Tesco ISA transfer problem 22 August 2017 at 2:16PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 6 replies 1.6K views

vigman

Hi

My wife has an old fixed rate Tesco ISA that transferred to a 0.5% interest instant access.

I see their new Instant Access is paying 1.01%

I couldn't see how to transfer the old balance to the new higher rate account online so posted on their Twitter feed?

We were advised to open a new Instant Access ISA. So tried this in online banking and got to the part where it asked how the ISA would be financed. There was the option to transfer from another ISA provider but NOT from a Tesco ISA.

Rang the helpline and they said this was not an option as it could cause the ISA amount to be withdrawn and not transferred!?

Tried to put us through to someone who could help but they could not find anyone "trained to do this"!

Surely it should not be too difficult to transfer one ISA in Tesco to another ISA in Tesco?

Transferring the Tesco ISAs internally seemed a sensible option as starting with another provider (eg Post Office) needs passport copies and formal letters which are never addressed to my wife so hard to get proof for account creation.

Has anyone come across this issue of internal ISA transfers being difficult before with other providers please?

TIA

Vigman

AirlieBird

Why not just select the transfer from other provider and put Tesco's details in. They can then send the transfer form to themselves.

xylophone

http://www.tescobank.com/savings/isa-accounts/transfers/

You can transfer subscriptions in the following ways:
Between ISA providers.
Between different Tesco Bank Cash ISA accounts.


https://www.tescobank.com/assets/sections/savings/pdf/tesco-cash-isa-terms-and-conditions.pdf?_=cachebuster19062017

See page 6.

Ring again and tell them that you want to switch under their terms and conditions as above.

vigman

AirlieBird wrote: »

Why not just select the transfer from other provider and put Tesco's details in. They can then send the transfer form to themselves.

Thanks. Tried selecting other but then could not enter and continue with Tesco details hence the phone call

Vigman

vigman

Thanks xylophone. Having rung and asked to do that. We were concerned that the Tesco rep could not find anyone else 'trained to do this". Doesn't inspire confidence and as this is an amalgamated sum I do not want it accidentally withdrawn rather than transferred.

Out of interest what would be the legal position if Tesco withdrew the ISA balance rather than transferring it? Could it be reinstated as the tax free sum acculturated over several years because of an error?

My wife had to answer the security questions on the phone before I explained what we wanted to do but is now away for quite a while and it can only be done on the phone.

Just seems odd this is not an option in their online banking?

Vigman

xylophone

Out of interest what would be the legal position if Tesco withdrew the ISA balance rather than transferring it? Could it be reinstated as the tax free sum acculturated over several years because of an error?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/603261/ISA_Lifetime_ISA.pdf

I should think that in the above Guidance Notes for ISA Managers there will be information on how to rectify provider error.

It would appear that to transfer Tesco to Tesco the account holder needs to use telephone banking - this is the provider's choice.

We were concerned that the Tesco rep could not find anyone else 'trained to do this".

http://www.tescobank.com/help/complaints/

vigman

Thanks again.

Not that Tesco could care less in losing a sizeable balance but the easiest thing was to transfer out to the Post Office Instant Access ISA 1.01%.

Done online in minutes with no apparent need for blood samples or DNA tests!!

Vigman