Leeds 2.8% 5-Year Cash ISA query

alanq

FlatFour wrote: »

I'm actually reconsidering applying for the Leeds ISA now, checking out their web sites both Skipton and Newcastle offer a much easier application process. I'm actually leaning more to the latter, ...

If you open a fixed term/fixed rate ISA with Newcastle BS now will it allow you to top it up (as Skipton will) or will it all you to open a second ISA when the £15000 limit comes in in July?

Beware that with some providers if you open an fixed term ISA now you will not be able to make use of the enhanced limit later.

http://www.thisismoney.co.uk/money/saving/article-2589272/Hidden-danger-cost-15-000-Super-Isa-tax-break.html

FlatFour

@alanq

Yes, I've been checking for that. My plan is to transfera couple of existing ISA's as well as add new money, then top it up once allowed to do so - assuming I still have spare cash then of course lol.

Cheers,

F.

grizzly1911

AML processes do vary from one "bank" to the other.

Some use online checks, voters role/credit reference only others require additional evidence. Where certified copies of originals are accepted the certifier standing can also vary.

Interestingly if you are sending your own personal cheque, payable to you, this should also prove the funds are at least coming through a verified route.

It (AML)is even more of pain helping aged relatives, even more so when you are transferring existing ISA savings in.

Vortigern

alanq wrote: »

Unless anything has changed recently Leeds BS is bad for opening online accounts.

Leeds BS has a rather limited range of online accounts.
Leeds BS like to do a full fact finding know your customer interview even for a change of account for an existing customer.
They seem to be looking for linked sales of insurance, or referrals to firms which do wills and POAs.

grizzly1911 wrote: »

It (AML)is even more of pain helping aged relatives, even more so when you are transferring existing ISA savings in.

Get yourself a POA while your aged relatives are still able to give it. It certainly helps, and you don't need legal help to arrange it.

alanq

Vortigern wrote: »

Leeds BS like to do a full fact finding know your customer interview even for a change of account for an existing customer.
They seem to be looking for linked sales of insurance, or referrals to firms which do wills and POAs.

In the past I have had no problems, as an existing customer, opening an account in branch within a few minutes. Last time I tried I was told that I should have made an appointment and that there were none left for that day. I replied that I didn't know when I would next be anywhere near the branch and they accepted my application to process later. This lead to a few delays delay and lost interest.

I can understand that with fixed term accounts that there is an argument that they need to ensure that the customers knows what they are committing to. Yet even after these sessions and terms being clearly laid out some people claim to be unaware that they they have locked their money away. In any case why the extra obstacles when someone can apply online or by post for similar account. I suspect that as you say it is simply a case of seizing an opportunity to make sales.

I fairness I should point out that Leeds BS are not alone and I have has similar experiences with other financial institutions in recent years.