Transferring to Natwest Fixed term ISA - problems

Nearingretirement

I applied to transfer an ISA to Natwest on August 3rd. Have never been able to get hold of anyone. The local branch manager raised a formal complaint for me. I received a letter , with an apology and £100 compensation on August 30th. They stated that it could be another month yet before the transfer takes place? Anyone else getting issues with Natwest? 

xylophone

Anyone else getting issues with Natwest? 


Yes - there have been other posters indicating delays.

Albermarle

There is a sub section just about ISA's and a few comments on there about similar problems if you scroll through.
ISAs & tax-free savings — MoneySavingExpert Forum

35har1old

Nearingretirement said:

I applied to transfer an ISA to Natwest on August 3rd. Have never been able to get hold of anyone. The local branch manager raised a formal complaint for me. I received a letter , with an apology and £100 compensation on August 30th. They stated that it could be another month yet before the transfer takes place? Anyone else getting issues with Natwest? 

I and my wife did apply to transfer but neither has occurred.
In my wife's case her current provider did receive a request  dated 20/08/23 but the transfer has not proceeded have made a complaint.
In my case I had made a error on the sort code and received letter dated 15/08/23 didn't  receive this to 20/08/23 asking me to fill a paper request with a second class prepaid envelope or reapply online which I did then received a further letter saying that I had missed the deadline.
Made a phone call which took 1hr approx where I was told that it was being referred to get it reinstated.
After sometime I checked with current provider and they where still holding the ISA.So another 1hr call to be told that it was still being reviewed. 
So l lodge a complaint also.
As these where fixed term ISA with a maturity date of 01/10/23 I was happy to except the penalty when I thought they would  complete in usual time but as they have come so close to the maturity date I feel they should delay the transfer to maturity 

35har1old

35har1old said:

Nearingretirement said:

I applied to transfer an ISA to Natwest on August 3rd. Have never been able to get hold of anyone. The local branch manager raised a formal complaint for me. I received a letter , with an apology and £100 compensation on August 30th. They stated that it could be another month yet before the transfer takes place? Anyone else getting issues with Natwest? 

I and my wife did apply to transfer but neither has occurred.
In my wife's case her current provider did receive a request  dated 20/08/23 but the transfer has not proceeded have made a complaint.
In my case I had made a error on the sort code and received letter dated 15/08/23 didn't  receive this to 20/08/23 asking me to fill a paper request with a second class prepaid envelope or reapply online which I did then received a further letter saying that I had missed the deadline.
Made a phone call which took 1hr approx where I was told that it was being referred to get it reinstated.
After sometime I checked with current provider and they where still holding the ISA.So another 1hr call to be told that it was still being reviewed. 
So l lodge a complaint also.
As these where fixed term ISA with a maturity date of 01/10/23 I was happy to except the penalty when I thought they would  complete in usual time but as they have come so close to the maturity date I feel they should delay the transfer to maturity 

Update 17-10-23 both still waiting for transfer to happen
In my wife's case the money left the previous provider on the 03-10-23 not yet credited to new account they are still working on transfers in September 
My case no demand made to previous provider 

Stargunner

The funds for my ISA left the previous provider on the 21st August, then a few days later they sent a further payment of £5 for some interest. The £5 was credited to my new ISA within a few days, but I am still waiting for the first payment to show in my ISA. I call them virtually every week and I have also lodged a compliant to try to speed it up.

bdt182uk

Another disgruntled Natwest customer here...

To cut a very long story short:

• 2 Year Fixed ISA opened with Natwest on 29 July
• Existing ISA provider (Marcus) transferred out on 17 August
  
• My new Natwest ISA balance still shows Nil (i.e. my savings are currently 'missing')

Despite many calls, emails, texts, instant messages, app discussions (persistently) since 25 August; Natwest are unable to move beyond giving apologies and vague messages of resolving 'as soon as they can'. Everyone is pleasant, but no one has solutions.

Even my formal complaint (placed on my behalf by my Bank manager) is going unanswered. 

There appears to be no urgency on Natwest side to resolve, nor any effort to keep me updated. It is extremely frustrating. 

In one week I will take to Ombudsman.

Looking on this forum and comments on social media (you need just look on Facebook comments when they advertise new ISA products), I am clearly not an isolated case!

Natwest continue to promote market leading deals, when they apparently do not have the systems or resource to deliver on promises from 3 months ago. They shouldn't be able to do this...

I would recommend everyone avoids Natwest until they have resolved their issues. The headline deals are tempting, and I guess 99% of people have no issues, but if you're in the 1% - dealing with them is a nightmare.

subjecttocontract

Are you sure it's Nat West at fault ? Could it be Marcus ?
Marcus (part of Goldman Sachs) is not, I believe, part of the online transfer system which can mean transfers can take longer......although not usually as long as yours.

lucky77

I’m also having problems with NatWest isa transfer requested in August. I sent a complaint letter over a month ago but haven’t even received an acknowledgment. Wrote again today with copy of first letter but sounds like I’m unlikely to get a speedy response going by some of the earlier posts. 

xylophone

You are not alone in the slowness of the transfer but your problems are likely componded by the fact that the money is not transferred electronically but rather by cheque....

subjecttocontract

Going forward it's probably advisable to only use ISA providers that are part of the electronic transfer system. Cynergy Bank web site have a list of providers that transfer electronically if you want to check.