Dot ComUnity Credit Union - ISA

Gizmo70

I've spotted a number of additional issues:

1. There only seems to be a single application form available for all the NISAs available. How do you specify which one you want (1, 3 or 5) as there seems to be no way to indicate it on the form?
2. The NISA transfer authority form does not give any way of indicating which DotComUnity NISA you want to transfer into.
3. There is no indication of which issue these NISAs are, are they issue 3 or a later issue?
4. Where do you find the interest rates for previous issues?

whw

I signed up with DotComUnity via their website on Friday 24th October and gave my Driver's License number as ID, so there should be no additional forms to post back and forth. I was emailed my temporary membership number so I paid my membership fee of £5.00 via Faster Payment. I've yet to hear back regarding receipt of the fee and acceptance of membership.

What's the turnaround people have been experiencing regarding acceptance of the membership, applying for one of their ISAs and transferring from their previous ISA provider?

hgt

whw wrote: »

I signed up with DotComUnity via their website on Friday 24th October and gave my Driver's License number as ID, so there should be no additional forms to post back and forth. I was emailed my temporary membership number so I paid my membership fee of £5.00 via Faster Payment. I've yet to hear back regarding receipt of the fee and acceptance of membership.

What's the turnaround people have been experiencing regarding acceptance of the membership, applying for one of their ISAs and transferring from their previous ISA provider?

Welcome to the forums... Just check you're not getting your membership fee and share account deposit muddled up. It's not very clear, but basically you pay a membership fee (currently £12 per year for ISA customers), then you also have to deposit a minimum of £5 into your share account (which gets opened for you by default when you join the credit union). Once that's all sorted, you're a member and you're good to open the ISA.

I opened an ISA with DotComUnity back in April, everything was very quick and efficient to be honest, though it was quite confusing regarding which forms are required and where the £12 and £5 deposit need to go! But once all that was sorted, the ISA was opened quickly and the ISA transfer was also very quick.

If you're a little unsure what's going on, I'd suggest dropping an e-mail to DotComUnity as they tend to reply very quickly.

whw

Hi hgt, thank you for the welcome.

I think I will have to email DotComUnity as I'm pretty sure I can't apply for one of their ISAs without first activating my membership. As I said, I've only been given a temporary membership number so far.

When I checked the ISA opening form, there didn't appear to be a section for transferring of an existing ISA from another provider. I am hoping this will be made clearer once my membership is activated and I can log into the correct section of the website, since I do not have access right now.

colsten

whw wrote: »

When I checked the ISA opening form, there didn't appear to be a section for transferring of an existing ISA from another provider. I am hoping this will be made clearer once my membership is activated

They tell you on their website that you need to email for a transfer form
http://www.dotcu.org.uk/creditunion/savings/how-to-apply.html

whw

@colsten: I emailed them today and they confirmed receipt and forwarded the ISA application and transfer forms. Filled them in and they're in the post now. Happy!

slush

How long should it take for the £5 Share Deposit to show up in your balance?

Regards, Slush

ceredigion

Could someone confirm my maths on this one please, as I'm not the brightest of fellas.
If I've maxed out this years allowance £15k and after I've paid the appropriate membership fees £35 , that would give me an effective APR of 2.76% ? If the same money was in a current account paying 3% after tax ,would give an effective rate of 2.4% ? So my money would be better off in this ISA by 0.36% , though it would be tied up for 12 months, as the 90 day loss of interest for early closure would more than wipe out the small advantage in being there.

hgt

ceredigion wrote: »

Could someone confirm my maths on this one please, as I'm not the brightest of fellas.
If I've maxed out this years allowance £15k and after I've paid the appropriate membership fees £35 , that would give me an effective APR of 2.76% ? If the same money was in a current account paying 3% after tax ,would give an effective rate of 2.4% ? So my money would be better off in this ISA by 0.36% , though it would be tied up for 12 months, as the 90 day loss of interest for early closure would more than wipe out the small advantage in being there.

Yes that sounds about right... though I think DotComUnity still do a reduced membership fee of just £12 for ISA customers. Then there is the min £5 deposit to be kept in your share account at all times (though you can withdraw that when you no longer want to be a credit union member). So really you'd only be loosing £12 per year off your interest.

Looter

Just a quick question and apologies if this has already been answered, is interest on the 5 year ISA paid annually back into the ISA or is it paid into another account?