Transfer Cash ISAs Discussion Area

bashful

My wife and I applied for A&L Direct ISA Issue 4 and want to transfer our 2006/7 and 2007/8 Tax Beater ISA balances from Barclays.

I am just completing A&L's transfer forms to send to Barclays but have a couple of queries for others that may have already successfully made the transfer please:

a) What address do I send the forms to - the Barclay's ISA Team at Leicester or Barclays Savings at Liverpool?

b) Do we have to complete separate transfer forms for each of the 2 financial years? I think probably not as they are under the same number and I have ticked a box to say transfer the lot!

Advice appreciated or an 01 number to ring Barclays to check.

Thanks in adavance.

zoebel

Both me and my wife are having terrible trouble transfering our ISA's from Bradford and Bingley. There are long delays, they are not replying to multiple requests from my new provider for the funds. They have closed my account and claimed to have sent my cheque but the new provider states not to have received it 13 days after they Bradford and Bingley said that they sent it. Their email replies to me and my wife are curt, rude and unhelpful.

What I want to know is, is anyone having this problem? If they state in their website that the transfer takes less than 30 days, and it has now taken over 6 weeks and is not yet resolved, am I entitled to compensation?

bristolleedsfan

zoebel wrote: »

Both me and my wife are having terrible trouble transfering our ISA's from Bradford and Bingley. There are long delays, they are not replying to multiple requests from my new provider for the funds. They have closed my account and claimed to have sent my cheque but the new provider states not to have received it 13 days after they Bradford and Bingley said that they sent it. Their email replies to me and my wife are curt, rude and unhelpful.

What I want to know is, is anyone having this problem? If they state in their website that the transfer takes less than 30 days, and it has now taken over 6 weeks and is not yet resolved, am I entitled to compensation?

ISA providers often blame each other, the best thing in the first instance IMO would be if u asked both providers in writing to document to u in writing their accounts of what they have done up till now.

Its not uncommon for a Bank/Building Society to claim not to have received a cheque only for it to "turn up".

Who is the new provider out of interest.? :think:

zoebel

Icesave is the new provider. If they both claim to be in the right and blame each other, who is resposible for the lack of interest and compensation for exceeding the 30 day transfer rule?

bristolleedsfan

zoebel wrote: »

Icesave is the new provider. If they both claim to be in the right and blame each other, who is resposible for the lack of interest and compensation for exceeding the 30 day transfer rule?

Unless Icesave never claim the cheque to be received then it would be evidenced who was at fault.

Transfer out providers will I believe have evidence that they have transacted transfer out (s)

"If" the transfer cheque never comes to light then unlike normal savings accounts ( which often state in the terms and conditions that " A withdrawal subsequently recredited earn interest from date it was recredited":() one would hope that in that event B+B would recredit the first transfer out transaction and re transact the transfer out with interest paid up until the second occasion it transacted "out" the transfer out.

Best thing is for u to ask both the providers in writing for their side of matters, whilst u are writing to Icesave perhaps u could add. "When do u start paying interest on ISA transfer In(s)" ? and post back the answer that they give here. :beer: ( if they say "when they receive it", ask them "Does that mean when they receive the cheque or when they receive cleared funds" )

TBH, If B+B have told u by email that they have transacted out the transfer out i doubt that they are lieing, its possible the cheque got lost in the post, it is also possible that Icesave have a backlog.

electrodent

Stupid question but...

When is interest paid? I know most are annually but if I take my money out of my ISAs (which I probably will be doing sometime in the next 12 months) will I receive any interest?

If so who are offering the good instant access transfer accounts for annually paid and monthly paid.

Many thanks!

jamesd

You will receive interest pro-rata for all days when the money was in the ISA unless it is one with a penalty for withdrawing, like some fixed interest ones. Other than those you do not lose any interest you have earned when you transfer, it's just added to the transfer value.

Interest is paid annually or monthly, often with the option to choose either one when you open the account. Check account terms.

See the ISA article and cash ISA discussion.

mike33_2

Another stupid question i know but going to transfer my tax beater isa from barclays tuesday to icesave giving a months notice as read somewhere on here that was the thing to do but what if it is sorted out and done and dusted with icesaves end before the months noitce is up will i lose the extra bonus that barclays are paying when your isa matures.

Mee

This may be a silly question, or perhaps just to early to ask (?). Do we have an idea yet of which banks and building societies are efficient/reliable transferring in and out cash ISAs? Or does the usual end of tax year ISA stampede distort the whole picture?

Thanks

bristolleedsfan

mike33 wrote: »

Another stupid question i know but going to transfer my tax beater isa from barclays tuesday to icesave giving a months notice as read somewhere on here that was the thing to do but what if it is sorted out and done and dusted with icesaves end before the months noitce is up will i lose the extra bonus that barclays are paying when your isa matures.

Barclays ISA is instant access so never matures, 1% first year bonus is paid prorata during the year i.e calculated on a daily basis and paid on a monthly basis.

All ive suggested is that people give transfer out instructions around a month before the 1% bonus is due to come off so as not to be on a low rate during the transfer out process.

If your ISA transfers out of Barclays before the 1% bonus comes off it matters little as u are comparing an applied rate of 6.31% per year against Icesave rate for the remaining period = a neglible amount ( pennies)