Avoid NS&I – no Faster Payments means fewer (if any) Transfer options

masonic

isasmurf said:

kbrazzill said:

eskbanker said:

kbrazzill said:

NS&I cannot do faster payments and, in current (COVID) situation many other providers won’t accept cheques. Because of this it's almost impossible to transfer their Direct ISA to another provider. How rubbish fictional is that!

Fixed that for you.

NS&I does use Faster Payments, which is why they commit to sub-£50K withdrawals from most of their products (including Direct ISA) reaching customers' banks on the next working day.  If you claim to have been told by an ISA provider that they can't accept an ISA transfer from NS&I, feel free to name them and share details of exactly what was said....

Response from Shawbrook Bank: "At present, we are not receiving funds from NS&I for any of our customers.  
This is due to NS&I not being able to send funds via Faster Payment, and due to the current situation, we are not in the office to process cheques.  If you wish, we can store your ISA transfer in form until we are able to receive funds from NS&I, however at present there is no time frame for when that may be."

It has probably more to do with whether or not NS&I are participants in the BACS Cash ISA transfer system. As this is the only means to transfer cash ISAs electronically if either the sending or receiving institution is not a participant then the whole ISA transfer process has to be done manually by sending cheques and paper forms in the post.

There is also TeX (TISA Exchange), though it looks like neither Shawbrook or NS&I has joined that system, and ATG (Altus Transfer Gateway), which links together TeX with the BACS system. Those schemes probably don't capture all ISA managers capable of electronic transfers.