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Transfer Cash ISAs Discussion Area

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Comments

  • simonlilly
    simonlilly Posts: 37 Forumite
    Part of the Furniture Combo Breaker
    a word of warning - think twice about taking a barclays cash isa - took them 6 weeks to open in and 10 weeks to transfer mine to another bank (and 2 hours of phone calls) - i will never use them again whatever the interest rate
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    simonlilly wrote: »
    a word of warning - think twice about taking a barclays cash isa - took them 6 weeks to open in and 10 weeks to transfer mine to another bank (and 2 hours of phone calls) - i will never use them again whatever the interest rate

    Its upto the new provider to speed things up, not the original provider.

    I transferred from Barclays in less than 2 weeks.

    However they took 2 months to open mine, but backdated the interest.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I don't exactly understand your comment, Lokolo.

    The new provider can vary how much it chases the old provider. But at the end of the day, the old provider can simply ignore them if it chooses to do so.

    However, it is true that some new providers are hopeless at even requesting the money in the first place.

    It is easy enough to ask the new provider when they sent the request, and then hassle the old provider if they are swinging the lead.
  • brewerdave
    brewerdave Posts: 8,743 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Have to agree with MarkyMarkD - One of our recent transfers from EGG was delayed because Leeds had to ask 3 times for the money; also another B/Soc dragged their heels before finally asking us to return a non existent pass book!!!
  • Doshwaster
    Doshwaster Posts: 6,345 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Success! My Smile to First Direct transfer went through yesterday - the whole process only took 2 months!
  • princess
    princess Posts: 278 Forumite
    Yes, my smile to first direct transfer is also taking an age. Money left Smile on 6th May, still no sign of it arriving in my account at FD. They will back date the interest ...apparently
  • sammybee
    sammybee Posts: 65 Forumite
    i had an isa last yr with A & L issue 4, i put my last payment into it in april but it missed the deadline which i didnt know
    i then opened a new 1 for april 09- 10 an issue 5, it was all set up and a payment went in and i received confimation.
    a week later i received a letter saying u subscribed to 2 cash isa's for the yr ending 2010
    i had to go into the bank to sort this out, but now im confused, why didnt they freeze the late payment, did they open a new isa cos all the funds r in the issue 4, would that have meant i had 2 isa's for 09.,....... eahhhhhh
    he said if i transfer the money, i cant put any more in ...mmmmmm
    Not sure wot to do, the more i think about it , the more confused i get
    does any 1 understand wot ive done wrong and wot the best way would be to resolve it, i know the easy way is to go back to the bank, but i like to be prepared and dont want to be given rubbish advice that will suit them better

    any 1

    sammybeexx
  • Baldur
    Baldur Posts: 6,565 Forumite
    Some clearer information would help someone to try to help you.

    If you paid money into both accounts on or after 6th April, your final payment into Issue 4 becomes part of your 2009/10 ISA allowance and that's your Cash ISA for the current tax year.

    If A&L will not give you a transfer from Issue 4 to Issue 5, you can select a different ISA provider that accepts ISA transfers, complete their ISA transfer form and let them arrange for the transfer of your A&L ISA to them. If you haven't yet subscribed the full £3,600 for this year, you will be able to add any remaining balance after the transfer has taken place.
  • Doshwaster
    Doshwaster Posts: 6,345 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    princess wrote: »
    Yes, my smile to first direct transfer is also taking an age. Money left Smile on 6th May, still no sign of it arriving in my account at FD. They will back date the interest ...apparently

    The story I got from FD is that they had to ask for the cheque twice (and only asked the second time when I chased them about it). It then took them a couple of weeks to receive it. It then took a similar amount of time for FD to claim on the cheque and for it to clear. (I can imagine the scene in the FD office "Hey, we have this cheque thing to pay in. Anyone going to the bank soon? Oh yeah, we are a bank....")

    You wouldn't think that this is the 21st Century.
  • NSG666 wrote: »
    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. .

    Interesting! I've recently xferred my N'wide Cash-ISA's into a NatWest E-ISA, and the finds were credited to the latter 14 days after the date of the N'wide's cheque.
    When I called NatWest to ask about interest in that fortnight, I was told that interest would be paid from the earlier date! That seemed almost too good to be true, so I wrote for confirmation. No reply, so wrote again, and this time the reply was:
    "..the Inland Revenue regulation state that the transfer should be made within 30 days and during this period your funds will not be accruing interest", i.e. no, the interest is lost.

    (Note the ambiguous construction of that text (i.e. the text after "and" can be taken as a comment. rather than part of the IR regulation).)

    Anyway, I asked if they could send me a copy of the IR reg's that said that about interest, but they said they were not allowed to do that.

    Anyone here know where the IR regulation can be seen, please, as I need to know what it says about interest?

    Many thanks in advance!
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