Think I've made a big mistake

babe-ruth

Can anyone guide me on Isa transfer rules please?

I recently opened the rbs cash Isa (26/4/17 online) paying 1%ish including bonus. I failed to see the bit about the interest rate only applying to £20k and I've transferred £46k!!

As soon as I realised what I hade done I rang rbs (call centre) and asked if I could transfer all or part out to another provider and was told I would be able to once the funds had been received by them.

Today I phoned again to my local branch and the lady I spoke to said that I could only do one Isa transfer per year. We are talking previous years money here as I can no longer afford to put new money into my Isa.

Is it true that I cannot now transfer all or part of my Isa to another provider, say post office to get the best rate on all my money.

Hope that makes sense

Thanks

eskbanker

When transferring ISAs you should only deal with the provider you want to transfer to, so ignore RBS (and their misconceptions) and just arrange the transfer via the other party.

badger09

babe-ruth wrote: »

Can anyone guide me on Isa transfer rules please?

I recently opened the rbs cash Isa (26/4/17 online) paying 1%ish including bonus. I failed to see the bit about the interest rate only applying to £20k and I've transferred £46k!!

As soon as I realised what I hade done I rang rbs (call centre) and asked if I could transfer all or part out to another provider and was told I would be able to once the funds had been received by them.

Today I phoned again to my local branch and the lady I spoke to said that I could only do one Isa transfer per year. We are talking previous years money here as I can no longer afford to put new money into my Isa.

Is it true that I cannot now transfer all or part of my Isa to another provider, say post office to get the best rate on all my money.

Hope that makes sense

Thanks

Do you have a link to the ISA you've opened? Or the exact name? I can't see one paying '1%ish':cool: on RBS website

george4064

eskbanker wrote: »

When transferring ISAs you should only deal with the provider you want to transfer to, so ignore RBS (and their misconceptions) and just arrange the transfer via the other party.

This......

eskbanker

badger09 wrote: »

Do you have a link to the ISA you've opened? Or the exact name? I can't see one paying '1%ish':cool: on RBS website

They had a rather convoluted product offering tiered interest with a 1% bonus, which was conditional on funding by last week, as discussed in threads such as https://forums.moneysavingexpert.com/discussion/5631847, but it's (unsurprisingly!) no longer advertised.

badger09

eskbanker wrote: »

They had a rather convoluted product offering tiered interest with a 1% bonus, which was conditional on funding by last week, as discussed in threads such as https://forums.moneysavingexpert.com/discussion/5631847, but it's (unsurprisingly!) no longer advertised.

Thanks eskbanker

That wouldn't have interested me, hence my lack of attention to it.

However, as its instant access OP can safely ignore what RBS told her and follow your advice.

Or even better, consider whether a cash ISA paying '1% ish' really is the best place for their £46k:cool:

babe-ruth

Not sure I've made myself clear. Rbs is now my new provider, I transferred from yorkshire bank Via rbs website before the cut off date 5th May think it was.

I now want to transfer away from rbs (cos it's not what I thought, my fault I know for not paying attention) if I can but I have been told I can't, well not in the same year anyway. Just wondered if anyone knows if this correct information.

babe-ruth

I couldn't see any one paying more percent at the time except maybe post office which was slightly less. I've already got current accounts covered, nationwide, Santander, tsb etc with the maximum

eskbanker

babe-ruth wrote: »

Not sure I've made myself clear. Rbs is now my new provider, I transferred from yorkshire bank Via rbs website before the cut off date 5th May think it was.

I now want to transfer away from rbs (cos it's not what I thought, my fault I know for not paying attention) if I can but I have been told I can't, well not in the same year anyway. Just wondered if anyone knows if this correct information.

Looks like I didn't make myself clear either then!

If you want your ISA money to be split across RBS (£20K) and A N Other bank (the rest) then you need to contact the latter to transfer that £26K from RBS. Same applies if you want to transfer the lot....

As I said, ignore RBS's misconceptions, they're wrong.

babe-ruth

eskbanker wrote: »

When transferring ISAs you should only deal with the provider you want to transfer to, so ignore RBS (and their misconceptions) and just arrange the transfer via the other party.

Thanks eskbanker but that's what I did, sorry I'm not good at putting stuff down in writing and making it make sense to others - must try harder

babe-ruth

eskbanker wrote: »

Looks like I didn't make myself clear either then!

If you want your ISA money to be split across RBS (£20K) and A N Other bank (the rest) then you need to contact the latter to transfer that £26K from RBS. Same applies if you want to transfer the lot....

As I said, ignore RBS's misconceptions, they're wrong.

So are you saying I can transfer the remaining £26 even though it's only a week or so since I transferred the lot to Rbs?