Cash ISA Transfer

Pmp

I follow the mse advice and when there is a better cash isa rate I transfer it.

However, twice this year the money has been released from the old cash isa on the Friday and then it is credited to the new cash isa on the Monday.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Both institutions say, “ Please note that we do not process operations on weekends or bank holidays.”

If I was to leave the money in the old cash isa at the lower rate I would not lose 2 days interest; it would just keep compounding even on a Saturday & Sunday.

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

Any advice gratefully received,
Thank you,

Robin9

If you think Cash ISA transfers are bad ..................

I initiated a transfer to Wealthify from Virgin Nov 3

Virgin sold the assets Dec 2nd  -   and not yet at Wealthify.

QrizB

Pmp said:

Do you have a solution … 

Don't start a transfer on a Friday?

FrugaiMacDugal

Pmp said:

I follow the mse advice and when there is a better cash isa rate I transfer it.

However, twice this year the money has been released from the old cash isa on the Friday and then it is credited to the new cash isa on the Monday.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Both institutions say, “ Please note that we do not process operations on weekends or bank holidays.”

If I was to leave the money in the old cash isa at the lower rate I would not lose 2 days interest; it would just keep compounding even on a Saturday & Sunday.

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

Any advice gratefully received,
Thank you.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Yes, £300k is a lot of money, to folks on minimum wage, your £152 interest loss is nothing to you, it's a wage to them.

JGB1955

I have just transferred an ISA from Charter Savings to Principality.  Principality have backdated the interest to the day the funds left Charter.  I have heard of other banks doing the same......

Peter999_2

FrugaiMacDugal said:

Pmp said:

I follow the mse advice and when there is a better cash isa rate I transfer it.

However, twice this year the money has been released from the old cash isa on the Friday and then it is credited to the new cash isa on the Monday.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Both institutions say, “ Please note that we do not process operations on weekends or bank holidays.”

If I was to leave the money in the old cash isa at the lower rate I would not lose 2 days interest; it would just keep compounding even on a Saturday & Sunday.

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

Any advice gratefully received,
Thank you.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Yes, £300k is a lot of money, to folks on minimum wage, your £152 interest loss is nothing to you, it's a wage to them.

Don't be so sure it doesn't mean anything to them.     I know a lot of people who can't work any more and live off the interest of the money they have saved over the years instead of expecting the government to fund thier life with benefits.

eskbanker

Pmp said:

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

JGB1955 said:

I have just transferred an ISA from Charter Savings to Principality.  Principality have backdated the interest to the day the funds left Charter.  I have heard of other banks doing the same......

It's recommended practice for providers enacting cash ISA transfers to dovetail the interest in that way, so that there are no days on which the money isn't earning interest - OP, which institutions are you referring to who failed to do this and did you calculate the interest yourself, rather than just looking at dates on statements?

Pmp said:

I follow the mse advice and when there is a better cash isa rate I transfer it.

[...]

over £300,000 this is a lot of money

You might wish to consider two other aspects of MSE advice, namely the risk of keeping over the £120K (per person) FSCS protection limit in any institution, other than NS&I or for temporary high balances, and the risk of real terms value loss (to inflation) when retaining such sums in cash deposit form....

flaneurs_lobster

FrugaiMacDugal said:

Pmp said:

I follow the mse advice and when there is a better cash isa rate I transfer it.

However, twice this year the money has been released from the old cash isa on the Friday and then it is credited to the new cash isa on the Monday.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Both institutions say, “ Please note that we do not process operations on weekends or bank holidays.”

If I was to leave the money in the old cash isa at the lower rate I would not lose 2 days interest; it would just keep compounding even on a Saturday & Sunday.

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

Any advice gratefully received,
Thank you.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Yes, £300k is a lot of money, to folks on minimum wage, your £152 interest loss is nothing to you, it's a wage to them.

Just a tad rude no? £150 is a lot of money regardless.

One of the pleasant aspects of this Forum is that people can discuss their £1M+ pension issues or the problems they are having with £1 off coupons at Tesco, without judgemental or witless comments about their personal wealth or lifestyle choices.

Ocelot

Peter999_2 said:

FrugaiMacDugal said:

Pmp said:

I follow the mse advice and when there is a better cash isa rate I transfer it.

However, twice this year the money has been released from the old cash isa on the Friday and then it is credited to the new cash isa on the Monday.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Both institutions say, “ Please note that we do not process operations on weekends or bank holidays.”

If I was to leave the money in the old cash isa at the lower rate I would not lose 2 days interest; it would just keep compounding even on a Saturday & Sunday.

Do you have a solution … is it worth transferring what with me losing 2 days interest each time OR am I doing something wrong?

Any advice gratefully received,
Thank you.

I lost two days interest on both occasions. On over £300,000 this is a lot of money (£38 per day). Total loss £152 (2 x 2 days).

Yes, £300k is a lot of money, to folks on minimum wage, your £152 interest loss is nothing to you, it's a wage to them.

Don't be so sure it doesn't mean anything to them.     I know a lot of people who can't work any more and live off the interest of the money they have saved over the years instead of expecting the government to fund thier life with benefits.

Indeed. Since April I've been one of them.

fuzzzzy

QrizB said:

Pmp said:

Do you have a solution … 

Don't start a transfer on a Friday?

They probably didn't initiate a transfer on a Friday. Maybe a Monday would be a better option but even that is not foolproof.