Manual Cash ISA Transfer - when does 15 days deadline start

skray

Hi

For Manual Fixed Rate Cash ISA Transfer:

1)The 15 working days timeframe - does it start from the date of maturity of the maturing Cash ISA, or the date on which I apply for the transfer.

2)If it takes longer than 15 days do I have a legal right to claim compensation to the extent I lost interest, or is this only a guideline.

I had a Cash ISA with Natwest that was maturing on 4/Sep. I submitted ISA transfer form to PNB Intl Ltd (who do not do electronic transfer) on 24/Aug for investment into a 1 year deposit. PNB forwarded my application to NW by email on 28/Aug. I received assurance from NW that fund transfer to PNB will be processed on 5/Sep a day after maturity as per instructions, but apparently because of communication gap between the 2 banks the funds transfer actually occurred only yesterday 23/Sep. From 5/Sep to 23/Sep the funds were sitting in an instant access Cash ISA with NW resulting in interest loss. (At this stage it is not apparent whose deficiency it was that it took so long or if the 2 banks will agree).

Thanks in advance

Mark_d

I'm not aware of any law mandating that cash ISA transfers MUST complete with 15 working days.  Natwest has this advice:
https://www.natwest.com/support-centre/bank-accounts-and-supporting-information/general/how-long-does-an-isa-transfer-take.html

Hoenir

The processing clock will start on maturity. Yesterday was only 13 working days from when your ISA matured. 

masonic

HMRC stipulate that cash ISA to cash ISA transfers must be completed within 15 working days, so a complaint should be successful in the event it takes longer. As alluded to above, the 15th working day after maturity is tomorrow.