ISA Transfer - Cheshire Building Society

Cookiepops

I have applied to open an ISA with Cheshire building society as its 2.5% and I can transfer in previous ISAs. I had a letter from my previous ISA provider saying they will do the transfer after my ISA matures on 06 April. So does this mean I lose out on the rate? or am I now into the new ISA year? Sorry, a bit new to all this!

Thanks

Alex92_2

Was your previous ISA fixed or instant/easy access?

Old_Slaphead

You'll only get the CBS rate if it's still available at 6th April.

You might be able to close previous ISA before maturity but it's likely that there will be a (large ?) penalty.

Cookiepops

Alex92 wrote: »

Was your previous ISA fixed or instant/easy access?

it was easy access.

pqrdef

Some savings accounts with a 12-month intro bonus will pay bonus interest up to date if you close before 12 months.

Others don't pay any bonus until the anniversary, so if you close early, you don't get it.

With those, if you want to move your money out, the usual trick would be to leave £1 in the account until the anniversary.

But the ISA rules don't let you do that, if you've paid in during the current year - the only way to move the current year's money is to close the account.

However, waiting until 6 April doesn't seem to be a problem with the Cheshire account, except of course they won't pay interest on the money until they get it.

savetilibleed

pqrdef wrote: »

However, waiting until 6 April doesn't seem to be a problem with the Cheshire account, except of course they won't pay interest on the money until they get it.

I got told that they apply interest from the day the request the transfer. You can nominate a date that they should apply, esp in the case of a fixed term account like the three year Northern Rock Stepped Rate ISA I'm transferring in (the last year was 4.5%).

Actually I'm finding Cheshire BS rather slow. I applied to open the ISA on 14 Feb, and had a text and email on 18 Feb to say the application had been processed and I should have my confirmation letter in 5 working days. On 26 or 27 Feb I phoned. 'Nearly done' or some such answer. They were able to to give me the account number over the phone though. I have a Santander Direct ISA Iss 9 where bonus goes on 24 March so I'll need to transfer that very soon, though I will give it a few days to see if they offer anything worth having better than 2.5% (he says more in hope than expectation)

muffmagnet197

I applied for the Isa Saver on 24th Jan this year. I got a letter from my previous ISA provider saying the funds had been transferred and everything had gone through. I waited around 2 weeks for a welcome pack from The Cheshire but nothing arrived. I rang them to enquire and was told that demand had exceeded expectation and they were struggling to keep up. I was assured it would be with me within 10 days. I have just rang again today - for the 3RD TIME !! - only to be told the same again. At the moment I have no way of moving or withdrawing my money if I needed it as I dont have any info on how to do it! The Cheshire have been no help whatsoever and I am regretting my decision to switch. I have waited nearly 2 MONTHS - I just want my paperwork, how hard can it be??!

savetilibleed

savetilibleed wrote: »

Actually I'm finding Cheshire BS rather slow. I applied to open the ISA on 14 Feb, and had a text and email on 18 Feb to say the application had been processed and I should have my confirmation letter in 5 working days. On 26 or 27 Feb I phoned. 'Nearly done' or some such answer. They were able to to give me the account number over the phone though.

In a later conversation they said I'd get nothing in the post until the transfer was complete.
Well just today I got a text and email from Cheshire to say the ISA transfer is complete. Not bad as the Northern Rock/Virgin Money ISA matured on 15 March so minimal loss of interest. They say confirmation in the post in 5 days. I hope so. It does seem others have been waiting a long time even after knowing that transfer is complete. I should imagine I'll hear from Virgin Money first.

muffmagnet197

savetilibleed wrote: »

They say confirmation in the post in 5 days. I hope so. It does seem others have been waiting a long time even after knowing that transfer is complete.

I wouldnt hold your breath! I heard from the West Brom around 6 working days after I applied at The Cheshire saying all funds had been transferred. That was the 30th January, and I still have no paperwork from The Cheshire today nearly 2 MONTHS after. Terrible service.

savetilibleed

muffmagnet197 wrote: »

I wouldnt hold your breath! I heard from the West Brom around 6 working days after I applied at The Cheshire saying all funds had been transferred. That was the 30th January, and I still have no paperwork from The Cheshire today nearly 2 MONTHS after. Terrible service.

Oh no, two months, that's just too bad!! As you said in an earlier post, if you wanted to access your money, how can you. I'll wait the 5 days, then I can wait no more as I have another ISA I need to transfer that loses its bonus on 25 March. Almost certain Santander will have that again, and another (M&S) a week later that matures.

Stompa

FWIW I've had the application processed email (26th Feb), and the transfer complete email (12th Mar), but I've not received any paperwork at all so far.