Problems transferring Lloyds Cash ISA to another provider

converse

I initiated a transfer from the new provider, giving (what I assumed) were the correct details of the Lloyds cash ISA: Account #, Name, Sortcode etc. It's an instant access account with no notice or other issues to worry about, so I'd assumed it'd be complete fairly quickly.

The transfer request from other provider eventually fails, because Lloyds don’t reply in a timely manner and that's all they can tell me.

I’ve given all the correct details and tried twice so far over several months with nothing being achieved. Doubled checked everything and have never had an issue moving between providers before (but never moved away from Lloyds). I've moved other ISAs to this new provider with zero problems, so can only assume it's Lloyds.

Lloyds have been useless, unresponsive to queries, unable to help on the phone, and I've written a formal complaint letter and not received a reply several months later. Fortunately it's only a resonably small part of my portfolio, but it's still an issue - as I'd like to transfer out of a poorly paying account.

What should be listed in the ISA Manager info for Lloyds Cash ISAs on transfer forms? I’ve been using our “local” branch where my original account was opened (it’s not local anymore and is barely open) - surely if that was an issue it'd be flagged, especially with a large bank such as Lloyds? Obviously all the account, sort and name are 100% correct.

Any advice?

MarkFromCornwall

Here’s one possibility that you could check. When you select the bank there is more than one Lloyds. For example Moneybox gives me a choice of Lloyds Bank, Lloyds Bank Direct Investments, and Lloyds Bank E-investments. I know that choosing the wrong one causes a transfer to fail, but unfortunately I don’t know which of the three you need.

friolento

If you have raised a complaint several months ago and have not received a reply from Lloyds, you are within your rights to escalate the issue to the Financial Ombudsman. Though may be give Lloyds a final warning thatt you intend to do this. https://www.lloydsbank.com/help-guidance/how-to-complain/complain-online.html

MarkFromCornwall

Maybe try a transfer to A N Other Bank instant access cash ISA. If that works then transfer to your preferred provider. Hopefully both transfers work but if not you have a better idea of where the problem lies.

Rich2808

Due to their recent isa cashback offer - which closed on Sunday - they might be a bit backed up.

I am having an issue with a transfer out too - to a stocks and shares ISA provider from my Lloyds cash isa. My new provider says they have sent the request and claim Lloyds have confirmed receipt/are processing it - but Lloyds know nothing about this. So I keep talking to both of them - as they seemingly won't engage with each other.

I don't know who is at fault - and it has been over a month since I requested the transfer.

converse

Thanks all for your great advice, I'm going to first try transferring to new ISA with another different provider to see if that's the issue.

Then if that fails again, I'll know Lloyds are the problem and I'll escalate with the Ombudsman as suggested, still really disappointed that a written complaint didn't even get acknowledged by Lloyds.

Will update when I've got a bit further.

converse

https://forums.moneysavingexpert.com/discussion/comment/82022268#Comment_82022268

You were spot on Mark, followed your advice and transferred with no issues at all to another provider, only took a few days - Lloyds confirmed within a day too, extremely straightforward, I think it took 5 days in total.

So the original provider obviously didn't carry out the transfer properly and then spun a story to me. One on the avoid list for me.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82038157#Comment_82038157

Especially in the context of publicly criticising Lloyds earlier on, wouldn't it be appropriate to name the party who was actually at fault here?

converse

https://forums.moneysavingexpert.com/discussion/comment/82038165#Comment_82038165

Indeed. Aldermore - who either did the process correctly and Lloyds was at fault; or who didn't carry out the instructions correctly. Impossible to know. But new chosen provider had it done almost by return, so I suspect former made the error.

However, given that Lloyds didn't respond to numerous attempts at contact over several months, including a written complaint letter delivered via special delivery, I think criticism was fair.

subaru

I transferred a cash ISA from Santander to Aldermore in the same week as the OP, and the transaction was completed within 48 hours. Have used Aldermore for over 10 years for various savings accounts including ISAs and never had a problem with them to date…