ISA transfer delay

vkharch

Hi, I've submitted the ISA transfer form from Santander to HSBC about a month ago, a week or 2 before HSBC ISA interest was reduced from 2.75% to 1.7% on the sum >£15k. However, nothing seems to be happening. I've contacted them online and all I got the enquiry had been posted to the relevant department but nothing on when the funds will be transferred, regarding backdating the interest or if the old rate will apply to new 2013/14 funds.
Has anyone experience the same issue? Usually HSBC had a good customer service but this time it is very disappointing...

Crabman

Keep the correspondence between you and the bank(s) safe as you'll need this if you make a complaint to the Ombudsman.

It's difficult to say which rate will apply - it will depend on what the terms state regarding changes in interest rate.

Some institutions promise to pay interest from the day they receive the transfer request. I don't know whether HSBC is among those but in any case if there has been a delay in transferring the ISA then you shouldn't lose out.