a week between funds exiting old provider and reappearing in Saffron. I believe if I hadn't been so vocal, it would have taken longer. I also don't believe their attempts to blame my old provider. Like you, I found them entirely unapologetic.

Who was your old provider?

Money_Stitch

Thanks for the reply. Paragon Bank was the old provider. In the past they have been excellent (under 2 days)

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/81995510#Comment_81995510

OK, so another bank to blame. Agree Paragon are normally excellent, as are Skipton (my donor).

Are Saffron trying to blame the lack of an ISA transfer history? That's what they said for my delay. With mine, Skipton sent it by email the morning after the ISA transfer money - they very helpfully provided me with a summary of the email subject, and its date/time so that Saffron could be told how to search for it. Lo and behold, within a day or so of me passing on that information, my ISA transfer completed. Saffron didn't thank me for it or acknowledge it in a timely manner, but I was beyond caring by that stage.

OrangeBlueGreen

https://forums.moneysavingexpert.com/discussion/comment/81995482#Comment_81995482

Mine took quite some time too and was equally unimpressed with the way they respond to chasing after the 15 days, borderline uninterested and it feels like you're having to manage them instead of the other way round. They really are a pen and paper building society in a digital era. I think they do however mean well, but it doesn't take much to totally overwhelm them. The waiting up to 10-15 days from receipt of the signed transfer form to then send it to the other provider is not acceptable in my eyes.

I found what sped mine up was responding to the email received that acknowledged they had received my transfer form at the beginning, they were very helpful and it was all sorted within days.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81995370#Comment_81995370

I received an email from Skipton about their 18 month Fixed Rate Isa, yesterday. I thought Skipton already offered this, unless it's a new issue?

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/81995482#Comment_81995482

I'm not defending them, but I think Saffron simply got overwhelmed. I opened mine on 26th March and the funds from Principality arrived on the 1st April, so 4 working days. I suspect it was another "Monmouth Moment" and they got deluged with applications that they simply couldn't deal with.

Absolutely submit a complaint as these smaller organisations need to learn a lesson, but I very much doubt it was personal.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81995510#Comment_81995510

Paragon are extremely efficient with electronic transfers - but Saffron only do postal transfers. So lots of post going backwards and forward from you to Saffron Walden to Wallsend in the North east and back and forth. So it could also be the Royal Mail.

Although I sent a transfer form recorded delivery to Paragon in Wallsend last week and it got there next day at 9am (all signed for) despite the distance being nearly 300 miles - sent a similar letter recorded which was going just a few miles away from me in London at the same post office on the same day and it took 3 days to arrive (and I posted them both on a Monday). No logic!!

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/81995687#Comment_81995687

They do and don't do postal transfers. The initial paperwork is signed paperwork, and even if you post that, payments from electronic providers are done electronically, not through a cheque in the post. Similarly, ISA transfer histories can be handled electronically by them.

This is an important distinction to me. A cheque in the post, which may need to be cancelled and reissued after waiting the mandatory 3 weeks for Royal Mail to accept it's been lost, is far more troubling than an ISA transfer form in the post. I used to avoid ISA providers who used full paper transfers, but am happy with this hybrid approach.

In my experience, the delays with Saffron are nothing to do with the postal system - in fact, they accept ISA transfer forms by email, which cuts all postal legs of the journey for most donors. The speed with which Skipton registered my transfer after I prodded Saffron implies they commnicated electronically, and makes me think that, although signed forms are used, all stages of the ISA transfer journey post-signature-and-scan can be electronic.