State Bank Of India - Fixed Rate Cash Isa

georgemac_2

We have opened a 3 yr fixed rate ISA after seeing this listed on the MSE ISA Page - it's regsitered with FSA and has the full protection so happy with that.

We have had confirmation of deposit, through post with online details required for online banking.
We are transferring in an existing ISA but have had no communication regarding this.

Problem we are having is activating the online banking on the phone - lines are always busy, today have left a voicemail asking for a callback but this is not always suitable.

Anyone else had any similar experiences with this bank?

Mr_Stroudley

You've managed to get further on than me. I've sent off a transfer in form for an existing ISA, but cannot transfer the deposit for a new 2015/16 ISA.

My Bank (Nationwide) has a max £9999 limit on BACS online transfers, but SBI requires the deposit as a single payment as per their conditions. Could you say how you did the transfer, presumably as one hit?

Haven't contacted Nationwide yet, maybe they can do it over the phone, but I do worry about ref and account details then getting corrupted. Thanks.

Mr_Stroudley

Thanks to an MSE article, I've found out that Nationwide is one of a few banks that have low maximum BACS transfer amounts. By transferring in two tranches of 10K or less to another account, with a bank that has a max £100K limit, I was able to deposit the £15270 deposit in one hit as per SBI's conditions. Now to ring them to activate the online access to the new FRISA. I'll work my way through those numbers shown on saynoto0870.com.

Archi_Bald

georgemac wrote: »

Problem we are having is activating the online banking on the phone - lines are always busy, today have left a voicemail asking for a callback but this is not always suitable.

Anyone else had any similar experiences with this bank?

It seems to be taking a few minutes before anyone answers the phone, for whatever you call them. At least it's an 0800 number.

Also, be prepared that they will de-activate your online access if you don't regularly access your account. I have a savings account with them that never gets topped up and I rarely ever withdraw anything, so I don't need to log in regularly. To get your online access re-activated, you need to be mailed a new password, which you then have to activate on the phone before you can use it to log into your account again. Quite long-winded.

darren72

I'm thinking of opening a Cash ISA with them.

Is it correct that you need to get certified copies of ID sent to them, or do they now do checks electronically ?

Has anyone any experience of this ?

Thanks