Usual for new ISA provider customers to be limited to £20000 transfer?

SeanM42

Hi, I have £40000 with an ISA provider and wish to transfer it all to a provider with a better rate of interest (will have to be variable rather than fixed). I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

gravel_2

I would guess they are talking nonsense. The terms for both the EA ISA and fixed ISA indicate you can transfer previous ISA balances and the maximum size of the account is £1million.

"You can deposit between £500 and £20,000 for a new investment in a Cash ISA or £500 and upwards for a transfer using the ISA transfer in process. Our Cash ISA can only accept transfers in of Cash ISA’s from ISA providers who are members of BACS and can support the BACS Cash ISA transfer in process."

Albermarle

This will almost certainly be a case of badly trained staff.

eskbanker

SeanM42 said:

Hi, I have £40000 with an ISA provider and wish to transfer it all to a provider with a better rate of interest (will have to be variable rather than fixed). I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

It's fairly typical that phone conversations result in misinformation or misunderstandings, so generally easier and better to simply access the product information online, and preferably to actually open and fund accounts that way too....

dunstonh

 I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

I wonder if they thought you were talking about a bank transfer.  As in method of payment rather than an ISA transfer between providers?

Beddie

dunstonh said:

 I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

I wonder if they thought you were talking about a bank transfer.  As in method of payment rather than an ISA transfer between providers?

I think so too, just a simple mistake in communication.

SeanM42

dunstonh said:

 I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

I wonder if they thought you were talking about a bank transfer.  As in method of payment rather than an ISA transfer between providers?

No - I made it very clear that it would be a transfer between providers. 

Bodes well for any future customer service...

35har1old

SeanM42 said:

Hi, I have £40000 with an ISA provider and wish to transfer it all to a provider with a better rate of interest (will have to be variable rather than fixed). I've just gotten off the phone with Cynergy who informed me that I can only transfer £20000, as I'd be a new customer - is this typical amongst financial service providers?

Under you will need paragraph 
Between £500 and £20000 for a new investment 
OR £500 and upwards for a TRANSFER 
Clearly the agent failed to read the whole sentence