Dot ComUnity Credit Union - ISA

jimjames

hgt wrote: »

But the DotComUnity ISA is not a regular saver is it? From what I can see, it is essentially a 1year fixed rate with instant access (loss of 90 days interest). In which case it beats the competition by miles.

It might beat other ISAs but for smaller balances it still doesn't match what you can get from a current account at 5%.

Archi_Bald

The registration of this company may have expired. Their registered number on their website ( 9213820 ) seems to be no longer valid.

https://www.fsa.gov.uk/register/firmRefSearch.do;jsessionid=9d399340938649329595b7b3bdf60f11.s6fNml1Ka34InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIb3yIaNfwmxiInxiOahmLc3aTc2SHc30Ka2aToi5hch0Na2TSn7bvq70KagTAqQ4InQXQ-BjF8NaPb3eOagbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__

mt77

Archi_Bald wrote: »

The registration of this company may have expired. Their registered number on their website ( 9213820 ) seems to be no longer valid.

https://www.fsa.gov.uk/register/firmRefSearch.do;jsessionid=9d399340938649329595b7b3bdf60f11.s6fNml1Ka34InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIb3yIaNfwmxiInxiOahmLc3aTc2SHc30Ka2aToi5hch0Na2TSn7bvq70KagTAqQ4InQXQ-BjF8NaPb3eOagbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__

Try FRN: 213820 (rather than 9213820)

hgt

Archi_Bald wrote: »

The registration of this company may have expired. Their registered number on their website ( 9213820 ) seems to be no longer valid.

https://www.fsa.gov.uk/register/firmRefSearch.do;jsessionid=9d399340938649329595b7b3bdf60f11.s6fNml1Ka34InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIb3yIaNfwmxiInxiOahmLc3aTc2SHc30Ka2aToi5hch0Na2TSn7bvq70KagTAqQ4InQXQ-BjF8NaPb3eOagbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__

If you search the FSA site using '213820' it shows up and confirms a valid registration.

mt77

An interesting point DesG pointed out above (which I over read previously). There are also a few other questions which I have emailed across to Dot Comunity for clarification (creditunion@dotcu.org.uk), which I am hoping to get a response from soon (before I pay my membership). It would be good if Cookie2508 can also answer these questions on this board to clarify.

1. To clarify if there are any limits on the amounts that can be transfered from another ISA provider into these ISA accounts. And if additional subscriptions can be made when new ISA regulations come into force in July.
-- (Innovate's point. My opinion; I have never heard about this, and I personally don't think this should be an issue. If Dot Comunity state that they accept transfers in from other providers, then they should honour it if someone has opted to transfer the full amount, even if that amount should be £100K+. But there again, since I have never been with a credit union, and Innovate's point may be valid).

2. If they can provide me with their ISA transfer request form, since it is not available to download from their site.
-- (Despite not paying for the membership yet).


3. Whether the interest earned can be paid straight back into the ISA account I hold with them, rather than in any other accounts.
--(DesG's point)



MT

hgt

mt77 wrote: »

An interesting point DesG pointed out above (which I over read previously). There are also a few other questions which I have emailed across to Dot Comunity for clarification (creditunion@dotcu.org.uk), which I am hoping to get a response from soon (before I pay my membership). It would be good if Cookie2508 can also answer these questions on this board to clarify.

1. To clarify if there are any limits on the amounts that can be transfered from another ISA provider into these ISA accounts. And if additional subscriptions can be made when new ISA regulations come into force in July.
-- (Innovate's point. My opinion; I have never heard about this, and I personally don't think this should be an issue. If Dot Comunity state that they accept transfers in from other providers, then they should honour it if someone has opted to transfer the full amount, even if that amount should be £100K+. But there again, since I have never been with a credit union, and Innovate's point may be valid).

2. If they can provide me with their ISA transfer request form, since it is not available to download from their site.
-- (Despite not paying for the membership yet).


3. Whether the interest earned can be paid straight back into the ISA account I hold with them, rather than in any other accounts.
--(DesG's point)



MT

Hi MT,

I've also been e-mailing DotComUnity about this, and have had an answer on some of your points (from a chap named Mike Grimsdale)....

1) There is no limit on transfers in (though remember you're only covered up to £85k FSCS protection. I did not ask about the £15 deposit for the current tax year.

2) Mike did supply me with a transfer form via e-mail (word doc) despite me not being a member yet.

3) He also confirmed that interest can be paid into the ISA, though not sure how you request that.



On a slightly different subject regaring the £85k FSCS protection... does anyone know what would happen in this scenario....

For example you deposit into an ISA with a credit union. The credit union then goes bust, but no worries as the FSCS will recover your money. However, would you loose your tax-free ISA wrapper if that were to happen? I'm hoping you'd keep the wrapped on that money, as I'd hate to loose the tax-free status on the money I've built up in the unlikely event that this (or any other) credit union were to fail!

innovate

If your ISA provider goes tits up, FSCS will give you a certificate for your tax exemption, alongside the money. You can then choose a new provider. When it happened with ICESAVE, the FSCS had made arrangements with some banks who were expecting people to ask for it. There was no guarantee for uninterrupted payment of interest - if I remember correctly, interest was paid up to the default date only. It then took a few weeks for the money to get paid.

mt77

hgt wrote: »

Hi MT,

I've also been e-mailing DotComUnity about this, and have had an answer on some of your points (from a chap named Mike Grimsdale)....

1) There is no limit on transfers in (though remember you're only covered up to £85k FSCS protection. I did not ask about the £15 deposit for the current tax year.

2) Mike did supply me with a transfer form via e-mail (word doc) despite me not being a member yet.

3) He also confirmed that interest can be paid into the ISA, though not sure how you request that.



On a slightly different subject regaring the £85k FSCS protection... does anyone know what would happen in this scenario....

For example you deposit into an ISA with a credit union. The credit union then goes bust, but no worries as the FSCS will recover your money. However, would you loose your tax-free ISA wrapper if that were to happen? I'm hoping you'd keep the wrapped on that money, as I'd hate to loose the tax-free status on the money I've built up in the unlikely event that this (or any other) credit union were to fail!

Hi HGT,

I too have had the same response from the same guy. So all seems well. But, I'm wandering if the responses we received via email are legally binding, against the T&C's for their ISA? Should (god forbid) any issues arise - e.g. ISA interest paid into credit union account / other bank account rather than ISA account (despite clarification on our side to pay it into our ISA account) - where would we stand on a legal point of view? I'm no legal expert so happy if anyone with legal knowledge could step in and clarify, please?

MT

hgt

Well I've got all the forms here signed and ready to go.... hovever I just haven't got the courage to put them in the post yet!

I think I'm nervous as I've never had dealings with a credit union before, and I'm not sure how easy it will be to deal with them if things go wrong - were talking quite an amount on money here!

Also it concerns me how the account description and Ts&Cs are so vague that we're having to e-mail for clarification. I'd be far happier if the conditions specifically stated how interest would be paid etc.

Also even though the chap at the end of the e-mail has been very friendly, there are spelling and grammar mistakes all over their website (even in the PDF's), which doesn't exactly inspire me with confidence.

At the moment I'm thinking maybe stick with what I know at Virgin Money even though it means considerably less interest :-(

Archi_Bald

I am contemplating this one as well as I need a home for a maturing ISA. I don't normally go for exotic accounts or postal/phone accounts but the interest rate is rather tempting and the FSCS guarantee is making it safe.