Charter failed to transfer cash ISA in 45 days

simonpies234

Nothing surprises me with banks, nothing!

My only advice with ISA's is,

Limit the times you transfer to a bare minimum, thus reducing the chance of problems and the 'stress' this will cause you.

Gehngus

Trading 212 uses the same transfer protocol as plumb so should work fine.

The rate is also good for new payments which can go in in April.

However it says "lower rates on some transfers"?

fuzzzzy

I would always make a formal complaint if a cash ISA transfer goes beyond 15 working days.

Gehngus

https://forums.moneysavingexpert.com/discussion/comment/81902068#Comment_81902068

From past experience I believe this takes more time and gains nothing. T&c's usually cover everything needed.

Charter are still the top transfer in rate. Others seem to give better rates on new money going in only.

I have already invested maximum for this tax year so can not put in to open an account.

I may be better waiting until April.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81902033#Comment_81902033

There was a rash of threads on the forum about Plum and their unusual ways of working/T's & C's.

Although they seem to have stopped now.

Gehngus

Now here's a thing.

The lady I spoke to at charter rang back to explain why the delay had happened.. plum not using standard protocols and tend to dely or not reply etc. And that they alow 15 days over the 30 day so 45 days in all.

She also listed the number of times they had attempted to initiate the transfer but admitted they could have done more.

She then said they were putting £25 into my linked account by way of an apology and sugested I contact plum to raise a complaint.

Also said if I did open another account it would have a higher percentage of interest, and she would personally keep the account tracked and myself up to date.

I hadn't complained. I just needed to know my ISA wouldn't disappear, so this call was unexpected.

I don't think I have ever been offered money without asking before?

eskbanker

The lady I spoke to at charter rang back to explain why the delay had happened.. plum not using standard protocols and tend to dely or not reply etc. And that they alow 15 days over the 30 day so 45 days in all.

30 calendar days is allowed for non-cash ISA transfers but for cash ones it's 15 working days, i.e. 21 calendar days:

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

Ocelot

Sounds like an unfortunate experience. I had no problems when transferring an ISA to Charter (opened last December, and completed in January after maturity of the YBS ISA), all done electronically.

Gehngus

So I considered trying again after the apology but then decided against it.

I dont know if the £25 will turn up or how long that process will take? Had it turned up within 24 hours maybe that would tip the ballance but instead its a reminder of how slow they can be.

I doubt it would make up for the lost interest i.e additional 2% on 30k for two months.

I opened an account with Moneybox today at 1 o'clock. At four o'clock Plum contacted me to let me know "We’ve received a request to transfer your Cash ISA from Plum.

We aim to process this transfer within 5 - 7 working days".

Three hours and already further than Charter managed in 45 days?

I haven't used Moneybox before, and like plum they use NI number so not an actual bank. But they seem to be on the ball.

Shylock_249

One thing I've found with transferring Fixed Rate ISAs from another provider into a Charter fixed rate ISA is that the day you open the account with Charter is the day they use for the fixed term, NOT the day the account is funded.

Let's say you want to transfer your money from XYZ Bank into Charter, your XYZ Account matures on 12th of the month, you open an account with Charter on 1st of the month, asking Charter to collect the funds electronically on maturity (XYZ is listed as a bank that does electronic transfers) . Charter will contact XYZ and we'll say the transfer takes place on 14th of the month. As such your funds will NOT be held in Charter Bank for a full year but 50/52 worth because their one year fix will be start from the 1st of the month.

Many other banks start their maturity on the day when funds are first deposited, something I much prefer.