Transfer to Kent Reliance ISA 1yr fix

Oasis1

Bit the bullet and opened a 1yr fixed ISA with Kent Reliance at 3.95% interest. Within the application, I requested a full transfer of £20k from another ISA provider.

Does anyone have experience of how quickly Kent Reliance process ISA transfers?

Thanks in advance.

xylophone

Kent Alliance 

Kent Reliance?

Albermarle

Kent Reliance - are they really this bad? — MoneySavingExpert Forum

Oasis1

xylophone said:

Kent Alliance 

Kent Reliance?

Whoops! have fixed - ta

Albermarle said:

Kent Reliance - are they really this bad? — MoneySavingExpert Forum

Thanks... the trepidation before clicking on such a thread title... xD

paul235

Oasis1 said:

Bit the bullet and opened a 1yr fixed ISA with Kent Reliance at 3.95% interest. Within the application, I requested a full transfer of £20k from another ISA provider.

Does anyone have experience of how quickly Kent Reliance process ISA transfers?

Thanks in advance.

I opened the 2 year account and filled in the Transfer request within the application but this is not showing on the account.
Do they submit the transfer or do we have to first send the signed transfer form by post to Kent Reliance? 

ANGLICANPAT

Ive just opened  the 4.40%  2yr  ISA fix  with them (seeing nothing better) , with just a transfer    Seemed fine  and got the promised  acceptance  email.  Only thing puzzled me was it said  I didn't  need to sign or post anything further , but must have the initial deposit in  within 7 days, and gave their bank details.  I presumed it was a generic letter to cover those who had applied for  non ISA  fixes etc,  but  checking the title it showed  'your  2yr ISA fix.' Surely they cant expect me to put in a small amount of new money to secure the offer,  because that would effectively mean Ive  picked them   as my provider for this year ?

Oasis1

Email recieved today:

"We are pleased to confirm that we have received your request to transfer your ISA from Coventry Building Society to Kent Reliance. We will process this request and be in touch with you when the transfer is complete.

Please do not respond directly to this email. If you have a query about your transfer request, please contact our Customer Services Team on the number below and they will be happy to help."

Glad to see I don't need to submit a separate form after all.

refluxer

ANGLICANPAT said:

Ive just opened  the 4.40%  2yr  ISA fix  with them (seeing nothing better) , with just a transfer    Seemed fine  and got the promised  acceptance  email.  Only thing puzzled me was it said  I didn't  need to sign or post anything further , but must have the initial deposit in  within 7 days, and gave their bank details. 

If you didn't need to post off a paper form, then it's probably because both banks use the BACS Cash ISA transfer service. (Cynergy provide a handy list of banks and building societies who do here).

ANGLICANPAT said:

 I presumed it was a generic letter to cover those who had applied for  non ISA  fixes etc,  but  checking the title it showed  'your  2yr ISA fix.' Surely they cant expect me to put in a small amount of new money to secure the offer,  because that would effectively mean Ive  picked them   as my provider for this year ?

The 7 day deposit window for opening a Kent Reliance ISA should only apply if you were funding it with money from the current tax year. If you're only transferring ISA funds from a previous tax year, then the window is usually a lot more generous in order to accommodate the worst-case scenario in terms of transfer time (eg. a transfer that involves posting papers forms and funds being sent between banks by cheque). Have a good read of the T&Cs, as the transfer time limit is usually stated. I'm not sure about Kent Reliance, but some banks can allow up to a month for this. In order for that to apply without contacting Kent Reliance, you would have needed to apply for the transfer at the time of opening the account which is presumably what you did ?

paul235

ANGLICANPAT said:

Ive just opened  the 4.40%  2yr  ISA fix  with them (seeing nothing better) , with just a transfer    Seemed fine  and got the promised  acceptance  email.  Only thing puzzled me was it said  I didn't  need to sign or post anything further , but must have the initial deposit in  within 7 days, and gave their bank details.  I presumed it was a generic letter to cover those who had applied for  non ISA  fixes etc,  but  checking the title it showed  'your  2yr ISA fix.' Surely they cant expect me to put in a small amount of new money to secure the offer,  because that would effectively mean Ive  picked them   as my provider for this year ?

My acceptance email does not say that  I didn't  need to sign or post anything further but does say must have the initial deposit in  within 7 days, and gives their bank details. I am transferring from Skipton BS.
I have not yet received the confirmation email as the post above.

refluxer

paul235 said:

ANGLICANPAT said:

Ive just opened  the 4.40%  2yr  ISA fix  with them (seeing nothing better) , with just a transfer    Seemed fine  and got the promised  acceptance  email.  Only thing puzzled me was it said  I didn't  need to sign or post anything further , but must have the initial deposit in  within 7 days, and gave their bank details.  I presumed it was a generic letter to cover those who had applied for  non ISA  fixes etc,  but  checking the title it showed  'your  2yr ISA fix.' Surely they cant expect me to put in a small amount of new money to secure the offer,  because that would effectively mean Ive  picked them   as my provider for this year ?

My acceptance email does not say that  I didn't  need to sign or post anything further but does say must have the initial deposit in  within 7 days, and gives their bank details. I am transferring from Skipton BS.
I have not yet received the confirmation email as the post above.

See my answer just above - the shorter (7 day) deposit window shouldn't apply to transfers, because transfers often take longer than that. When it comes to ISA T&Cs, the term 'deposit' (or 'subscription' is often used) usually refers to paying in money from the current tax year and not a transfer from a previous tax year. As always though, read the full T&Cs to be sure you know where you stand.

ANGLICANPAT

paul 235   Are you  moving across to Kent Reliance with just the  Skipton transfer, or also with new money?  Mine is purely  the old ISA   which Im thinking  they hopefully will count as the initial deposit , albeit it somewhat ambiguous .  I got the emails giving my new account number , log on details  within about 20 mins. (yet to try to log on though)  Kent Reliance isnt on that list you put up , but that was on a Cynergy bank link , so perhaps not the same conditions as Kent. Think Ill have to ring to confirm .  Suspect long waiting times .