Skipton BS - cash ISA application - experiences?

fleemkt

Has anyone recently applied for a cash ISA account with Skipton, especially with the intention of transferring in funds?  How did it go?

Do they advise you whether or not you've been successful at the end of the application? 

Did you have to sign and send back any forms or was everything administered electronically?

S_uk

I opened an account this week, the new one paying 1%, and found it a very easy experience. Everything was done online quickly and account was set up straight away and given account number, after which I logged into the account and completed an ISA transfer form online. Had text confirmation to say transfer was in progress.

I think if anyone is actively considering opening this ISA they should do so sooner rather than later. Who knows how long it will be on offer for.

fleemkt

Thanks S_uk for sharing your experiences!

I too can confirm the application process was pretty straight-forward.  However, I've not received a text confirmation yet re. ISA transfer, but maybe it's because it's the weekend?

I'm still waiting for Coventry's paperwork in the post!  Has anyone actually applied for Coventry's ISA and has been accepted online and did not need to sign and return any paperwork? 

harz99

S_uk said:

I think if anyone is actively considering opening this ISA they should do so sooner rather than later. Who knows how long it will be on offer for.

Gone today, just got my maturing Virgin ISA across in time...

someone

Opened an account a few days ago with nil deposit, good job I did as it got me the 1% rate (for now). Did not ISA transfer on day of opening as I needed to refund the Flexible ISA from other savings.

Once I was ready yesterday around lunchtime I applied online for the transfer. Skipton sent text message at 14:08 to acknowledge they had received the transfer request then at 15:41 the outgoing ISA (Paragon) emailed to say they had been asked to transfer my ISA to Skipton!

Nothing has moved yet but assume given the time frames between the incoming and outgoing parties notify the back office functions between these two is digital. There might be chance it might be wrapped up today at this rate!

someone

A further update to my post before lunch. At 12:13 today Skipton sent an email that was basicly long form of the text from yesterday. It also advised on how to track your transfer and how they will notify you on completion. On logging into online banking (not following the link in the email ... still boggles the mind that banks put links in emails against time and tested advice) one sees the transfer amount has updated in the ISA Transfer Summary (so provided by the outgoing ISA provider) however funds are still in the original locations at the moment. Online banking say the ISA transfer status was updated yesterday.

Marciatom

When your transfer is complete do check the transaction history on their website.  If, instead of showing it as a transfer in it says ‘bank account’ they will have made the mistake of recording it as a cash payment.  They have done this with me (twice) which resulted in being told I am in breach of HM Customs and Excise regulations.  It’s amazing that errors like this can happen.

fleemkt

Thanks for the heads up on your experience Marciatom.

This is interesting, as mine's showing as 'bank payment' - from what you're saying, it should reflect 'transfer in'?  Can anyone else confirm?

Who's told you that you're in breach of HMRC's regulations - Skipton?

I've confirmation from my previous provider that a transfer out has been requested and also that it has completed.  Same with Skipton; that a transfer in is in progress and subsequent completion.

Also, viewing the account online - expanding 'more account details', shows my remaining 2020-21 allowance is £20,000 (with Skipton).  I've already subscribed 20-21's allowance with another provider.

Do I need to follow up?

someone

My transfer completed today. It shows as "BANK PAYMENT". My remaining allowance shows the full £20k. The transfer was for an amount in excess of the annual allowance. For me unless written to I see no reason to follow up.

fleemkt

Same here.   My transferred in amount was in excess of the allowance so that'll explain itself.

Marciatom

I found out about it when I tried to transfer to a new provider, the Coventry.  They cancelled the transaction and told me I’d breached HM Revenue and Customs rules.  The two accounts I transferred in added up to more than the  £20000 too.  In each case I was notified by the original ISA holder and by Skipton that the transfer had taken place.   If it had happened once I would have put it down to human error but twice made me think there was a fundamental error.  Skipton confirmed their mistake but I’m still waiting for An explanation and for it to be put right and I could well have problems with HM Revenue as I was told it would have been reported.  If you have something which tells you you still have some allowance left you must be OK.