Some providers don't accept certain banks

BiffaBacon

I have a £20k ISA with Leeds BS but I am struggling to find a top interest provider like Chip or Plum who accept transfers from the Leeds. Is this common? Why is it so?

dunstonh

Transfers from Leeds shouldn't be an issue.  It's mainstream, and I have arranged transfers from them several times.   

Who is blocking it?  i.e. is it Leeds refusing to transfer to an unrecognised minnow, or is it the receiving scheme refusing?

El_Torro

I've had this issue before, specifically when transferring from Oaknorth Bank to Tembo. What I did was transfer from Oaknorth to Trading 212 to Tembo. 

A bit of a faff but there you go.

Kim_13

Usually it would be because the BS did not accept electronic transfers, and it isn’t uncommon for online/app providers to not accept paper ones. But Leeds BS are on a list of electronic transfers that I found, so that doesn’t explain this. 

Perhaps they have had previous issues with Leeds and have decided not to deal with them.

BiffaBacon

Thanks for all your comments. I don't think the problem is at the Leeds end, it's Plum and Chip who don't have Leeds on their list of schemes that they accept transfers from. The frustrating thing is that Plum and Chip are the highest interest rates meaning I will have to settle for much lower rates

Gambler

BiffaBacon said:

Thanks for all your comments. I don't think the problem is at the Leeds end, it's Plum and Chip who don't have Leeds on their list of schemes that they accept transfers from. The frustrating thing is that Plum and Chip are the highest interest rates meaning I will have to settle for much lower rates

Don't settle. Just transfer somewhere else first as suggested above.

danny13579

Just move your Leeds ISA to a provider that Chip accepts. Here's a list. Then from your chosen provider to Chip.

I'm currently transferring from Monument to Chip via Paragon, as Chip aren't accepting transfers from Monument either. 

refluxer

BiffaBacon said:

The frustrating thing is that Plum and Chip are the highest interest rates meaning I will have to settle for much lower rates

Plum pay a much lower rate of interest rate for transfers, so best avoided if you're after that headline rate.

dunstonh

BiffaBacon said:

Thanks for all your comments. I don't think the problem is at the Leeds end, it's Plum and Chip who don't have Leeds on their list of schemes that they accept transfers from. The frustrating thing is that Plum and Chip are the highest interest rates meaning I will have to settle for much lower rates

I have seen similar on the investment side where a digital-only platform will only accept transfers in from those using the digital transfer method.  (or charge £250 if the provider uses the paper method).

A number of digital providers cut their service to the bone to be able to offer the terms they do.

BiffaBacon

Thanks, yes, transfer somewhere else first, that's the answer.