Aldermore Cash ISA - internal transfer process

dosh37

When my 2 year ISA with Aldermore matured, I was only offered 1.2% for a new 1 year fix.

Instead, I opted for a temporary Aldermore 30day notice ISA @ 0.9% until the rates improved.

As expected, the 1 year fix rate has now increased to 1.46%.

So I went through the process to open a new 1yr fixed account and transfer in the funds from the existing notice account.

It looks like Aldermore have not given much thought about how to handle internal ISA transfers.

For a start 'Aldermore' does not appear in the pull down list of existing providers when setting up the transfer in.

The only option is to enter it manually as an 'alternative provider'.

The process then goes on to ask the user to print and sign an ISA transfer form which then has to be sent through the post.

This seems somewhat nonsensical for an internal transfer.

masonic

It's not really a transfer, it's a redesignation of an existing ISA. Are you sure they require you to go through the process normally used to transfer an ISA between different providers?

dosh37

I ended up sending a secure message asking how to arrange an internal ISA transfer.

After a few days I received a reply which just said I needed to call Customer Services.

It took some time to get the call answered but I eventually managed to get through.

I expected to have to wait 30 days because of the notice account but the transfer was carried out immediately without penalty.

Unfortunatley there is currently no provision to carry out this transaction directly via the website.