Natwest ISA

hobbo1953

Hi
Had a Natwest fixed rate isa which matured on 4th September. Issued instructions to new provider on 28th August to open a new isa and set up transfer from Natwest on Maturity. All parties acknowledged requests. On 5th Sept Natwest informed me that they had moved funds to an easy access isa.
Waited for transfer to take place but even after their max wait time of 5 working days still nothing.
I managed to talk to their customer service who said "sorry there is a backlog leave it till Monday and ring again"
Totally unacceptable. 
Any ideas how expedite this transfer? Will make a complaint to Natwest when transfer completed but for now I just want the transfer to happen.

masonic

Providers have up to 15 working days to complete, giving them until 25th September in your case, but there is a target for 90% of transfers to be completed within 7 days, which they've already missed for yours.

eskbanker

The rule is that cash ISA transfers must be completed within 15 working days, i.e. three weeks, so it's only after that timeframe that you have the right to complain.

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

rallycurve

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

Middle_of_the_Road

rallycurve said:

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

Good to know, not seen this breakdown on here before.

eskbanker

rallycurve said:

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

That'll depend on exactly when their 5 working days are deemed to start, which may not be the 4th or 5th....

rallycurve

eskbanker said:

rallycurve said:

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

That'll depend on exactly when their 5 working days are deemed to start, which may not be the 4th or 5th....

Yes, true. I suppose it'll be at least from the time they confirmed they were working on the transfer?

I'm in a similar situation to the op and they informed me they were progressing my transfer on the 4th Sept yet the funds are still earning a poor 1.15%...

Only because they can't deal with the volume of requests to transfer out after their (back then) leading 2 year ISAs matured with no decent offer to stay with them. Not acceptable at all.

35har1old

rallycurve said:

eskbanker said:

rallycurve said:

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

That'll depend on exactly when their 5 working days are deemed to start, which may not be the 4th or 5th....

Yes, true. I suppose it'll be at least from the time they confirmed they were working on the transfer?

I'm in a similar situation to the op and they informed me they were progressing my transfer on the 4th Sept yet the funds are still earning a poor 1.15%...

Only because they can't deal with the volume of requests to transfer out after their (back then) leading 2 year ISAs matured with no decent offer to stay with them. Not acceptable at all.

Made 2 partial transfers both have completed.
Had a issue with one of the transfers but they had submitted the wrong transfer form phone call got that sorted still completed in days
This one wasn't submitted on the day of maturity resubmission would have been the 9th completed 11th
That would suggest that the problem might not be with Nat West

35har1old

eskbanker said:

rallycurve said:

Those 15 working days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

So Natwest can't hold it for longer than 5 days. They are not complying with the ISA transfer rules. 

That'll depend on exactly when their 5 working days are deemed to start, which may not be the 4th or 5th....

Could be the ninth before they received it