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Transfer Cash ISAs Discussion Area

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Comments

  • Baldur
    Baldur Posts: 6,565 Forumite
    There is no such HMRC regulation as far as interest is concerned - even the '30 day rule' appears to be a recommendation/best practice, rather than a legislative requirement.

    See the following (the last link is not light reading):
    http://www.hmrc.gov.uk/isa/transfer-isa.htm
    http://www.hmrc.gov.uk/isa/isa-bulletin2.htm
    http://www.hmrc.gov.uk/ISA/isa-guidance-notes-2008.pdf
  • RichWrexham
    RichWrexham Posts: 27 Forumite
    Hi, l am currently with Nationwide and have got £10k + in one of there ISA's, I rang them and they told me that im only earning 0.35% on my ISA.

    1) Can l transfer the whole amount to another provider and what is the advice for who best to transfer it too?

    2) As l havent used my £3600 entitlement this year, can l then top up once the transfer has gone through?

    3) Is it advisable to transfer every year to get the best rate?

    Thanks,

    Rich
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You can transfer whenever you like. "Every year" doesn't make sense - it might be far more frequently, or it might be far less frequently.

    If the new rate is better than the old, it's better to start the transfer process AND add the extra money at the same time. For some reason, this seems to be OK. (Anyone care to disagree because I can see why it would not be - but providers seem to allow it).
  • thewizz2009
    thewizz2009 Posts: 70 Forumite
    I Just opened the M&S cash isa, however the IF rate is better, can I open that and transfer my deposits into this, so it acts as my 09/10 ISA and add money at a later date. Or is it once you've opened it in a year, that is it, choice made?

    cheers
  • Hi,

    I have an existing ISA which I've paid £1000 into this tax year. The interest rate is not good and I want to transfer my accumulated savings to a higher rate account. However, I keep reading that 'you can only pay into one cash ISA during each tax year'. Does this mean that once my balance is transferred my remaining £2600 allowance will have to be paid in to my old provider and then transferred, or will I be able to continue my allowance for this year with the new provider?
  • Baldur
    Baldur Posts: 6,565 Forumite
    You can transfer your current ISA to any new provider that accepts ISA transfers and pay in any remaining balance of your 2009/10 allowance after the transfer - you will only be paying into one ISA, as the ISA is the effectively same one as before the transfer, only the provider (and, hopefully the interest rate) will have changed.
  • BB78
    BB78 Posts: 278 Forumite
    Anybody else experiencing problems with Natwest & Barclays??
    I've been trying to open and transfer my savings from a Barclays ISA to an E-Isa with Natwest since April & so far all they have managed to do is lose my money!! No sorry, they both like to correct me on this point, my money hasn't gone missing, Barclays have sent the cheque and Natwest havn't received it!?!?
    I am absolutely furious!! I returned my application form and transfer request form to Natwest around the 21st April, they finally got round to opening my account on the 9th May but claim they didn't receive the transfer request form until the 15th May!! Funny it was in the same envelope as the application form & they clearly received that.
    Already p'd off that I am losing interest Natwest told me they had until the 15th June to complete the transfer, I've been waiting & waiting for the money to appear in my account & nothing, despite receiving confirmation that my ISA with Barclays was closed on the 12th June!!

    I have now spent the last hour and 40 minutes trying to find out where my £4.5k has gone, I've been bounced between the 2 banks continuosly, been told my money isn't missing (see above!) and been told by both banks that I need to get the other one to contact them which both have refused to do!! :mad:

    I was told by Barclays that I have to wait 30 days before they accept notification that a cheque hasn't been received & needs re-issuing!! :eek: But when I said I wanted to make a formal complaint it was passed through and I was told I would receive a written reply in 5-7 days & the cheque would be reissued??? I asked for the payment to be sent electronically this time & asked why it wasn't done that way in the first place and was told NO! they only send cheque's & they don't do electronic payments just because they don't!!

    I've been sent round in circles like others appear to have with HM Revenue & Customs regarding the 30 day time limit, which does/doesn't exist, does/doesn't have to be adhered to and can't get an answer out of Natwest as to why their terms & conditions clearly state they will not exceed 30 days when performing a transfer and why they make reference to HMRC's guidance if they are going to totally ignore it.

