Dot ComUnity Credit Union - ISA

darren72

Thanks - I must have been late to the party then!

I would stay clear of Santander for a quick transfer - Although my experience was going back 5 or 6 years. Maybe things have improved since...

MARTYM8`

colsten wrote: »

The maturity date depends on the initial deposit (according to a document you can find on google groups). So your maturity date appears to be June 5

Yes - that is correct.

If your first investment was on 30 April 2014 your ISA matures on 5 May 2015.

If your first investment was one day later on 1 May 2014 you have to wait another month until 5 June 2015.

Rather academic of course in the circumstances - but it will of course determine when you get your interest. And very odd rules too!

I am assuming given they are paying the interest on 5 May that its best to pick 6 May as the ISA transfer date - just in case they try and hit you with the 90 day penalty for transferring on 5th?

I am picking an institution who is very quick and efficient from past experience for my transfer - you don't want someone who will take 2 weeks to process it as speed may well be of the essence.

We must remain optimistic - surely the regulators can't let this go on for ever!

colsten

gwapenut wrote: »

On that note, any recommendations? I hear Yorkshire Bank are best avoided, and my own experience of nationwide, admittedly 4 years ago (a "never again" experience) was that it took them nearly 4 months to transfer one nationwide ISA maturing into another.

Agree, I wouldn't go with YB/CB, or with any small Building Society. I would also not touch a Credit Union ever again - credit unions should sends their thanks to DCU.

I have not transferred into Nationwide before but had a FlexClusive ISA with them once and could transfer out w/o any issue. I think they now also offer to pay interest from the day of the transfer request, or from maturity, whichever is the later. This could be critical for transfers out of DCU.

I had great transfer-in (and out) experiences with Santander, FD and Leeds BS. In fact, I can't say I ever had any issue with a cash ISA transfer before DCU.

Anyone thinking about transferring to an S&S ISA: I would definitely not go directly to the S&S ISA provider. They are difficult enough about transfers, never mind a transfer from an obstructive ISA provider. Get the cash transferred into a cash ISA by a reputable bank or BS, and then take further steps form there.

colsten

MARTYM8` wrote: »

I am assuming given they are paying the interest on 5 May that its best to pick 6 May as the ISA transfer date - just in case they try and hit you with the 90 day penalty for transferring on 5th?

You would ask for the ISA to mature before transfer, or whatever the words on the transfer form are. I don't think I have seen a transfer request from that specifies a date.


Similar for transfer requests when there is a notice period.

MARTYM8`

colsten wrote: »

Agree, I wouldn't go with YB/CB, or with any small Building Society. I would also not touch a Credit Union ever again - credit unions should sends their thanks to DCU.

I have not transferred into Nationwide before but had a FlexClusive ISA with them once and could transfer out w/o any issue. I think they now also offer to pay interest from the day of the transfer request, or from maturity, whichever is the later. This could be critical for transfers out of DCU.

I had great transfer-in (and out) experiences with Santander, FD and Leeds BS. In fact, I can't say I ever had any issue with a cash ISA transfer before DCU.

Anyone thinking about transferring to an S&S ISA: I would definitely not go directly to the S&S ISA provider. They are difficult enough about transfers, never mind a transfer from an obstructive ISA provider. Get the cash transferred into a cash ISA by a reputable bank or BS, and then take further steps form there.

Yes - definitely go for a big bank or Nationwide or maybe another large society. You can always transfer elsewhere later.

Archi_Bald

Bhamstudent wrote: »

Ok - there is a meeting on Wednesday afternoon in London with the PRA and DCU.

I suppose that will be the meeting in which DCU tell the PRA about the hundreds of thousands if not millions that DCU have been asked to transfer to other providers on May 6th.

It is then when the proverbial should hit the fan unless the DCU hide the requests from the PRA, or the PRA colludes with DCU on the way forward. Either way, things need to come to a head shortly.

Bhamstudent

colsten wrote: »

Does Neil have a surname? Herbert?

Put it this way - I just ask for Neil when I ring up and there's never been any confusion!

MARTYM8` wrote: »

I am assuming given they are paying the interest on 5 May that its best to pick 6 May as the ISA transfer date - just in case they try and hit you with the 90 day penalty for transferring on 5th?

When I spoke to Neil earlier he agreed that putting the 6th of the month (June in my case) would be the correct date to pick.

gwapenut

What's your maturity date if you transfer out from a provider (cheque issued) on the 31st of the month but they don't show it as crediting until the 7th of the month, ie after the magic 6th?

They have promised to backdate the interest in line with regulations, but does the maturity date roll over to the 6th of the following month?

rebecca1

darren72 wrote: »

Out of interest which new providers are people going to ? - The best 1 year fixed I could find is 2%.

Darren - which financial institution offers 2% ?


Thanks


Rebecca

veryintrigued

rebecca1 wrote: »

Darren - which financial institution offers 2% ?


Thanks


Rebecca

1st page of the thread below but I suspect the concerned parties on this thread you've posted on might thank you for keeping this on subject.

https://forums.moneysavingexpert.com/discussion/401374