Tesco ISA computer system error

neilio.ferguson

Hi all,

I am new to MSE forum and looking for some advice from you friendly folk.

Last Friday(5th April) after watching Martin Lewis on TV i took his advice and tried to open a Tesco Cash Isa at 2.3% interest. I thought this would be great as i had the full amount to add in then the following day (new isa year) i could continue adding funds to earn tax free interest.

My first attempt at setting up the account was going well until i got to the last page and then it came up with an error! This was annoying so i tried again. After filling out all the pages i got to the final set and again the same error on the final page !! This was around 7.30 and i thought the high volume might have caused a problem with the Tesco system, i had received no emails to see that my ISA was set up so after 30mins i tried again resulting in the last page error again !!

Around 9pm my wife tried for me but we had the same error on the last page. We gave up and i went out for Friday night beers...

On the following Thursday i received 3 letters saying that my Tesco ISAs had been set up !!! and also my wife received one!! To our amazement our ISAs had been set up but we had no confirmation apart from these letters meaning there was no way we could have transferred funds. We phoned Tesco but they said they were unable to add the funds for the previous year even tho my ISA was set up on the previous year and there computer error did not allow me to transfer funds. I spoke to a supervisor and they said they are not able to add funds for a previous year due to HMRC advising them.

If anyone can help me and advise how i can transfer the money for the previous year or whats the best way for me to save around £6000 and to add to it? Sorry for the long story...

evenasus

Neither of the Tesco ISAs - instant access or fixed allow transfers in.

From their website.

This Cash ISA does not accept transfers in from other providers.

westy22

I don't think the OP was trying to transfer funds in from another provider - I think he was trying to open a 2012/13 ISA and contribute money into it just before the year end deadline.

Of course, trying to do this at 7.30pm on the last day of the tax year is not the ideal way of doing it!

jimjames

If you & your wife are trying to save £6000 then you can easily do that within an ISA this year.

Open it now and you won't then have any rush to sort it just before the deadline. You'll have just over £4k left spare that you can add during the year between you and then next April another £10k plus that you can add to it.

If you look at S&S ISAs as well then that is a total of over £20k you can put in tax free this financial year.

redbuzzard

I think you've had it for last year. Presumably they can accept money in, but it will use this year's allowance.

Whether they can add to the account they have created or need to set up another one will depend on their systems.

Shame you didn't get the money in when they were doing 'buy one get two free'.

Perhaps, if you moan a bit, they will give you some club points as a goodwill gesture.

neilio.ferguson

Thank you for your swift replies westy22 you had it right. I wanted to add funds for previous ISA year. I guess there is little that can be done apart from fill one ISA and leave it grow interest, then slowly add to the other ISA.

Will try and push for some clubcard points - sure they'll have a few knocking about ;O)

Crabman

Hi neilio.ferguson and welcome to MSE :hello:

I've moved your thread over to the ISAs board

pqrdef

Next year the ISA industry will kidnap Martin Lewis, to make sure he can't go on TV recommending ISAs at 7 pm on 5th April.

lilac_froggy

Following on from your start of the thread neil.....
I tried to sign up for the Tesco isa just before the deadline. I already have one with Santander I have had since it started out as a Tessa years ago. But as I had forgotten to put anything in it last tax year I thought I would open a Tesco one (after watching ML) then at least I would have something getting a bit of interest.all manner of slowness and hanging was going on. I gave up in the end thinking nothing will have happened. But oh it had as I received two letters last Friday saying the account had opened. however there was no money in it.

I phoned Tesco to be advised that it had opened but definitely no money in it. the woman mumbled something about it being investigated. But when I asked why she wasn't really sure! Told me someone would maybe call me back at some point. Plus I have a few days to cancel if I want. I said I would be calling back after I spoke to Santander about the isa I already have. Thinking I would get better interest anyway .

So spoke to Santander. Changed my bank account with them to the 123 account and my isa to the major isa getting a fixed 3% for 2 years. Put the full allowance in at once so all done for this year.

Phoned Tesco, speaking to a man who was in the know unlike the woman. Told me of the techie problems and how no money had gone into any account opened that evening but they had asked the hmrc if it could be added into accounts anyway even though the deadline had passed. But they said no it wasn't possible. So I cancelled my account as no point having it. Happy with the bank of satan one. I have good reason to call it that and not even sure why I still bank with them but that's a whole another story!

moral of the Tesco story....should have done it before ! or at least should have put the money in my Santander one. I was so hellbent on making sure my partner put the full amount in his last year I totally forgot my own!

silvercar

I opened the account about 7pm, then spent 107 minutes later in the evening to load money into the account. Finally got through at 10.25pm; luckily staff must have been given overtime to keep the phone lines open after the advertised closing time of 10pm.