Nat Savings ISA - too slow can't trf money - HELP!

isofa

We opened an NSandI direct isa over a week ago with a £10 balance on-line (they wanted a debit card and we weren't happy trf £3k over the internet). The sent us the paperwork to sign a few days later and we sent all the paperwork off recorded delivery over a week ago. Today, we have telephoned to check it is all ok, ready to transfer the 2990 remaining balance over this morning.

They said they still haven't completely the paperwork their side, to actually complete the account and provide a password to use and move money into it. And if we don't have the password to log into the account on-line (or via telephone), which we can't as they haven't sent it out yet - and I quote "there is nothing we can do".

So are we in our rights to cancel, and open a quick high-street cash isa today to save loosing the ISA limit?

Help!!

david78

You can make deposits into the NS&I direct ISA up to Midnight tonight by telephone. So, you could telephone them later and try to deposit the rest of your allowance by debit card.

Don't leave it too late though as you may be put in a queue.

Twopints

The minimum opening deposit for the NS&I Direct ISA is £1000 - are you sure this is what you opened ? (they also do a mini cash ISA)

Deposits
13. The minimum investment to open a Direct ISA is £1,000. It may be opened for any amount above this minimum subject to the maximum subscription limit (see paragraph 18). The initial deposit to open the Direct ISA may be made by telephone or via the internet, by a debit card in the applicant’s name

Compound_2

I don't know how you managed £10 -- I thought the minimum opening deposit for NS&I Direct ISA is £1000. Perhaps you can use this as an argument to annul the application.

isofa

david78 wrote: »

You can make deposits into the NS&I direct ISA up to Midnight tonight by telephone. So, you could telephone them later and try to deposit the rest of your allowance by debit card.

Don't leave it too late though as you may be put in a queue.

It appears we opened a Cash Mini ISA rather than direct ISA by mistake. However, although it's over a week since we returned the signed forms, we still haven't got back the account details (so we don't have an account number or password), so currently it'll have £10 in when opened!

I've just telephoned NS&I now, and they say there is absolutely nothing they can do, they cannot take further payment or top up for the account over the telephone, and cannot either divulge the account number and password, which is hopefully in the post to us - so effectively we've completely wasted the 2006-7 ISA allocation, and NS+I couldn't have been less helpful.

Feel cheated and annoyed!

KTF

You are always going to get delays when the tax year deadline rolls round.

isofa

We still haven't received any details of the account, so from personal experience - I couldn't recommen National Savings ISAs at all - when (or if) the documentation arrives, my partner will have an iSA with a princely sum of £10 in!