Transfer Cash ISAs Discussion Area

boomish

I was wondering about moving from Barclays Golden to Nationwide ISA? I have more money to invest but only took the Barclays ISA out in December. So think for ease I might just open a new one at Nationwide rather than second at Barclays..

misterk_2

I had an abbey cash isa account for my previous years subscriptions and it has now matured after 12 months and the rate has gone down to 0.5%, can I transfer this to the santander direct isa with the 2.75% rate, or do they not allow internal transfers? In that case out of interest what are people doing once their cash isas have matured with santander and the rate drops, all the other accounts that i find can not open your account online?

fullstop

derrick wrote: »

Just thought I would post my experience with my latest transfer re time taken.

1st July, (Thursday), filled in form at Nationwide branch for transfer to them from Lloyds.

9th July,(Friday), called Nationwide for progress, they tell me transfer request sent 8th July, (why it took a week I do not know), by post.

19th July, (Monday), I call Lloyds, they tell me cheque was sent,(with others), by 2 day courier post,(turns out this is how Lloyds send ISA transfer now), on 16th July,(this was a Friday).

23rd July, (Friday), I call Nationwide and am informed the cheque arrived on 21st July and that is when interest will be paid from.

So from start to finish it took 20 days which is probably not to bad and I "only lost" 5 days interest as Lloyds paid it until the closure date which was the 16th July.

There where a few more phone calls in addition to the ones mentioned when I was checking progress, but all in all not to bad.



.

My experience so far,

Have a fixed rate ISA with Julian hodge Bank maturing in a couple of weeks, also sent off a form to transfer an old ISA with RBS to them as well. Posted on Wednesday evening had a letter today stating that they had received my form and had informed RBS to transfer the money, if they have no repley within 10 days they will contact then again to ensure the transfer is carried out as quickly and efficiently as possible.

This is the first time I have transferred and have had any conformation of what is happening and the timetable. So the experience so far is excellent.

10_66

misterk wrote: »

I had an abbey cash isa account for my previous years subscriptions and it has now matured after 12 months and the rate has gone down to 0.5%, can I transfer this to the santander direct isa with the 2.75% rate, or do they not allow internal transfers? In that case out of interest what are people doing once their cash isas have matured with santander and the rate drops, all the other accounts that i find can not open your account online?

According to Kazza's list HERE, you can transfer into the Santander direct ISA 2.75% (so I would imagine that would also include an internal transfer too). The rate of 2.75% is for balances of £9k plus.



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boobbby

10_66 wrote: »

According to Kazza's list HERE, you can transfer into the Santander direct ISA 2.75% (so I would imagine that would also include an internal transfer too). The rate of 2.75% is for balances of £9k plus.

To get the best rates with Santander you will need every year to change to their latest ISA offers. You take out the new offer and normally get a new account number by email within a few hours. Next you will need download and fill in the ISA transfer form to transfer the money from your old account to the new account. Print then return the form to Santander and normally within about 3 days the money will be transfered into the new account. It would be handy to do an internal transfer using the Internet but I am not sure if that is allowed.

10_66

boobbby wrote: »

...Print then return the form to Santander and normally within about 3 days the money will be transfered into the new account...

And if it's an external transfer, it'll take more like 3 months . Personally, after previous experiences with them, I'd never go near them again.

boobbby

10_66 wrote: »

And if it's an external transfer, it'll take more like 3 months . Personally, after previous experiences with them, I'd never go near them again.

From what I read you could be right. My wife likes to keep all her eggs in one basket so whilst my ISA's are with various providers she will only use Alliance and Leicester (now Santander)I have to admit they do give good rates providing you go to the trouble of transfering the ISa each year to their latest offer.

juicyjude

My ISA transfer from Bradford and Bingley (Santander) to Nationwide took from 7th April - 8th June!!! Nationwide said Santander gave them the wrong address, Santander said Nationwide sent it to the wrong address!!!! Just unbelievable.

MarkyMarkD

Nationwide are probably telling the truth, except that they probably delayed a month before writing to Santander as is their usual habit. Ask them for a copy of their request to Santander.

Santander did change their addresses as a result of the B&B/Santander/A&L mergers. But they should obviously have forwarded them internally, not just thrown them in a bin, so that is no excuse at all unless the letter that Nationwide give you a copy of shows a completely bogus address ... in which case it's all Nationwide's fault.

Get the copy letter.

juicyjude

Yes the form I completed was dated 7th April - they sent it off on the 22nd April, the whole saga was appauling, even when I eventually got the certificate it was incorrrect and it was only last week I had to go into branch for a cheque to deposit into my bank account from monthly interest, they had incorect account details on the screen and I insisted I wanted a cheque,3 months and no interest gone into my account. He told me to check it next month!!!!!!! Hope it is all OK now though. On a positive, the cheque cleared into Barclays the same day!!! Yipeeeeeeeeeeeeeeeee