Monument ISA transfer in.

allegro120

esselle_aitch said:

northernstar007 said:

ive got my isa with monument, not needing access to the funds, but dreading the transfer when the time comes

Hopefully it’s just teething problems and by the time you need to access your funds, they’ll have sorted out their system. My advice though - plan ahead! 

Can't really plan ahead in this messy environment.  We don't know who is going to drop the rate, when and by how much. Transfers depend on pure luck and the timeline is always unknown.  If I knew that Monument will be reducing from 4.76% to 4.25% I wouldn't have opened the account and spend a month chasing my transfer in. 

You are probably right about teething.  I'm testing transfers out of Monument, most failed, but some were successful. The latest one - Transfer from Monument to Moneybox requested on 9th June, money arrived to Moneybox today (12th June).

esselle_aitch

allegro120 said:

esselle_aitch said:

northernstar007 said:

ive got my isa with monument, not needing access to the funds, but dreading the transfer when the time comes

Hopefully it’s just teething problems and by the time you need to access your funds, they’ll have sorted out their system. My advice though - plan ahead! 

Can't really plan ahead in this messy environment.  We don't know who is going to drop the rate, when and by how much. Transfers depend on pure luck and the timeline is always unknown.  If I knew that Monument will be reducing from 4.76% to 4.25% I wouldn't have opened the account and spend a month chasing my transfer in. 

You are probably right about teething.  I'm testing transfers out of Monument, most failed, but some were successful. The latest one - Transfer from Monument to Moneybox requested on 9th June, money arrived to Moneybox today (12th June).

Likewise am disappointed with the drop in interest rate so soon after opening my Monument account 

danny13579

allegro120 said:
If I knew that Monument will be reducing from 4.76% to 4.25% I wouldn't have opened the account and spend a month chasing my transfer in. 

esselle_aitch said:

Likewise am disappointed with the drop in interest rate so soon after opening my Monument account 

Same here. Currently transferring from Monument to Paragon, then from Paragon to Chip (as Chip aren't accepting transfers from Monument) so hopefully all goes smoothly! 

Tafrock

Happy to report my Monument to Paragon ISA transfer took a mere 8 working days . Opened paragon on June 5 transfer completed today June 17th and I am Monument free now having closed my other savings account with them too due to the hefty interest rate drop

allegro120

Tafrock said:

Happy to report my Monument to Paragon ISA transfer took a mere 8 working days . Opened paragon on June 5 transfer completed today June 17th and I am Monument free now having closed my other savings account with them too due to the hefty interest rate drop

Sad to report my online Monument to Paragon transfer failed thrice. I gave it a fourth go on 30th May, this time paper version, received the letter in post (dated 5th June) confirming that Paragon received my request.  No more communication from either side since.  The deadline for funding Paragon ISA expired yesterday. 

danny13579

I feel a bit bad now, my Monument to Paragon transfer took 2 working days. No issues at all.

Now undergoing my Paragon to Chip transfer so hopefully that goes as smoothly. 🤞

danny13579

Paragon to Chip completed in 2 business days.  Now, I think a break from ISA transferring is needed!

esselle_aitch

I’m getting so fed up with this now. I completed my paper transfer form for my new provider so they could initiate the manual transfer from Monument, but I’ve received another email from Monument informing me that they’ve rejected the (second) request because they’re experiencing technical issues with automatic transfers. It feels like I’m going round in circles and that my money is going to be stuck with Monument forever. I honestly have no idea if the issue is with Monument or my new provider, or what to do next! I transferred another ISA to my new provider with no issues so it does feel like the issue is with Monument. It feels like they’re holding a lot of my money that I’ll never be able to access again and I don’t want to close the account and withdraw the money as I’ll lose the tax benefits. So frustrating! 

allegro120

esselle_aitch said:

I’m getting so fed up with this now. I completed my paper transfer form for my new provider so they could initiate the manual transfer from Monument, but I’ve received another email from Monument informing me that they’ve rejected the (second) request because they’re experiencing technical issues with automatic transfers. It feels like I’m going round in circles and that my money is going to be stuck with Monument forever. I honestly have no idea if the issue is with Monument or my new provider, or what to do next! I transferred another ISA to my new provider with no issues so it does feel like the issue is with Monument. It feels like they’re holding a lot of my money that I’ll never be able to access again and I don’t want to close the account and withdraw the money as I’ll lose the tax benefits. So frustrating! 

At leat your money is in Monument earning 4.25%.  One of my transfers has left Monument 15 days ago and never arrived to it's destination.  I'm in constant communication with both providers asking them to chase the missing funds, but the money is still missing - nobody knows where it is.