Natwest ISA

rallycurve

02-Sep (Tue) - new ISA opened (Kent Reliance) and transfer in request
03-Sep (Wed) - KR confirms transfer request sent to Natwest
04-Sep (Thu) - notification of transfer request received by Natwest
... silence ...

15-Sep (Mon) - I contact Natwest and I am told they have accepted the transfer request and released the funds on the 09-Sep (Tue).
16-Sep (Tue) - Funds still showing in my Natwest account. KR says they haven't received anything from Natwest. They say they have 5 working days for funds to reach to them?

Hopefully this will complete tomorrow then...

vic_sf49

vic_sf49 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's handy to know! Thank you!

5th Sep (Fri) - new ISA opened (Aldermore), with transfer in of Natwest ISA requested.

5th Sep (Fri) - transfer request acknowledged, and sent to Natwest by Aldermore.

6th Sep (Sat) - notification of transfer request, received by Natwest.

13th Sep (Sat) - ISA still with Natwest, but they've had five working days now, so hopefully that will be done soon.

16 Sep (Tue) - email from Aldermore, saying the funds are in my newly opened ISA.

Pleased with all that. 

VXman

Similar annoying delays for me with Nat West. I think it's poor that they move your matured ISA to a low paying 1.4% and then take up to 15 days to move it.  I got £7.37 in interest for the days it took them after maturity to move. Had it been in my new ISA account it would have given me 3times that - £21.

Compare that with Virgin that moved it immediately to a flexible ISA at  4.11% which is decent enough to give me time to think about where and when to move it and I am unlikely to lose much in interest during the process.

Another Nat West anomaly. My wife requested her transfer 3 days before mine. Mine moved 2 days ago - hers is still waiting. So clearly not done in any logical order. She rang Nat West and was told they are very busy dealing with matured ISA's.

rallycurve

rallycurve said:

02-Sep (Tue) - new ISA opened (Kent Reliance) and transfer in request
03-Sep (Wed) - KR confirms transfer request sent to Natwest
04-Sep (Thu) - notification of transfer request received by Natwest
... silence ...

15-Sep (Mon) - I contact Natwest and I am told they have accepted the transfer request and released the funds on the 09-Sep (Tue).
16-Sep (Tue) - Funds still showing in my Natwest account. KR says they haven't received anything from Natwest. They say they have 5 working days for funds to reach to them?

Hopefully this will complete tomorrow then...

18-Sep (Thu) - Funds left Natwest
19-Sep (Fri) - Funds showing on Kent Reliance online banking, dated 17-Sep

I'm not sure who is at fault of the delay but glad it's over. 

premierfella

rallycurve said:

rallycurve said:

02-Sep (Tue) - new ISA opened (Kent Reliance) and transfer in request
03-Sep (Wed) - KR confirms transfer request sent to Natwest
04-Sep (Thu) - notification of transfer request received by Natwest
... silence ...

15-Sep (Mon) - I contact Natwest and I am told they have accepted the transfer request and released the funds on the 09-Sep (Tue).
16-Sep (Tue) - Funds still showing in my Natwest account. KR says they haven't received anything from Natwest. They say they have 5 working days for funds to reach to them?

Hopefully this will complete tomorrow then...

18-Sep (Thu) - Funds left Natwest
19-Sep (Fri) - Funds showing on Kent Reliance online banking, dated 17-Sep

I'm not sure who is at fault of the delay but glad it's over. 

I think it's clear it was probably NatWest. Mine was like one of the other posts here, RBS to Aldermore, and had a similar unusual delay.

It's not often NatWest/RBS have decentcash ISA rates anyway, but given this experience I certainly won't use them again unless the rate is generous and won't recommend them for fixed rate cash ISAs to anyone.

vic_sf49

I think Natwest had a ton of complaints, when everyone was opening this ISA, as it was the best rate for a while, and they were inundated I expect. 

I must have got my application in early, as mine opened quickly, and without any issue. 

Although I wasn't transferring one in, so that would have simplified the process for me. 

vic_sf49

Has anyone received a closing / interest statement for this ISA yet? 

I've received one for the current account I closed days later, but not one for the ISA yet. 

I'll chase it at some point, but don't know if they're just slow, or if they only send stuff at the end of the tax year, or who knows. 

I do prefer some of the non high street banks, where statements are available to download immediately. 

Kim_13

Mine took 4 complete working days for an electronic transfer. Given the 1.15%, I thought that was bad enough, as it wasn’t like you could elect to re-fix with them in advance (as you would be able to with most providers) to avoid the money landing in there. Their current offering is decent but it would take a clear market leader (such as the 5.9% was in 2023) to go with them again given that.

georged123

Do Natwest allow you to have ISAs with other providers?

I was going to open the 4.2% fixed but their application states you can only hold Cash ISA during the current financial year...

clairec666

georged123 said:

Do Natwest allow you to have ISAs with other providers?

I was going to open the 4.2% fixed but their application states you can only hold Cash ISA during the current financial year...

Natwest cannot stop you having an ISA with another provider.

The only restriction I can find in the T&Cs is that you can only subscribe to one ISA with Natwest in the current tax year.