partial transfers out of A&L direct ISA (2)

carpy

can you do partial transfers out of A&L?

i want to transfer some to Abbey and the rest to Ruffler.

Ruffler require a cheque, is this normal and will A&L do that?

thanks

masonic

I assume so, as I was asked whether I wanted to make a partial/full transfer when I transferred out myself. The ISA rules require funds to be transferred by cheque so that there is a paper trail for HMRC to follow if needed, so it's perfectly normal.

Financial_Savvy

I am trying to transfer to Abbey but not getting on well.

Had to end up doing the application saying 'No' to transfer in as A+L do not accept transfer forms. You have to call an expensive 0870 number. Plus the account number is one digit to long for the online form.

StevieJ

I am transferring from A+L to Halifax fixed rate, the Halifax assure me that they have done loads of ISA transfers from A+L with no problems. I wait and see.

carpy

i requested 2 partial transfers........i wonder if that's the problem......A&L probably can't cope with 2.......either that or they've never heard of Ruffler and that's why they haven't done it!!!!!!

shouldn't joke really as when i rang up to check the progress he said he'd never heard of Ruffler and got me to spell it.......he said 'you learn something everyday'......

Milarky

Transfers are always at the receiver's discretion (in this case Abbey and/or Ruffler) Some allow will partial transfers and some won't.

So if you wanted to split between these, find out which (if either) allows partial transfers. If one does but the other doesn't (say) then partially transfer to that one first - and as soon as the transfer has gone through transfer the balance to the other second - closing your current ISA in the process.

Assuming two ISA providers and neither accepts partial transfers then find a 'third party' which does accept partial transfers. Use that in the former manner described - transfer a segment to. You then have two 'old' ISAs which you can transfer elsewhere independently.

[Another of those un-thought-through details of the cash ISA so beloved of our dear leader to be]

KTF

Financial_Savvy wrote: »

I am trying to transfer to Abbey but not getting on well.

Had to end up doing the application saying 'No' to transfer in as A+L do not accept transfer forms. You have to call an expensive 0870 number. Plus the account number is one digit to long for the online form.

The way round this is to open the Abbey account and tick the transfer only option. Enter the A&L details even if they are too long (as A&L ignore the letter from Abbey anyway) then call up A&L using the local number from saynoto0870.com with your Abbey details once its all been setup.

Counter55

KTF wrote: »

The way round this is to open the Abbey account and tick the transfer only option. Enter the A&L details even if they are too long (as A&L ignore the letter from Abbey anyway) then call up A&L using the local number from saynoto0870.com with your Abbey details once its all been setup.

Since 1st May A&L act on written instructions (when they get round to it), so be careful you don't have two lots of the partial transfer leave your account. Although the A&L ISA department is chaotic at the moment so you may get anything including your account closed (see the other thread regarding transfers from A&L).

I am begining to understand why some places charge to transfer out and refuse transfers in. I have spoken to customer advisors at 3 different banks / building societies and they all report that their departments are v. busy and there will be delays of 2-3 weeks ( with A&L it's more like 4-6 weeks).

Milarky

Counter55 wrote: »

I am beginning to understand why some places charge to transfer out and refuse transfers in. I have spoken to customer advisors at 3 different banks / building societies and they all report that their departments are v. busy and there will be delays of 2-3 weeks ( with A&L it's more like 4-6 weeks).

Illogical. 'Transferring' your bank account they do for free and throw in 50 or 100 quid. Closing taxable accounts, raising interest, and making payment on your instructions (eg to a different bank account) is a 'cakewalk' for them. Accounts get closed prematurely all the time - delays are minimal. But suddenly the mere raising of a cheque, placing it in an envelope, putting a first-class stamp on it, and and giving it to the postman to deliver is a major 'logistical' exercise requiring 'up to 30 days' to accomplish. So they have to keep a record of some kind - so what?

And 'like-for-like' cash ISAs don't pay the same rate as taxable accounts do either. That will pay for a few junkets. I actually think that the interest paid on ISAs (fees etc) needs to be investigated (or at least the threat of investigation) by the OFT to see whether they are kept artificially low simply on account of tax relief given.

carpy

well interestingly they've finally acted on my phone request of 30th April, as seen online as of today but dated 5th June. funny that how it's a few days after i sent them a transfer form and expressed my displeasure about the time it was taking?!?!

unsurprisingly though they messed up and closed the ISA transferring the lot instead of the fixed amount i had requested.

nice work A&L......it took you about 36 days (24 working) even though you told me it would be 2 weeks (as stated in your terms and conditions) and you still mucked it up!!!!!