Barclays cash ISA Transfer - 15 Days

Julezy101

Hello, 
I transferred my cash ISA from I-Webb to Barclays and had written confirmation that the transfer took place on 12th January 2023.
I've been checking my Barclays account daily since w/b 16th January and its still not there. I contacted Barclays and after poor customer service was told it can take up to 15 days for the transfer to take place. That to me is ridiculous when in this day and age you can transfer funds, if not immediately within a few hours.
I chose Barclays as they are a well known business and not one of the many 'tin pot' outfits. I hope the ISA is set up to start from 12th January and not when they eventually process the transfer otherwise I'll be losing out on the interest while my money is floating around in the ether somewhere!

Stargunner

Julezy101 said:

Hello, 
I transferred my cash ISA from I-Webb to Barclays and had written confirmation that the transfer took place on 12th January 2023.
I've been checking my Barclays account daily since w/b 16th January and its still not there. I contacted Barclays and after poor customer service was told it can take up to 15 days for the transfer to take place. That to me is ridiculous when in this day and age you can transfer funds, if not immediately within a few hours.
I chose Barclays as they are a well known business and not one of the many 'tin pot' outfits. I hope the ISA is set up to start from 12th January and not when they eventually process the transfer otherwise I'll be losing out on the interest while my money is floating around in the ether somewhere!

A lot of banks state 15 days for a cash Isa transfer and 30 days for a stock and shares Isa transfer. You are unlikely to get the transfer date back dated unless it goes over the stated period. 

eskbanker

Julezy101 said:

I transferred my cash ISA from I-Webb to Barclays...

IWeb don't do cash ISAs, so it'll be a S&S ISA to cash ISA transfer, which may take longer.

Julezy101 said:

...and had written confirmation that the transfer took place on 12th January 2023

Written confirmation from sender or recipient?

Julezy101 said:

I contacted Barclays and after poor customer service was told it can take up to 15 days for the transfer to take place. That to me is ridiculous when in this day and age you can transfer funds, if not immediately within a few hours.

Cash ISA to cash ISA transfers are permitted to take up to 15 business days, and other ISA transfers are up to 30 calendar days, as per https://www.gov.uk/individual-savings-accounts/transferring-your-isa

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

Julezy101 said:

I hope the ISA is set up to start from 12th January and not when they eventually process the transfer otherwise I'll be losing out on the interest while my money is floating around in the ether somewhere!

Interest should be backdated by the receiving provider so that you don't lose out during transfers.

Julezy101

Yes your right it was a S&S ISA with I-Webb - i thought of it as a cash ISA as all my funds were held as cash (thats another story!)

The written confirmation was from I-Webb that my funds had been transferred to Barclays. So from this I would presume Barclays had received them. Just seems excessive that it takes 15days to do this when I can transfer money between banks in minutes. If the ISA isnt set up on the day the transfer took place then Barclays must be benefitting from this by not paying the interest.

Albermarle

Similar thread.
Delay in transferring to new ISA provider — MoneySavingExpert Forum

In a recent transfer, I did not see the money with the new account on line until about 15 days after instigating it. However when I got the follow up paperwork, it seemingly had gone through after about 9 days.

eskbanker

Julezy101 said:

The written confirmation was from I-Webb that my funds had been transferred to Barclays. So from this I would presume Barclays had received them. Just seems excessive that it takes 15days to do this when I can transfer money between banks in minutes.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers explains the breakdown, as it isn't just the physical transfer of the funds (for which just two out of the 15 days are allocated):

Cash ISA to cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager, unless the investor stipulates that the 15 days starts on a later date. This 15 days is broken down as follows:

The new ISA manager has 5 business days to forward the instruction to the old ISA manager.

The old ISA manager has 5 business days in which to send the funds and information to be provided to the new ISA manager.

The new ISA manager has 3 business days to apply the funds to the new ISA.

The other two days are to allow for time taken for first class post between managers.

This timetable does not apply to cash ISA to stocks and shares, innovative finance or Lifetime ISA transfers or to stocks and shares, innovative finance or Lifetime ISA to cash ISA transfers. Managers should complete such transfers in accordance with their ISA terms and conditions.

Note the final paragraph, which clarifies my earlier statement that this 15 business day timetable doesn't apply to a transfer from S&S to cash ISA anyway.

Julezy101 said:

If the ISA isnt set up on the day the transfer took place then Barclays must be benefitting from this by not paying the interest.

The ISA was presumably set up (as in opened) prior to the transfer but as above, receiving providers should backdate interest anyway.

Julezy101

Update: 
Transfer has finally appeared in my Barclays account now as of yesterday, as least it's earning interest now and not stuck in the ether.
Thanks for your replies guys.

Julezy101

Hello,

Just updating on this as I've just had confirmation from Barclays of my ISA maturing.

It turns out that although I opened the ISA with them on 4th January 2023 the funds were not transferred until 24th January, Barclays are telling me it matures on 3rd January. This'll mean I'm going to lose 20 days of interest and instead on the interest rate bring the 4% it actually equates to about 3.78%.  After phoning them to clarify they say "well you were still getting interest from your old provider in the meantime"  yes but it was at such a low rate. Feel a bit cheated here.
I shall be taking my custom elsewhere when it matures.

flaneurs_lobster

My 4% Barclays Flex ISA matures on 31/12. I've opened a Virgin Fixed 5.5% ISA in readiness to receive the funds and asked them to transfer all when the old ISA matures.

Don't think I can do any more to mitigate against delays/protect tax-free status.

refluxer

flaneurs_lobster said:

My 4% Barclays Flex ISA matures on 31/12. I've opened a Virgin Fixed 5.5% ISA in readiness to receive the funds and asked them to transfer all when the old ISA matures.

Don't think I can do any more to mitigate against delays/protect tax-free status.

Things didn't go too well for this recent poster who attempted the same transfer...

https://forums.moneysavingexpert.com/discussion/6492533/barclays-to-virgin-isa-transfer-rejected

flaneurs_lobster

refluxer said:

flaneurs_lobster said:

My 4% Barclays Flex ISA matures on 31/12. I've opened a Virgin Fixed 5.5% ISA in readiness to receive the funds and asked them to transfer all when the old ISA matures.

Don't think I can do any more to mitigate against delays/protect tax-free status.

Things didn't go too well for this recent poster who attempted the same transfer...

https://forums.moneysavingexpert.com/discussion/6492533/barclays-to-virgin-isa-transfer-rejected

Ah crap, that doesn't bode well. I thought this stuff was all automated these days with a central clearer?

At least the ISA is only half-full.