Problems paying in my ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 545 views
saver2000saver2000 Forumite
90 Posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi,

A couple of weeks ago I opened a Egg Cash ISA. For the first payment, you can put some money via direct debit. I put in £1000 with the intention of putting in £2000 when I had confirmed it had all been set up.

Once it is setup, you can pay in money via BACS,standing order or CHAPS. I read a few times that most banks and building societies allow BACS transfer for free, so I went into the woolwich and asked them to transfer £2000 via BACS to the Egg account. The women said "It will have to be via CHAPS". I declined knowing about the CHAPS fee.

I ended up paying the £2000 into my natwest current account via cheque as I thought Natwest must allow BACS. The women there said exactly the same thing and so I said "Can I do a one off standing order then?" and her reply was to say that they only allowed you to set up a standing order if it was 2 or more payments.

Feeling pretty frustrated now, I asked her to set it up to do 2 payments of £1000, and this was allowed.

I'm a bit confused really, I've heard many people on internet and I think once while reading these forums, saying most banks allowed BACS transfers. It seems that Natwest support BACS transfers if you use their online banking thing, although I'm not sure (Their search comes up with a link talking about it in the FAQ, but the link is broken)

Are the banks trying to rip me off, or have I just missed the point? :confused:

How can I ever get set up an accounts waterfall (like Martin talks about) if it's such a pain to transfer money between banks?

Thanks,

Joe

Replies

  • KTFKTF Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    I have topped up my egg ISA using by debit card. You can add it using the egg payments screen.
  • RayWolfeRayWolfe Forumite
    3K Posts
    Most Internet enabled bank accounts allow you to make one-off payments to third parties on line. This is what you needed to do and the payment would have been made by BACS.
    However, if you go into your bank and ask then to do it, then I can understand the hassle you've been given.
  • saver2000saver2000 Forumite
    90 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Thanks, I've had a look and you are right, you can make further deposits via a debit card. For some reason I got the impression from the terms and conditions that only the first deposit could be made in this way. Thanks for both of your posts, I feel a bit silly now!
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