ISA transfer issue

chopperward

I applied to transfer an isa from santander to Yorkshire on 1st Aprl but still no letter from santander and no funds in Yorkshire yet.

I visited Yorkshire and they weren't concerned, saying we haven't reached 15 days yet (we have now!)

When should I leave this till? Am I on my right to say to Yorkshire that they should pay me the 2% interest from the 1st.

Should I contact santander or should all talks be with Yorkshire?

I understand we've had a bank holiday and banks are busy this time of year but I just want to know where I stand!

Thanks

retiree

chopperward wrote: »

I applied to transfer an isa from santander to Yorkshire on 1st Aprl but still no letter from santander and no funds in Yorkshire yet.

I visited Yorkshire and they weren't concerned, saying we haven't reached 15 days yet (we have now!)

When should I leave this till? Am I on my right to say to Yorkshire that they should pay me the 2% interest from the 1st.

Should I contact santander or should all talks be with Yorkshire?

I understand we've had a bank holiday and banks are busy this time of year but I just want to know where I stand!

Thanks

The period is 15 working days, which has not been reached yet (weekends, bank holidays).

You will get interest from the old provider right up to when the new one takes over.

Consumerist

Don't forget that there has been a long bank-holiday weekend since 1 April.

Under the transfer guidelines, your old provider is supposed to transfer your funds up to 11 working days (excluding bank holidays and weekends) from the date your new provider received your transfer request. Accordingly, your old ISA should be closed within this time. Your new manager has another 4 working days to credit the funds to your new ISA.

KGriff

As it is the start of a new financial year, the ISA providers are extremely busy this time of year, as you can imagine.

I am in a similar boat with Leeds Buiding society. I opened my account on the 8th April online and then posted off a cheque and transfer form. Still no sign of them cashing the cheque and my old provider still holds my previous years ISA.

I do think however that Leeds agree to back date the interest from the date of the account opening (if I remember their terms and conditions correctly).

I wouldn't be overly concerned at this stage and accept there is probably a backlog. I would wait a few more days at least.