State Bank of India ISA options

code_hunter_2

State Bank of India is showing new fixed rate ISAs - 2yr, 3yr and 5yr - all at 4.65%.

In terms of transfers in (no new money invested this tax year) would it be possible to open a 2yr and 5yr, splitting my current ISA? 

2nd question- the website states: 

• If you have chosen to receive annual interest on your Cash ISA interest will be paid into your Current/Savings account held with us.

Am I right to assume that the interest can be paid straight into the ISA account at the end of the term? 

Any thoughts on an ISA with this Bank? 

Thank you! 

savit4l8er

Just thought I would check before you get too far into it, are you aware you must visit them to open the ISA?

Not everyone realises that.

I expect interest can be added to the ISA otherwise if paid outside of it, that money will lose it's tax free status and not everyone wants that. 

Also other providers allow more than one ISA and it appears they do as long as you stick to the rules. 

15. Can I have more than one ISA?

You can hold more than one ISA account, but you can only open and subscribe to one Cash ISA and one Stocks & Shares ISA per tax year. This could be a Cash ISA with one provider and a stocks & shares ISA with a different provider, or both with the same provider.

code_hunter_2

Thank you for the advice.

It looked like the ISA can be applied for via the ‘YONO App’, which I’ve not come across before. 

I might stick with a more familiar bank with an easier/quicker way of opening an ISA! 

JB50MSE

To anyone who may be considering a new account with State Bank of India UK (SBIUK), PLEASE BE AWARE THAT SBIUK IS VERY SLOW. SBIUK accounts are FSCS protected and their interest rates are occasionally very attractive. I had a SBIUK cash ISA a few years ago, and I am currently in the process of opening two new cash ISAs with SBIUK, to transfer in two existing matured ISAs from elsewhere. I started this process in early December 2022, and it's ongoing as at mid-January 2023. I know I'm not the only customer in this position. Their excuses are staff shortages, holidays, and strikes by others. As stated elsewhere, one must also have or open a SBIUK current or savings ac, in order to open an ISA. One must also login and/or make a transaction at least once every 18 months otherwise one must go through the ID checking process all over again (to meet this requirement, I've decided to pay in and later withdraw £5 once a year, from my SBIUK current or savings account, as I don't wish to affect my 2/3/5 year fixed rate ISAs). Once opened, the ISAs operated OK. But I'm afraid the SBIUK processes of opening accounts, transferring existing ISAs, and then finally transferring out the SBIUK ISA when it matures are the slowest I have ever known of any UK financial institution. This is despite me going personally to the SBIUK branch, armed with all my ID, and completing the necessary forms, and even notifying my existing ISA providers to expect the transfer request. The staff in the SBIUK branch are polite and promise to do the required work asap but it seems to take SBIUK a month or so to open a new account, transfer in an existing ISA from elsewhere, or transfer out a mature ISA. SBIUK has archaic practices, apparently still mostly paper-based and postal-based in 2023. Their app and their website are not user-friendly, and do not give me all my own account information, which I'd normally be able to see with any other bank. The people who answer the telephone customer service are polite but cannot answer most questions, and can only pass on requests and offer a call back from your branch within 3 days. I have submitted my formal complaint about the delays, in writing. According to them, SBI has 157 million customers worldwide! 

Steve_xx

I agree. The staff at the branch are super. But the ISA transfer process is beyond a joke. The YONO app in its current form is pretty poor. And, initially  I downloaded the banks Indian version of the app - there's  nothing obvious as to the fact that there are two apps. I've used them before over the years and the experience is OK.  But to get the ISA transferred to them involved  a branch trip, and even then it took a good 6 weeks for the transfer to happen. However, the doner bank was a small building society and unfortunately they're still paper based, christmas came in the midst of it, as did postal strikes and so one can see how the days mount!