NatWest Cash ISA - Comment and Question

drlabman

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

refluxer

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

drlabman

Thanks for that info and the excellent advice.

MDMD

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Although in this case there’s a relatively short window for transfers but you have until September to pay in new money.  

charlie12525

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

MDMD

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

I was looking to transfer from YBS. When I moved it from Skipton to YBS it was paperless but as the NatWest list is incomplete or out of date, paper form also required.

Shedman

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

Virgin Money wasn't on list either so just put Other and Bank Name.  No indication that a paper form is required (.....yet anyway).  Cynergy is part of the electronic transfer system so can't see why you couldn't have done likewise (unless of course you tried and still got required to submit paper form?)

drlabman

Shedman said:

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

Virgin Money wasn't on list either so just put Other and Bank Name.  No indication that a paper form is required (.....yet anyway).  Cynergy is part of the electronic transfer system so can't see why you couldn't have done likewise (unless of course you tried and still got required to submit paper form?)

Have you checked your NatWest mailbox?  It took a while for my account opening acknowledgement to appear in my mailbox.  The request for further info (via paper form) was in that acknowledgement.

Shedman

drlabman said:

Shedman said:

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

Virgin Money wasn't on list either so just put Other and Bank Name.  No indication that a paper form is required (.....yet anyway).  Cynergy is part of the electronic transfer system so can't see why you couldn't have done likewise (unless of course you tried and still got required to submit paper form?)

Have you checked your NatWest mailbox?  It took a while for my account opening acknowledgement to appear in my mailbox.  The request for further info (via paper form) was in that acknowledgement.

Had my confirmation on same day the account was opened.  It references the Virgin Money transfer and there is no request for further info so all looks good.

MDMD

Shedman said:

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

Virgin Money wasn't on list either so just put Other and Bank Name.  No indication that a paper form is required (.....yet anyway).  Cynergy is part of the electronic transfer system so can't see why you couldn't have done likewise (unless of course you tried and still got required to submit paper form?)

Are you sure you are talking about the same form? Virgin Money was in the list and there is no Other.

Shedman

MDMD said:

Shedman said:

charlie12525 said:

refluxer said:

drlabman said:

I just opened a new 1 year Fixed Cash ISA at NatWest via the app, with the intention of transferring in an easy access cash ISA from Marcus.

Firstly, imagine my disappointment when I find I have to fill in a form, print it and send it to them (NW) in order to request the transfer-in.  I thought we were trying to reduce the amount of paper we use.

That's because Marcus don't subscribe to the BACs ISA transfer service - both providers have to be members in order for the transfer to take place wholly online.

drlabman said:

Secondly - have I done something wrong here?  I've contributed to the Marcus cash ISA in this tax year, but nowhere near the full amount, and it'll be closed on transfer.  I may contribute some more into the ISA at NatWest.  I presume it's OK to contribute to the NatWest ISA, even though I've contributed to the Marcus ISA earlier this tax year.

Yes, you should be OK to fund your new ISA with the remainder of your 2023-24 ISA allowance. Just make sure you only do this after the transfer has taken place (and the funds have been transferred) in order not to break any ISA rules and take note of any funding window that may apply to your new NatWest ISA. If the transfer is likely to take a while (which it could as it's paper-based), then it might be better to make your contribution to the Marcus easy access ISA before the transfer to avoid the possibility of running out of time to make a new subscription into the fixed NatWest ISA, if you have to wait for the transfer to occur first.

Unfortunately although Nat West/ RBS have an online process for ISA transfers their drop down list does not have a full list of providers who also use the paperless system. I wanted to transfer my Cynergy ISA to RBS... not on the list so paper form required!

Virgin Money wasn't on list either so just put Other and Bank Name.  No indication that a paper form is required (.....yet anyway).  Cynergy is part of the electronic transfer system so can't see why you couldn't have done likewise (unless of course you tried and still got required to submit paper form?)

Are you sure you are talking about the same form? Virgin Money was in the list and there is no Other.

Is that NW?  Mine was RBS and the list was very short (surprisingly so).  Odd if they have different lists though.