    I woke up really happy this morning, the sun is shining & I was going to go to Tesco's before the lunchtime/after school crowd; get my shopping and then spend the rest of the day lazing in the sun with a good book.
    Now I'm going to get hacked off trying to park & get round Tesco's, stand in an endless queue, spend the afternoon writing strongly worded letters of complaint & get even more p'd off that I'm missing the sun cause I can't see the laptop screen if I take it outside!!
    Not to mention I am £4.5k lighter & a) should have been earning a decent rate of interest from the 9th June at the very least and b) haven't earnt any interest for 16 days !! If I could get a better rate of interest I'd go elsewhere!!

    F'kin banks!! Thinking that buying a kitchen from Homebase this weekend is a better deal for my money after all!!
    :mad: :mad: :mad: :mad: :mad:
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Natwest's systems are crumbling under the weight of all these ISA transfers they are receiving. In my experience they are taking up to a month to write to the previous ISA provider. It does not surprise me that they are also taking time to clear the cheques from the other provider - but, as long as they back-date the interest to when they received it, it doesn't matter.

    The 30 day timescale is for the institution paying the money out. There is NO limit on how long the institution receiving the money can take to process things. It is stupid for Natwest to refer to the 30 days in your case - it is irrelevant. The 30 days is from the date Barclays received the form, until 12 June - which they clearly complied with.
  • My Julian Hodge ISA is coming to an end and they are offering 3.15%. I think the best rate is with Halifax 3 yr fixed at 3.75%. Can anyone confirm?

    Also I think I will get the original £3.6 plus interest but am confused as to whether I can transfer it all say, £3.8 to the Halifax. Any help appreciated.
  • Francesanne
    Francesanne Posts: 2,081 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hope I've posted in the right place but I'm very wound up at the moment, so forgive any mistakes.

    Thought I was making a sound judgement back in April when I suggested to my husband we should transfer his cash isa from HSBC (because of the dire rates) to a 1 year fixed rate ISA with Bradford & Bingley. We visited our local B&B branch on the 6th April and he filled in the transfer form plus he provided all the necessary identification. We then crossed the road to HSBC and handed them the relevant transfer forms. We received confirmation from HSBC the account was closed on the 16th April. Approximately 3 weeks later we received a letter and a form from B&B head office asking for my husband to sign the enclosed paperwork plus we had to provide proof of identity. It transpires on our 1st visit they should have taken copies but they just checked the details without taking photocopies. So we had to pay another visit to branch to get his I.D. certified, we then posted everything off in the SAE provided. We've had no confirmation of his account being opened and I was starting to get very concerned. Phoned local office told not to worry and give it a little longer. Two weeks ago we paid them a visit and they had no trace of my husband on their system (where had our money gone???). The branch staff were very pleasant and did their best to help. Seems the problem lies with merger of their computer systems with Santander and other customers had been affected. Was told they would investigate and get back to us in writing but still nothing. Phoned yesterday and was promised they would get back to us asap. Today my husband received a letter from HSBC informing us that our account was closed on 16th April and the funds were sent by cheque to B&B. 'they have since returned the cheque and paperwork advising that the product you wish to transfer was withdrawn from sale on 2 May 2009'.:mad::mad: Therefore, we will open a new Cash Isa for you and return it to its original stae. This process can take up to 3 working weeks to complete.

    I rang B&B this morning and explained the situation to a member of staff who thought I was being extremely calm considering the situation. I've got angrier as the day has progressed and now I'm really steamed up over it (and the weather isn't helping). Apart from all the time wasted, phone calls made, visits made and we've also lost interest.

    Have we got a good case for complaint? They had my husbands address,email and phone number but they didn't even have the courtesy to contact us directly.
    I can appreciate their computer problems due to the merger but why should their customers suffer due to their inefficiency. sorry for this long rambling tirade but I'm really wound up by this gross case of inefficiency.

    Has anyone else been in this situation?
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