Anybody transferring out of A&L direct ISA

adgupta

Hi,

Sorry for the new thread! I am sure this has been discussed before, but can't seem to find it.

I am transferring my A&L Direct ISA issue 2 to Abbey direct ISA (no new money, only transfer). The application form has a page where I am supposed to give the details of my existing ISA, and Abbey's "dedicated transfer team" would do everything for me. I seem to remember that the only way I can transfer the A&L Direct ISA is by calling the customer service number myself. Is that true? In that case, Abbey can not transfer the ISA on my behalf!!

Abbey's branch adviser was pretty keen on me filling up the transfer form, since I told her that I would not be paying any "new money". Have any of you transfer out of A&L Direct ISA? How did you do that?

Thanks

exel1966

adgupta wrote: »

Hi,
I seem to remember that the only way I can transfer the A&L Direct ISA is by calling the customer service number myself. Is that true? In that case, Abbey can not transfer the ISA on my behalf!!

Yes, it's true, you have to call A&L customer service. They will not accept transfer forms from other organisations. I requested a transfer out on the 22/03, though commencement of the transfer did not start til the 29th and I'm now waiting for the cheque to arrive with my other provider. Don't expect anything too fast from A&L.

read this thread for the way to do it :-
http://forums.moneysavingexpert.com/showthread.html?t=407389

carpy

didn't realise that!!

i'm considering transferring mine although they have just upped the rate to 5.7% until the end of the month so not in a rush

humfer

Bleedin hell, A&L are really starting to pee me off. Both myself and my wife opened new accounts with Abbey a week ago last saturday and I was just wondering when the cash should be transferred when coming across this thread. How long after opening the new account does it take for A&L to send a letter to you requesting you ring them up?

masonic

Just ring them up. There's no point waiting. I didn't even bother to send them a transfer form.

MarkyMarkD

I didn't know that A&L required you to instigate the transfer from their end, but it's not an uncommon thing and I'm not sure why you think it's bad.

Surely the whole point of having account security arrangements is that you require them to apply to any withdrawal from the account? Accepting a form from another bank/building society with no security information on it other than a signature is surely open to fraud.

A&L's online help for their Direct ISA account says, fairly clearly:

How can I transfer my Direct ISA funds to an ISA with another provider?

If you want to transfer your Direct ISA funds to another ISA provider, please follow these steps:

Step 1: Call 08703 333 444 (calls are charged at the national rate)
Step 2: Press 2 for Savings
Step 3: Select Direct ISA
Step 4: Enter your 12 digit Customer ID and 5 digit customer PIN
Step 5: Press 9 to speak to an advisor (advisors are available between 9am and 8pm Monday to Friday and between 9am and 1pm on Saturday)

The advisor can then take the details of your new provider and the amount you wish to transfer. The transfer will be completed within a maximum of 30 days or within a timescale specified by you, as long as this is not less than 14 days.

If another financial institution tell you that you just need to fill in THEIR transfer form, that's their error, not A&L's fault IMHO.

exel1966

Or the much cheaper alternative :-

0800 068 8638
Option 2 current account
Option 2 savings
Option 2 Direct ISA
Option 9 speak to operator
Enter customer ID
Enter security password
Option 9 wait for customer service agent.

exel1966

exel1966 wrote: »

Yes, it's true, you have to call A&L customer service. They will not accept transfer forms from other organisations. I requested a transfer out on the 22/03, though commencement of the transfer did not start til the 29th and I'm now waiting for the cheque to arrive with my other provider. Don't expect anything too fast from A&L.

read this thread for the way to do it :-
http://forums.moneysavingexpert.com/showthread.html?t=407389

Transfer has now been completed (03/04), so the whole process took 12 days from the initial call, though the funds were only losing interest for 5 days.

carpy

can you only ring A&L once you have provisionally set-up your new ISA with another provider?

oldfella

can you only ring A&L once you have provisionally set-up your new ISA with another provider?

---

would be wise to wait until you have an account number

humfer

I have my (and my wifes) new account numbers with Abbey. I take it I just ring up A&L and ask them to transfer the balance over? Just was always under the understanding that you always let the new provider handle the transfer. Don't want to do anything that would risk loosing the tax free status