Transferring Cash ISA out of NS&I

auser99

Couple of weeks on, still no word on the NS@I to Shawbrook transfer.
I'm being "patient"  / not wanting to ring them as everyone says it's a nightmare.

But no real idea if it's stalled, is close to going through, has no chance etc.

Who actually pays the interest in this interim period? Shawbrook at the new rate, or NS@I at the old rate?
Might be a silly question.

auser99

eskbanker said:

auser99 said:

Shawbrook on Friday confirmed it's NS@I holding it up.

It's not unusual for one party to point the finger at the other when there are delays in transferring between them!

Probably the key response with hindsight...
Rang NS@I and they've received nothing - so it's back to Shawbrook - 6 weeks on!

Assume this 6 weeks is lost, or at least lower interest with NS@I, rather than Shawbrook paying the agreed rate on my application to transfer?

auser99

Still battling on with this.
Contacted both sides, Shawbrook reckon they're moving it along, nothing from NS@I.

bresbo

Well it's now 2025 and I'm just attempting to initiate an ISA transfer out of NS&I. The first NS&I person I spoke to said that NS&I don't support ISA transfers, so I'd have to cash in the funds. I told her she was talking nonsense, and asked her to check with her supervisor. After a few minutes she came back with the same information!! Is this really the NS&I?? So I told her to speak to a second supervisor. More waiting, and I get to speak to a Real Supervisor who said that both of the previous advisors were wrong!! How many people do you think get this kind of misinformation?

Anyway the Real Supervisor then went on to say that once NS&I receive the transfer request they then send out a form BY POST to me and expect me to fill it in and send it back BY POST before they authorize the transfer. This is certainly not within the normally accepted methods/rules for doing a cash ISA transfer. Furthermore using this method and 2nd class post I can't see how the funds can be transferred within 15 days.

ColdIron

bresbo said:

I can't see how the funds can be transferred within 15 days.

That implies you are trying to transfer from an NS&I ISA to another ISA

Why are you contacting NS&I to transfer out? They cannot do this for you. You need to contact the receiving ISA provider who will liase with NS&I and carry out the transfer

If you are just withdrawing in cash it takes 1 - 3 days depending upon amount. You can do this online at NS&I

Use their calculator
https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings

Ch1ll1Phlakes

Follow up to @ColdIron's message, you don't need to contact NS&I just the provider you to transfer TO

bresbo

I know I don't need to contact an existing provider to initiate an ISA transfer out. The only reason I contacted NS&I was because I wasn't sure of the account number, sort code and reference to give to the new provider. It was in the course of that conversation with NS&I that the misinformation I quoted was conveyed.