Junior ISA Transfer Issue - Help!

PullingMyHairOut23

I am transferring a Junior ISA from Santander to NS&I. The funds moved on 5th June but NS&I refuse to do anything with the money until they receive a Transaction History Form from Santander. Santander don't seem to know what I'm talking about but NS&I are saying this is a legally required document. Has anyone had this issue before and how did you solve it, if so? I'm 7 phone calls down and no further along! Thanks.

refluxer

To be honest, this shouldn't involve you and it is up to the two banks to sort this out between them. If NS&I need extra information from Santander, then they should be the ones contacting Santander - not you. If you are having to get involved, then that's a sad reflection on both companies not doing their jobs properly.

FWIW, I transferred a Junior ISA away from NS&I a few years ago and the whole process took a couple of months. NS&I are notoriously slow and they don't use the (electronic) BACs ISA transfer scheme, so transfers have to be carried out via cheque. NS&I also used to take a long time to credit a JISA - I had a standing order set to pay into it on the first of every month and it would take anything up to a week to show up, which was unacceptably slow and (I would imagine) will have lead to a loss of interest every time a payment was delayed.

The only plus point to an NS&I Junior Cash ISA is that it's one of the few you can manage online, but much higher rates are available elsewhere so (once this is sorted or if you're able to abort the transfer and have the funds returned to Santander) I would recommend looking at alternatives if at all possible. The highest rates are often available from local building societies so try scrolling down this list and see if you can find a branch that's local to you : https://moneyfactscompare.co.uk/isa/junior-isas/?quick-links-first=false

PullingMyHairOut23

Thank you so much for your insight, its greatly appreciated and interesting to see that you have also experienced a slow service with NS&I. I shall check out the link thanks!