Same day ISA transfer - wow

PParka

I doff my hat to Santander and Barclays.

As my Santander Major ISA matured today, I requested it to be transfered to a Barclays ISA. I was expecting this to take a couple of weeks, but......

Checked Santander early this morning to see how much interest had been paid. (4.1% )
Checked again at lunchtime only to find my ISA had disappeared completely.
Logged into Barclays and found it had been transfered already.

This is the first time I've been really impressed by a bank :T

gizz_mo

Hmmm - shame that santander are not so quick about transferring their own ISAs internally....My 4.1% ISA also expired 1st May. On the 6th April I had set up the new Santander 123 ISA expiring May 2016 on the phone and at the same time arranged to have the balance from the expiring one transfer into the new one when it expired on 1st May. The CS Assistant assured me it was all set up and would happen immediately on expiry. Today I checked my online account and saw the interest had been credited as of today but the transfer had not gone through, phoned them up and they said its all set to go through but it takes 2 working days for any transfers internally, and so it won't go through until Tuesday now. So that's 3 days where I will miss out on the higher interest rate. I know its peanuts but its the principal of it. The CS Assistant I spoke to seemed proud it would only take 2 working days, because it used to apparently take 15 days. In theory I gave almost a month's notice for the transfer so that should have covered the 15 days anyway. So its disappointing to see that Santander can transfer to Barclays same day but not internally to another Santander account....not impressed at all