Cash ISA with instant withdrawal

Growingold

https://forums.moneysavingexpert.com/discussion/comment/82031406#Comment_82031406

I've noticed not as instant as they used to be. They say within 2 hours which it is but before would be instant.

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82033359#Comment_82033359

Most banks claim transfers to accounts with other banks take "up to" 2 hours, even though bank to bank is usually within 5 minutes. I have noticed transfers to one building society seem to be within 2 hours, but always seem to be just after the hour when they're credited. So a transfer at 10:50 appears quicker than one initiated at 10:01.

cmgurney

Just to update everyone, I was able to re-deposit the funds I had withdrawn. I then initiated a transfer out which was completed very quickly.

Itsmehi

Just closing the loop to share my experience on this in case anyone else is in the same boat and not transferred yet.

Initially, I opened a Tesco Cash ISA but it wasn’t until I completed the application that it told me I couldn’t initiate a transfer until after I had received a PAPER welcome pack and physically signed and sent back a letter. Then I would have to initiate the transfer, again by paper, which would then take 15 working days. The welcome letter arrived in 7 days later so add on another 2-3 days to send back the documents, plus the 15 working days to process the transfer, this was going to take me way beyond the 10th June and tie up my money for the best part of a month, so I decided to cancel.

Instead I opened the cash ISA with Tandem. Fraction less interest, but that would be offset by not spending a couple of weeks on Chip’s 1% rate while the transfer went through.

Everything was set up digitally and the transfer initiated straight away - and the money was transferred NEXT DAY. I was very impressed.

The transfers are all done using TrueLayer, same as Chip. There is a very slight delay compared to Chip which is literally instant, but everything I have transferred so far has only taken a couple of minutes so that’s good enough for me. I think they say max 2 hours like a normal faster payment.