Transfer from Kent Reliance

t0rt0ise

I opened an Easy Access ISA this financial year with Kent Reliance and put £20,000 in it. Now I tried to transfer it to a new Aldermore Easy Access ISA and Kent are refusing the transfer saying that with the accrued interest it's too much to transfer. They say I'm only allowed to transfer £20,000. Does this make any sense?

I have another ISA with Aldermore from which I withdrew £30,000 on maturity. It was a one year fixed, with the remainder going in a new fix with Aldermore. All Aldermore's ISAs are flexible so can I now close the Kent account and just put the money in this new ISA?

Albermarle

and Kent are refusing the transfer saying that with the accrued interest it's too much to transfer. 

What actually happened? Did you open the Aldermore ISA and initiated the transfer, and then you got a message ( from who? ) that there was a problem?

Or did you contact KR first ? by phone? and someone told you this ?

mebu60

How exactly did you 'try to transfer it' i.e. the Kent Reliance funds? Did you instruct Aldermore to initiate a transfer-in as part of your application process?

t0rt0ise

https://forums.moneysavingexpert.com/discussion/comment/81900966#Comment_81900966

I opened the account online with Aldermore completing the transfer form as part of the process. Then got an email from Kent Reliance saying that the new provider had told them to cancel the transfer, while a letter from Aldermore a couple of days later said that Kent had "rejected the request due to a current year transfer limit". I called Aldermore who said they would try again. Got a repeat of the email from Kent so phoned them who said I couldn't transfer it because it was too much. I told him I didn't understand and I closed the account instead.

EDIT: I'm guessing Kent think I've already put new money into an Aldermore account but I haven't. Hopeless! Maybe I'll make a formal complaint.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81901016#Comment_81901016

Do you really need to invest in ISA,s as you closed the account and lost your ISA allowance for this year?

You could have withdrawn the excess plus a estimated amount to allow for any gain between the day of request and the day of transfer above the £20000 and then completed the transfer

I dont think Kent would worry to much about you contributing over your allowance with other providers as you could have subscribed to multiple ISAs

Would have asked where in there terms it states you can't transfer in excess of £20000

t0rt0ise

https://forums.moneysavingexpert.com/discussion/comment/81901206#Comment_81901206

I'm not investing it for sure. Too old for that to be sensible. Just avoiding savings interest tax. I'm not concerned as the year is nearly over and looking at my spreadsheet I think, if necessary, it'll be okay in a normal savings account until April.