Closing Natwest account - waiting for access to biometrics?

EasyToAssemble01

I have a Natwest cash ISA that's now reached maturity, so I want to close this account to invest elsewhere. In order to close the account, I have to first transfer the funds, but there's daily limits preventing me from doing this. To do this, it says that I have to register for biometrics in the Natwest app, which I've just installed. However, the app's telling me I can't apply for biometrics as I've just set the app up.

This is frustrating, as I don't see how the process should be delayed, if I've already provided the existing security information I used to set the ISA up in the first place.

How long will it normally take for me to be able to apply for biometrics, so I can transfer my funds out and close the account?

On a side note, does anyone else feel that Natwest make their withdrawal process particularly difficult to prevent people closing accounts?. I've heard a few people complaining about them in terms of accessing their own money.

RunsFromRobots

Are you looking to reinvest in another ISA elsewhere?

MeteredOut

Have you consider transferring the funds to a new ISA, keeping it within a tax free shelter, rather than withdrawing it?

Unless you have a use for the funds now, that's who most here would recommend. Where are you investing it?

EasyToAssemble01

RunsFromRobots said:

Are you looking to reinvest in another ISA elsewhere?

I'm looking to reinvest it in my Trading 212 Stocks ISA. The question is about the delayed security process, which I imagine would be the same for a transferral or withdrawal.

EasyToAssemble01

MeteredOut said:

Have you consider transferring the funds to a new ISA, keeping it within a tax free shelter, rather than withdrawing it?

Unless you have a use for the funds now, that's who most here would recommend. Where are you investing it?

The main question is about the security process delaying me doing this (it'll be the same whether I'm withdrawing or transferring).

MeteredOut

EasyToAssemble01 said:

RunsFromRobots said:

Are you looking to reinvest in another ISA elsewhere?

I'm looking to reinvest it in my Trading 212 Stocks ISA. The question is about the delayed security process, which I imagine would be the same for a transferral or withdrawal.

You mentioned Natwest transfer limits. These should not come in to play when you're doing an ISA transfer, only when you're manually transferring funds, which would then lose the tax sheltered status of the funds.

I can't see why (or even how) biometrics could come into play when you'd be initiating the ISA transfer from T212.

To answer your question, i understand Natwest does not necessarily have a fixed timescale for allowing biometric setup, but it depends on your own usage profile. From memory, it was around 3 days for me.

EDIT: See https://www.natwest.com/fraud-and-security/sca.html

"For your security, biometric approval won’t be open to you if you are new to our mobile app. Continue using the app as normal and we’ll let you know when you can set it up."

born_again

EasyToAssemble01 said:

RunsFromRobots said:

Are you looking to reinvest in another ISA elsewhere?

I'm looking to reinvest it in my Trading 212 Stocks ISA. The question is about the delayed security process, which I imagine would be the same for a transferral or withdrawal.

Have you spoken to trading 212 to see if you can transfer over?
Which will not have the same transfer restrictions.
How much have you paid into trading  212 isa this year? As withdrawing from other isa, will be counted as part of your £20K allowance.

EasyToAssemble01

MeteredOut said:

You mentioned Natwest transfer limits. These should not come in to play when you're doing an ISA transfer, only when you're manually transferring funds, which would then lose the tax sheltered status of the funds.

I can't see why (or even how) biometrics could come into play when you'd be initiating the ISA transfer from T212.

To answer your question, i understand Natwest does not necessarily have a fixed timescale for allowing biometric setup, but it depends on your own usage profile. From memory, it was around 3 days for me.

EDIT: See https://www.natwest.com/fraud-and-security/sca.html

"For your security, biometric approval won’t be open to you if you are new to our mobile app. Continue using the app as normal and we’ll let you know when you can set it up."

OK, thanks. I'm still  under the threshold for this year, but didn't think of initiating it from Trading 212, so I'll try this.

p00hsticks

EasyToAssemble01 said:

RunsFromRobots said:

Are you looking to reinvest in another ISA elsewhere?

I'm looking to reinvest it in my Trading 212 Stocks ISA. The question is about the delayed security process, which I imagine would be the same for a transferral or withdrawal.

AS far as I'm aware you shouldn't have to jump through any hoops on the NatWest side to do a transfer to another financial institution. You just tell Trading 212 that you want to transfer another ISA in, give them the details of the Nat West one and let them handle the transfer for you.

As others have said, if you withdraw the money yourself then you'll lose the tax-free ISA status, and may not be able to pay it into another ISA if you've already used up your allowance for this year. 

EasyToAssemble01

born_again said:

Have you spoken to trading 212 to see if you can transfer over?
Which will not have the same transfer restrictions.
How much have you paid into trading  212 isa this year? As withdrawing from other isa, will be counted as part of your £20K allowance.

OK, thanks. I will try doing it via Trading 212.

MeteredOut

EasyToAssemble01 said:

MeteredOut said:

You mentioned Natwest transfer limits. These should not come in to play when you're doing an ISA transfer, only when you're manually transferring funds, which would then lose the tax sheltered status of the funds.

I can't see why (or even how) biometrics could come into play when you'd be initiating the ISA transfer from T212.

To answer your question, i understand Natwest does not necessarily have a fixed timescale for allowing biometric setup, but it depends on your own usage profile. From memory, it was around 3 days for me.

EDIT: See https://www.natwest.com/fraud-and-security/sca.html

"For your security, biometric approval won’t be open to you if you are new to our mobile app. Continue using the app as normal and we’ll let you know when you can set it up."

OK, thanks. I'm still  under the threshold for this year, but didn't think of initiating it from Trading 212, so I'll try this.

Always initiate the transfer from the receiving ISA provider. If you'd manually transferred the funds, you'd be using a portion of this years £20K allowance, and if you were wanting to add more to the ISA this year, you'd be limited to that total of £20K including the funds you manually moved over.