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Transfer Cash ISAs Discussion Area

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Comments

  • 10_66
    10_66 Posts: 3,467 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    focus888 wrote: »
    Hi all, ive heard it can takes months for the transfers to complete so say it takes 2 months would i then be losing out on two months of interest? I mean once you fill out all the forms and start the process off its all left up to the banks to do, but this can take them however long they want.

    It depends on the bank/bs you're transferring to. Some will start your account effective from the date that appears on the previous provider's cheque, others will only start it from when the new provider receives the cheque from the previous provider. If it will make a difference to who you decide to move to, you need to ring the new provider to ask what their policy is. the guidelines are that the transfers should be within 30 days, but as they're only guidelines, it can often take longer.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You should only be talking about a day or two's difference between the two dates 10_66 refers to.

    If there is any longer gap, you should pursue the original ISA provider for not sending the money out expeditiously.

    The few days' difference is not a reason to choose one provider over another, unless their rates are exactly the same, IMHO.
  • comdie
    comdie Posts: 2 Newbie
    Hi, I currently have an ISA with Nationwide (Tax year 2008/2009) the interest is 0.25% currently and therefore am looking to open a Natwest ISA which accepts transfers.. One thing I am unsure of... am I able to transfer my existing £3400 into this new account plus pay in an additional £3600 for this tax year - at present I have not put any monies in for this year?
  • Baldur
    Baldur Posts: 6,565 Forumite
    comdie wrote: »
    Hi, I currently have an ISA with Nationwide (Tax year 2008/2009) the interest is 0.25% currently and therefore am looking to open a Natwest ISA which accepts transfers.. One thing I am unsure of... am I able to transfer my existing £3400 into this new account plus pay in an additional £3600 for this tax year - at present I have not put any monies in for this year?
    Yes - transfers have no effect upon your annual Cash ISA allowance.
  • comdie
    comdie Posts: 2 Newbie
    Thank you Baldur!
  • MONEYME
    MONEYME Posts: 90 Forumite
    Just to let people know for a guide I wanted to transfer my cash ISA from NS&I to Natwest (1.3% v 3.51%). I started the ball rolling on the 24th April and took my application form into Natwest on 29th April. The transfer cleared today so I'd say 15 days is the sort of time you're looking at for evrything to clear.
  • davidm_uk
    davidm_uk Posts: 68 Forumite
    Part of the Furniture 10 Posts
    Well, after nearly a month I'm still struggling to get the Nat West eSaver account opened (a pre requisite for their eISA). They have now dropped their interest rate on the eISA so I shall just give up on them and look elsewhere for my wife and my £40Ks worth of business.

    VERY unimpressed with their service!
  • NSG666
    NSG666 Posts: 981 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I've just opened an e-ISA with Nat west and it was quick and simple on line. If, like me, you only want to open it to transfer in from previous years then when you get to the bit where it says how much you want to invest from this year's allowance input 1p and then tick that the initial deposit will be by cheque. This should enable you to complete the application process and Nat West will post the forms out to you to check and sign. Go back on-line and fill out the ISA transfer form(s) and send them back with your signed application. Don't send any other form of payment and your 2009/10 allowance is not affected and you can get 3.61% with Barclays!
    Sorry I can't think of anything profound, clever or witty to write here.
  • NSG666
    NSG666 Posts: 981 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I'm surprised that more is not made of this issue. I transferred from Alliance and Leicester to NatWest when the rates were good and the loss of interest between A&L closing my account and NatWest crediting the cheque (15 days) was almost £100. The MSE article suggests that a 30 day loss of interest is a small price to pay but only if you are transferring from a terrible rate to one of the best. If you are transferring between the higher rates then do your sums.

    10_66 also makes a valid point about the stance taken by different companies regarding interest during transfers. As an example, A&L credit interest from the date on the cheque issued by your previous provider so no loss of interest. Others, e.g. NatWest only pay interest from the date the cheque has cleared. If I were A&L or one of the others taking this stance then I'd be singing it from the rooftops.

    In all transfers are a muddy area that needs cleaning up.
    Sorry I can't think of anything profound, clever or witty to write here.
  • burnoutbabe
    burnoutbabe Posts: 1,338 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    well its taken barclays nearly 2 months to do my transfer to lloyds, have hd 2 letters from lloyds saying they are still waiting.

    don't barclays have SOME obligation to do the transfer (within 30 days). by not doing it, they are keeping money at 0.5% that could be earning 3.75%. do they compensate one for the delay?I'll be phoning them Monday to ask if they even got the form.
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