Natwest ISA transfer

sperry14

Is anyone else in this situation.... i applied for the 5.9% fixed ISA with Natwest  and requested a transfer of an existing ISA into it.... this got rejected by my current provider so managed to get through to Natwest to find out why ( hour on hold) , apparently an admin error, so they rectified it week later still not happened called natwest again ( hour on hold) this time it again had been rejected due to another admin error.... eventually get notification Sept 11th funds have been transfered..... however funds not showing in Natwest account so phoned again (hour on hold) get a story about a back log etc etc be patient...... its now the 20th funds still not in my account????  i keep being told they can see all the history but how long does this take ? what should i do ?  i keep calling to request info / status but iam on hold for hours....... 

Albermarle

Transferring to Natwest Fixed term ISA - problems — MoneySavingExpert Forum

drphila

sperry14 said:

Is anyone else in this situation.... i applied for the 5.9% fixed ISA with Natwest  and requested a transfer of an existing ISA into it.... this got rejected by my current provider so managed to get through to Natwest to find out why ( hour on hold) , apparently an admin error, so they rectified it week later still not happened called natwest again ( hour on hold) this time it again had been rejected due to another admin error.... eventually get notification Sept 11th funds have been transfered..... however funds not showing in Natwest account so phoned again (hour on hold) get a story about a back log etc etc be patient...... its now the 20th funds still not in my account????  i keep being told they can see all the history but how long does this take ? what should i do ?  i keep calling to request info / status but iam on hold for hours....... 

Should get through quite quickly if you phone at 9am on the dot.

Stargunner

sperry14 said:

Is anyone else in this situation.... i applied for the 5.9% fixed ISA with Natwest  and requested a transfer of an existing ISA into it.... this got rejected by my current provider so managed to get through to Natwest to find out why ( hour on hold) , apparently an admin error, so they rectified it week later still not happened called natwest again ( hour on hold) this time it again had been rejected due to another admin error.... eventually get notification Sept 11th funds have been transfered..... however funds not showing in Natwest account so phoned again (hour on hold) get a story about a back log etc etc be patient...... its now the 20th funds still not in my account????  i keep being told they can see all the history but how long does this take ? what should i do ?  i keep calling to request info / status but iam on hold for hours....... 

I have been waiting longer than you. I transferred a S&S ISA from Bestinvest and they made the payment to Nat West by BACS on the 21st August, so the money arrived with Nat West on the 24th August and it still doesn't show in my ISA  account. Bestinvest also transferred a small interest payment to them around 10 days later and that amount appeared in my Nat West account within a few days. I have been calling them once a week just to be told that they have a massive backlog and it will show in my account soon and it will be back dated so that I don't lose out on interest. Shambolic service. Surely when these banks decide to release market leading rates that they know that they will have a massive influx of applications and you would think that they would ensure that they draft in adequate amounts of staff to the department, to process them in a timely manner.   

DukeAre

Our history. Applications recorded delivery to NatWest 4th August. Our separate ISA balances from The Wesleyan to NatWest on 22nd August, my wife. Then 13th September, me. (Odd, about the time gap!)

Most recent contact. Text 14th September. "We are working on it. May take a few weeks. Will let you know when it's done."

Haven't as yet visited a branch. Perhaps will give it another week!

Albermarle

Surely when these banks decide to release market leading rates that they know that they will have a massive influx of applications and you would think that they would ensure that they draft in adequate amounts of staff to the department, to process them in a timely manner.   

This issue crops up from time to time on the forum, for various different savings providers after they release market leading products. Perhaps they underestimate the number of applications but in the end pay for it with a reduced reputation.

lohr500

My parents are in the same boat with their S&S ISAs being transferred to 2 year fixed NatWest Cash ISA's.

NatWest have assured them that despite the delay and the fact that the funding deadline has passed, they will both still get get the 5.9% rate and that interest will be backdated appropriately.

I will believe it when I see it !!!

DukeAre

drphila said:

sperry14 said:

Is anyone else in this situation.... i applied for the 5.9% fixed ISA with Natwest  and requested a transfer of an existing ISA into it.... this got rejected by my current provider so managed to get through to Natwest to find out why ( hour on hold) , apparently an admin error, so they rectified it week later still not happened called natwest again ( hour on hold) this time it again had been rejected due to another admin error.... eventually get notification Sept 11th funds have been transfered..... however funds not showing in Natwest account so phoned again (hour on hold) get a story about a back log etc etc be patient...... its now the 20th funds still not in my account????  i keep being told they can see all the history but how long does this take ? what should i do ?  i keep calling to request info / status but iam on hold for hours....... 

Should get through quite quickly if you phone at 9am on the dot.

Did this at nine this morning. Less than five minutes later we were speaking to "Samuel". Perhaps half an hour on the line, at the end of which had found my exact balance transfer in, and did at that time say sorted by this weekend! Modified that to next weekend, before we finished the call. Minutes later, he actually called us back to confirm that he had also identified my wife's exact transfer amount, also. Nice of him to call back. Anyway, we will see. Good luck to everyone else who is going through this.

DukeAre

Okay, as of the 14th Oct. my wife's NatWest online shows the transfer balance from The Wesleyan bank. Smashing! 

That's eleven weeks to the day!

My own balance still a stubborn £0.00. In fairness, "Samuel" did say by the end of this week. 

DukeAre

Well, that's it folks! My NatWest balance finally showing the expected transfer amount. Phew!

Good luck to anyone still patiently waiting.

nickbt

Yes, applied and opened on the 5/9/23, requested an ISA transfer from Hargreaves Lansdowne which NatWest received on the 14/9  still waiting for a stocks and shares Isa transfer that left Hargreaves Lansdowne the 28/9/23 to appear in my account .Despite repeated calls to the NatWest Isa team the substantial sum of money still remains elusive. Have opened up a complaint procedure as we are well past the 30 day limit. To make matter worse my wife's has been credited to her account and that application went in approx. two weeks later than mine. Squeaky bottom time.