NatWest Cash ISA - Comment and Question

bristolleedsfan

https://customerforms.rbs.co.uk/apps/secure/applicationforms_dda/asp/form.asp?appid=921  Virgin Money is on list.

fabsaver

Shedman said:

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. 

I applied online at NatWest and encountered the same short version of the list as you did in the application process.

I selected 'other', typed Virgin Money and haven't (yet) been asked to complete a paper form. On my account opening documents under 'transfer processed' it says 'yes' and to allow up to 7 business days. With the horror stories on here about Virgin Money transfers I'm not expecting it to go smoothly.

I wonder if the longer list is only shown to those applying on the app or doing the transfer separately from the application.

Shedman

bristolleedsfan said:

https://customerforms.rbs.co.uk/apps/secure/applicationforms_dda/asp/form.asp?appid=921  Virgin Money is on list.

That is presumably a form to apply after the account has been open rather than during the actual account application process hence the differences?