state bank of india

joe134

Hi guys, thinking of using SBI for transfer of my Isas, to their 2.3% 3 year deal, as recommended by Mse.
Has anyone any feedback regard them. CS etc ?
Any advice appreciated.:beer:

colsten

If you don't have access to a Branch, you need to be prepared for long-ish times to get things done by letter. They'll also lock your account if it has no activity for 18 monhs, and it is painful to get it re-activated. Apart from that, they are fine.

joe134

colsten wrote: »

If you don't have access to a Branch, you need to be prepared for long-ish times to get things done by letter. They'll also lock your account if it has no activity for 18 monhs, and it is painful to get it re-activated. Apart from that, they are fine.

Thanks colsten, much appreciated.
When you say A/c activity, do you mean logging in regularly, as if the ISA is fixed for 3>5 years, I cannot do any activity to it, until it matures.?
I don't have branch access
.So internet is only for application, then post there after.?
Sounds like Icici then, they are forever sending me e mails saying a/c is available, to view,but cannot login to view them.
Probably locked out?
It,s years since I used them! I thought I had closed them?

colsten

I don't know how they treat fixed term accounts - mine is instant access and I have been locked out for over 4 weeks now. Best ask them yourself.

bristolleedsfan

I applied 2nd February to transfer a previous year 2% variable rate ISA to SBI 5 Year Fix from Nationwide.

Havent heard anything from Nationwide yet

Application is made online, Transfer Form authority to be printed off and sent to S.B.I by post.( Sent 3rd February)

Interest does not appear to be compounded year on year, if Annual Interest is chosen it gets paid to a S.B.I Instant Access Account, to have Interest added to ISA Capital, Maturity Interest option has to be chosen.

MiserlyMartin

Could you tell us if SBI will accept partial transfers IN?

The other thing I'd comment on is that at the moment it is a great deal, depending on if interest rates go up within 5 years. Central banks and governments want rates low especially in the UK as the housing market is vunerable if we are at the start of another financial crisis. They would also like some inflation to inflate away that huge debt, they are likely to keep printing and restart things like FLS. But inflation could go out of control and/or the BoE could loose all control and be forced to raise rates very quicky indeed. In this case your 2.6% will look paltry. We really are in the unknown...

colsten

bristolleedsfan wrote: »

I applied 2nd February to transfer a previous year 2% variable rate ISA to SBI 5 Year Fix from Nationwide.

Havent heard anything from Nationwide yet

You don't generally get anything from your old ISA provider.

bristolleedsfan

MiserlyMartin wrote: »

Could you tell us if SBI will accept partial transfers IN?

http://www.sbiuk.com/Portals/0/PDFs/Download_forms/Cash_ISA_Transfer.pdf

I wouldnt normally fix for more than Three Years, on this occasion thought it a good idea to do so for a number of reasons.

joe134

I just transefrred 3 Isas into one, over, the last two months, HSBC,(partial old) Halifax, and nationwide, all into NCBS,3 year fix @ 2.21%,complete now , and only the Hsbc sent a letter to ask if transfer was ok.
Just trying to consolidate them all.
I will give it a try if it's still available, cannot be longer than opening M&s A/c:rotfl:
Re-5 year fix against 3;;with this SBI Isa, you only give 30 days notice, and lose 1%, so no real danger of taking a 5 year punt for 2.6%, especially when £75K involved.

joe134

MiserlyMartin wrote: »

Could you tell us if SBI will accept partial transfers IN?

The other thing I'd comment on is that at the moment it is a great deal, depending on if interest rates go up within 5 years. Central banks and governments want rates low especially in the UK as the housing market is vunerable if we are at the start of another financial crisis. They would also like some inflation to inflate away that huge debt, they are likely to keep printing and restart things like FLS. But inflation could go out of control and/or the BoE could loose all control and be forced to raise rates very quicky indeed. In this case your 2.6% will look paltry. We really are in the unknown...

We have been in the unknown since 2007.
There's been trouble in the housing market since Super Mac said," You've never had it so good".1957
We are in the known, unknowns, now, as some yank said.
If we knew what's coming, planning would be easy.
everything in life is a gamble, you can only play with what's available now.
Just make sure it's FSCS covered, whatever one does.There's trouble ahead.:beer:

bristolleedsfan

bristolleedsfan wrote: »

I applied 2nd February to transfer a previous year 2% variable rate ISA to SBI 5 Year Fix from Nationwide.

Transfer Form ( Sent 3rd February)

Checked Nationwide Online Banking today, ISA now not showing, still waiting for S.B.O.I, Customer Number and Password by Post to activate and set up Internet Banking