Why do I have to go in to branch to transfer an ISA?

B0bbyEwing

Aside from the obvious - "because they make the rules". 

So I've a S&S ISA with Vanguard & I'm looking at transferring this in to my cash ISA with Nationwide. 
On their website it says to do this I have to go in branch ... the end. Not - go in branch or fill out this form & post it off but just go in branch & that's your only option.

This is a nuisance since no doubt you have to book an appointment & I get limited weekends available as it is.

I'm just chancing it here in case someone has done this & there is another way but if not then I just wondered why? Seems a bit behind the times, no?

masonic

Have you tried opening a new cash ISA and transferring in as part of the application, as per https://www.nationwide.co.uk/savings/help/transfer-isa/#transfer-a-cash-isa-to-nationwide

Then an internal transfer wouldn't require a branch visit.

Albermarle

Maybe you have tried to apply for a branch based account, rather than an online one?

B0bbyEwing

I haven't tried to apply for anything. 

I have a cash ISA with old money in it & wondered how I'd go about transferring over my vanguard ISA so hopped on Google for a search & was routed to a page that said I need to go in branch which I thought was a bit backwards. 

Thanks masonic, I'll take a look at the link when I'm home tonight. 

refluxer

What type of ISA do you currently have with the Nationwide and what is the rate ? Presuming it's an easy access ISA of some kind (because you can't transfer into one of their fixed rate ISAs midway through the fixed term) then it's likely you'll currently get a better rate elsewhere, in which case you should be able to open a new, online cash ISA with a different bank or building society and transfer in without needing to visit a branch (although you may need to post a transfer form, depending on who you choose).

boingy

A big +1 to refluxer's answer above. Open a new ISA and get a decent rate.

B0bbyEwing

refluxer said:

What type of ISA do you currently have with the Nationwide and what is the rate 

Loyalty ISA @ 3.75%.

This is for my emergency savings pot (as in put out of work emergency). I have 3 months wages in my Nationwide ISA & 3 months wages in my Vanguard (I know I know - shouldn't put emergency savings in to S&S).

I'm in the process of simplifying my banking & one of the things is to merge these in to a cash ISA.

I know I could get a higher rate of interest outside of an ISA in a 'normal' savings account but I'm not particularly interested. It's 6 months wages, not £600k so with the rates that are available we probably wont be talking a massive difference. 

I'll take a look at what the better cash ISA rates are then.

xylophone

Loyalty ISA @ 3.75%.

I know I could get a higher rate of interest outside of an ISA in a 'normal' savings account 

You could get a higher rate in an ISA!

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

drphila

then I just wondered why? Seems a bit behind the times, no?

So they can better understand your financial situation and thereby hopefully sell you other products

B0bbyEwing

xylophone said:

Loyalty ISA @ 3.75%.

I know I could get a higher rate of interest outside of an ISA in a 'normal' savings account 

You could get a higher rate in an ISA!

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

I knew I could since I never went hunting for the best-of-the-best for how much was going to be in there. I just went with who I was already with.

But that also wasn't what I was saying either.

Thanks for the link all the same though.

Also, I'm not sure about opening a new one to transfer in to, as in I'm not sure it's possible. Take https://www.cynergybank.co.uk/personal/online-isa/online-isa/ for example. Open with £1 they say. Well I'd want to open with £0 and then transfer in but as £0 isn't £1 it seems as though this isn't really an option.

refluxer

If the ISA provider accepts transfers in and that's how you want to fund it then you don't need to open it with £1.

You'll often be able to submit the transfer request when you open the account but if not, then you'll just open it and then follow whatever process they require.

I've never personally done a S&S to Cash ISA transfer though, which might be a bit more of an involved process than a Cash ISA to Cash ISA transfer.