Kent Reliance - are they really this bad?

Downthedrain

I've tried to do an ISA transfer today, but their web site asks for a minimum deposit amount of £1000 that must be received within 7 days, despite me selecting that the account is to be funded by transferring an existing ISA. Deadlock, so I rang them - the tired excuse "we're experiencing unusually high call volumes....." After 30 minutes I was still at the same 4th place in the queue. Are 4 calls unusually high volumes? This is not a good omen and I've thought better of it.

Crazy_Diamond

Interestingly I had the same query as downthedrain and rung them at 11am today.  56th in the queue and took 1 hour 10 minutes to answer.  Was told that if you do an isa transfer you don't need the £1k to open it.  They said to just select the isa transfer button when applying if that is helpful to anyone.

Downthedrain

That doesn't work, though. The site will not allow you to proceed unless you fill in a value for the opening balance, which it says must be received within 7 days.

happybagger

Put the opening balance (the first amount you enter) as the same as the transfer amount.
I think you need to to the transfer at the time of applying though.
You don't need to make a deposit during the process - you get the email asking you for it within 7 days.

tripled

I've used them for a few years for business savings. Their website is pretty antiquated but they normally answer the phone ok.

Downthedrain

I eventually got through to someone helpful. He said the opening balance should be the transfer amount from the ISA being transferred. I replied that I won't know this because the interest will only be credited at the time of transfer, less a 180 day penalty. He suggested I just fill in an opening balance of £1000.

refluxer

Downthedrain said:

I eventually got through to someone helpful. He said the opening balance should be the transfer amount from the ISA being transferred. I replied that I won't know this because the interest will only be credited at the time of transfer, less a 180 day penalty. He suggested I just fill in an opening balance of £1000.

When I've been asked this by other banks and building societies in the past, I've always found that an approximate figure is fine - it's presumably just so they can gauge the level of interest, rather than it being anything binding. 

xylophone

https://www.kentreliance.co.uk/isas/transfers-in

Important information about transfers from other providers:

• A request to transfer funds from another provider must occur within 30 days of your account being opened.

• We’ll only hold your request open for 30 days. If you have a notice account with your current provider, please check your notice period before submitting your request.
• 
  
• Once we’ve received the completed Kent Reliance ISA form from you, we’ll need to contact your existing provider, so please allow up to 15 working days for a cash ISA transfer and 30 days for a stocks and shares ISA transfer from when we receive your form for the transfer to take place.

however... the confirmation email just received says if a deposit is not made within 7 days the account will be closed.

Could this be a standard response where a Fixed Rate ISA is being opened with a current year's subscription?

happybagger

xylophone said:

Could this be a standard response where a Fixed Rate ISA is being opened with a current year's subscription?

Probably, yes, I did guess that might be the case. Either way, it is not very helpful. Their email should be clearer on what to expect, or say nothing.

paul235

Downthedrain said:

I eventually got through to someone helpful. He said the opening balance should be the transfer amount from the ISA being transferred. I replied that I won't know this because the interest will only be credited at the time of transfer, less a 180 day penalty. He suggested I just fill in an opening balance of £1000.

I opened the 2 year account and filled in the Transfer request within the application. 
Do they submit the transfer or do we have to first send the signed transfer form by post to Kent Reliance?