Another ISA transfer another bank makes a mistake

toymotor

back when they first arrived a mini cash isa was the only isa you could have. You could add to it all year within your allowance amount upto 05/04 . Now cash isa are subscription / non subscription. You have only 30 days to add to it. The bank advisor who did my current isa admitted it was confusing even for her. The complaints advisors accepted they were at fault but would only offer what I was going to get had they not cocked it up. So far 3 trips into town with another now needed to open another isa up. I went with Zopa one year and they have been the only bank to get it right within the 15 day its supposed to take.

masonic

Are you saying that you opened a fixed ISA and neither you nor the member of bank staff checked the key product features to understand that (like most ISA fixes on the market) there is a limited time window for adding money?

If so, then I agree the member of staff probably needs some remedial training.

For future reference, if you want to add to the ISA over the full tax year, you'll generally need an easy access ISA.

I've no idea why the transfer should have taken more than 30 days - assuming this was applied for when you were in branch opening the account. This seems to be the root cause of your issue.

If they've offered you the difference in interest as compensation, then that's worth talking. It wouldn't stop you transferring to another provider to get a better rate too.

I'm surprised they didn't offer to waive the access penalty to allow you to combine both ISAs into a new ISA with themselves, since that seems to be your desired outcome.

toymotor

They never told me I could combine both ISA into one only that the one they opened was not an isa that could be added too. I have to make another trip to and see what can be done. They haven't offered me anything i would not have got had they not made the mistake.

friolento

It's very difficult to understand what happened, or didn't happen.

It sounds as if

1. you initially chose a fixed term ISA (ISA 1)
   
2. you also requested a transfer into ISA 1. It is not clear when you requested this transfer. This could not be completed, either because the deposit window had closed, or because the ISA didn't allow any incoming transfers at all
   
3. some time later, you chose another ISA (ISA 2). It is unclear whether this is fixed or easy access, or whether you also requested a transfer into this ISA. But it seems clear that the interest rate of ISA 2 is lower than that of ISA 1
   
4. it is likely that the two ISAs cannot be combined at this stage because at least one of them seems to be a fixed term one.
   
5. you want to get the interest rate of ISA 1 on ISA 2 but the bank has declined this request.

A chronological order, with dates, along with names of the ISAs and interest rates involved, would be helpful to understand the situation.

The FOS will not be able to investigate your complaint if you don't provide the details (and they will not investigate unless you have raised a formal complaint with the bank, and the bank has given you a final response letter, or 8 weeks have passed).

toymotor

I have raised a formal complaint but i can't go into detail about what bank or amounts. I dont know who is on this chat and better to be safe than sorry. All i wanted to know was. Does the Ombudsman have the power to help me get. 1 isa with the ability to add my tax free allowance with the interest rate I was given when I took out the isa? So far the bank has not (1) transferred my isa in time (2) opened the correct isa which allows me to add to it (3) given me a time scale when this will be done (4) told me i need another isa.

Isthisforreal99

The bank isn't there to give you financial advice and it sounds like it goes back to a fundemantal misunderstanding on your part how differrent types of ISA's work and how certain ones have different 'funding windows'.

toymotor

they did the application in branch. I told them what I wanted they made the mistake. I didnt misunderstand anything, I'd appreciate it if you didnt contribute any further comments. I came here for advice not what your giving.

born_again

https://forums.moneysavingexpert.com/discussion/comment/82008042#Comment_82008042

Do these banks allow transfers in, as not all do?

A transfer in, will open a new account. As account numbers relate to each bank & are not tranferable.

born_again

https://forums.moneysavingexpert.com/discussion/comment/82008354#Comment_82008354

Even if a banks staff member is looking, they can do nothing (worth more than their job is worth)

FoS will look at the complaintsee if the bank has done anything wrong, & will ask bank for details of what has happened. If they have made a mistake, then they should ask them to correct it.

toymotor

As I sat with the advisor I told her i need to transfer a lump sum in and add to it for this years tax free allowance. She did the application. The isa was transfer in from your current provider as long as you opened a savings account which I did with her at the same time. The complaints department has admitted the isa was done incorrectly by themselves. I have an email with that confirmation.